drive the Exchange down 4.16 points.

Telco shares -- which had traded as high as $38.25 less than two weeks ago -- fell $3.875 on volume of 2,200 shares.

The exchange dipped 4.16 points to close at 1,180.08 on a share volume of 3,574, valued at $95,687.

On the move upward were Bank of Butterfield, which closed up 25 cents to $32.75 on volume of 500; and Argus Insurance, up 50 cents to $11 on volume of 147.

Kentucky Fried Chicken saw the movement of 100 shares at an unchanged price of $32.25 and BF&M 9% preferred shares traded at an unchanged price of $100 on a volume of 627.

Chart -- Page 14