A letter written to Mr. T. N. Carswell, Secretary, Abilene Chamber of Commerce, Abilene, Texas, from Rupert H. Johnson & Co., New York, dated June 17, 1938. Johnson replies to the letter from Carswell of June 15th and promotes his company's experience in arranging refunding programs for cities and towns. He addresses an answer for Abilene's bond issue under the assumption that the City of Abilene is able to pay interest on its debt then cites examples of other cities and the manner in which their bond issues were handled.