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Emanuel also sent a similar letter to the number two financial institution in the U.S., Bank of America, requesting that it withdraw its $25-million letter of credit to gun maker Sturm, Ruger & Company Inc.

The companies are two of America’s largest gun makers. Among their arsenals a series of semi-automatic AR-15 assault rifles similar to the Bushmaster used in the massacre Dec. 14 of 20 elementary school children and six educators at Sandy Hook School in Newtown, Conn. They manufacture the auto-loading rifles under the names M&P 15 and SR-556. Both companies offer 10- or 30-round clips.

This is the type of semi-automatic assault weapon and high-capacity magazine that U.S. President Barack Obama wants congress to ban. He is up against stubborn opposition from the four-million-strong National Rifle Association as well as a majority of Republicans and some Democrats.

Since the Sandy Hook massacre the stock in both companies has risen as sales in assault weapons have skyrocketed. Smith &Wesson’s stock last year out-paced the Dow Jones Industrial Average by about 150 per cent.

Some cities including Chicago, Philadelphia and Los Angeles announced Monday they will divest their pension funds of shares in gun makers.

The National Conference of Democratic Mayors, which purchases firearms and ammunition for their police departments, warned gun makers earlier this month they would not buy weapons from manufacturers who do not support the president’s gun control measures and favour those manufacturers who comply with gun safety measures.