Business & Finance: To Call or not to Call

In October 1918 the A. E. F., having overrun St. Mihiel, was bursting its way through the Argonne and all the Allied armies were plowing into the German front. It was an expensive pastime, both in life and money. Secretary of the Treasury William Gibbs McAdoo then had a big problem. Money there had to be, and in October 1918 the U. S. Treasury was very busy drumming up $7,000,000,000 from the U. S. public in exchange for 4th Liberty Loan 4 1/4% bonds payable in October 1938. In the bonds which were...

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