Mr. A. D. Noyes, of the editorial staff of the New York Post, will deliver his second and last public lecture on "The Recent Economic History of the United States," this evening at 8 o'clock, in the Fogg Lecture Room. He will discuss the speculative craze of 1900-1901, and the reaction of 1903.

In his lecture last night Mr. Noyes reviewed the economic conditions which led up to the disastrous year 1896, the turning of America's financial history, and the reasons for her brilliant recovery. Since then, he said, four great incidents have encouraged the economic and financial prosperity of the United States: the great failure of European harvests in 1897; the Spanish War, during which our sound credit enabled us to borrow $60,000,000 from European countries; the sudden increase of gold production; and the enactment of the Dingley tarriff law.

During the years from 1891 to 1896 the production of commodities in this country was greater than the consumption; since then the reverse has been true, and the consequent revival of industrial trade has made the "American invasion" of foreign markets more feared abroad than Chinese cheap labor.