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on, and no general rule governs the course of prices. At the first board to-day the feature was the decline in Governments. The sixes of 1881 fell ½@ ½, 730 notes ½, and the fives of 18741½. Considering that we had no bad news in the morning papers, this decline was a matter of surprise. It affected the general market to some extent. Tennessee fell ½, Missouri ½, Michigan Central ¾, Southern old ¾, Illinois Central ½, Toledo ½. On the other hand, Pacific had advanced ¾, N. Y. Central ¼, Erie ¼. After the board, vague rumors of changes in the army began to circulate, and under the influence United States 6's sold down to 98; New York Central to 90¼. After a time it began to be understood that the appointment of General Hallock to the general command of the armies might be a guarantee for increased and not diminished vigor and efficiency in the conduct of the war, and the tone of the market improved. At the second board, however, the market was very dull and the course