Washington, June 5. Mr. Henry Morgensnau, Secretar of the Treasury, toda; annou that his Department was refinancin, U.S3124 900 in notes on June &t the lowest interest for this type of offering in history, Holders of U-S.$618,056,800 2% per cent. neies maturing June 15, and U.S.$596,419,100 2!2 per cent. notes maturing September 15 will be per-1 to exchange them for 20 to cent. bonds or five-year l's per c notes, e Treasury will redeem U.S.
(000,000 short term bills on June and 18 per cash Morgenthau ing of the Morgenthau cuse new borrow to be necessary under the lending &nd spending programme.
Financial experts believed the reason for the large scale refinancing vas the fear that cash redempti of a large portion of the notes wot boost the Government bonds unduly.
The Treasury working balance i: about U.S.$2,000,000,000 at present. It was expected that the June quarto! income tax would amount to U.S. $540.000,000, After the redemption of U-S.$250,000,000 June 15, bills and the payment of U.S.$190,000,000 interest on the public debt, the Trea-serv was expected to commence the July 1 fiscal year with a working Lelance of abóut U.S.$2,000,000,000.—United Pres:
Text read from the printed page and cleaned; old type leaves the occasional error.