Show II UI S. S DEBT HEADS FOR NEW PEAK v WASHINGTON Dec Dee 2 UP The P-The The public debt headed for a n. new high today today oday as the treasury sought for work relief financing and ready cash If It the full fun loan Is raised the debt will reach approximately thirty and one half billion dollars Se Secretary aus au's statement offered for cash subscription a n issue of 2 2 per cent year 10 bonds and an equal Issue of l' l per cent year five-year notes Holders of in 2 per percent percent percent cent notes maturing December 15 were offered the right to exchange them them hem for the new notes or bonds This offering is Ig in addition to the of ot securities Full FuJI subscription of ot the cash offering of- of ering fering would bring the total such borrowings since Jul July 1 to more than han According to Pre President Roosevelt's recent estimates estimates esti esti- mates this would leave about to be raised during the last half of the fiscal year assuming the he entire sum um allocated for re recovery recovery recovery re- re covery and relief is to be spent If It all aU the old notes are exchanged for Cor or the new the government will save annually in interest charges but if the new bonds are taken in exchange the government stands to pay payout out additional interest I charges of annually on onI I the issue sue |