Mr. Noyes' Second Lecture

Mr. A. D. Noyes, of the editorial staff of the New York Evening Post, delivered his second and last lecture on "The Recent Economic History of the United States" last night in the Fogg Lecture Room.

Mr. Noyes discussed the financial boom of 1900-1901, and the causes for the return of "public confidence" which created the speculative craze of that period. The surplus wealth, he said, saved by cautious people mindful of previous bad times, became too recklessly invested with the return of national prosperity. So inexhaustible seemed the reservoir of American capital that ambitious promoters combined already enormous companies and formed collateral trusts to give room for the investments the public was so anxious to make. Before long, however, the enormous inflation of stocks and bonds without corresponding increase in the real property behind them, was detected by the people. They refused to make further investments. A gradual recall of the foreign capital lent to American firms for investment in securities brought about the final explosion of speculation in 1903. But for the timely revival of agricultural and industrial prosperity a disastrous financial panic would have followed.