4 1/4 LIBERTIES REFUNDED AT 3 1/4 IN NEW TREASURY FINANCING; RECORD SET BY STATE BONDS; $1,005,000,000 INVOLVED New Federal Securities to Be Given in Exchange on April 15. NONE TO BE SOLD FOR CASH Similar Privilege Is Offered to Holders of $244,234,600 of Notes Due May 2. $10,000,000 SAVING SEEN Owners of Both Old Issues Will Have Option of Demanding Cash Settlement. REFUND LIBERTIES IN NEW FINANCING
time for offer seen as favorable