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DISASTERS IN THE FINANCIAL- WORLD. Business Firms Embarrassed by the Money Stringency. Relief Measures Discussed by Bankers and Government Officials-Proposed Cabinet Meeting. Special to THE MORNING CALL PHILADELPHIA, Dec. 13.-Frank Welch, of Welch & Lea, manufacturing machinists against whom an execution was yesterday entered upon a judgment note for $40,000, made an assignment to-day. There is no statement of assets or liabilities. They claim a capital of $200,000 in business and exp orted hardware, hard wood, woodenware and machinery to all points of the world. Louis E. Pfeiffer, President of the Bank of America and Vice-President of the American Life Insurance Company, against whom a warrant was issued yesterday, charging him with conspiracy with George F. Work and others to defraud depositors and others interested in the bank and insurance company. was arrested in this city this morning. The cashier has not been arrested yet. BOSTON, Dec. 13.-The creditors of the defunct woolen firm of William Bloom & Co. have appointed W. M. Bowen assignee. At a meeting of the creditors of Whitten, Burdett & Young to-day the assignee made a statement showing liabilities of $1,077,000, with contingent liabilities of $99,000 and assets of $1,092,000. BALTIMORE, Dec. 13.-At a meeting today of the creditors of the Gambrilt Manufacturing Company, which failed yester day for $300,000, it was shown that even if forced to sell at 50 cents on the dollar the amount realized will pay every dollar of indebtedness. CHICAGO, Dec. 13.-Morrison & Allen's Paint Company has been closed by the Sheriff on confessions of judgment aggregating over $20,000. The liabilities are placed at $50,000 and the assets are in excess of that amount. PITTSBURG, Dec. 13.-An execution for $30,000 was to-day issued against the Pittsburg Lumber Company. The trouble grew out of a dispute among the partners and the application for the appointment of a receiver. CRESTON (Iowa), Dec. 13.-The failure of the bank at Fontanelle, Iowa, yesterday, caused great excitement, many merchants and farmers being depositors. The liabilities are reported at $60,000, assets $25,000. CLARKSVILLE (Tenn.) Dec. 13.-Peacher's Mills have failed, with liabilities at $85,000, assets about the same. CINCINNATI, Dec. 13.-Application was made this afternoon for the appointment of a receiver for the large dry-goods house of Bell, Miller & Co. and for the dissolution of partnership. The petition alleges that the firm is insolvent and estimates the liabilities at $265,000 and assets at $350,000. MINNEAPOLIS, Dec. 13.-A dispatch from Luverne, Minn, to the Tribune, says: The Iowa, Minnesota and Dakota Elevator Company, operating warehouses on the Burlington, Cedar Rapids and Northern Railway, has assigned with liabilities at $150,000 and assets unknown. John Butler, banker of Ellsworth, was manager of the company. Two days ago special trains were run on the Burlington road and all the grain taken from the elevators to Chicago and disposed of. The Metropolitan and German-American banks, of Minneapolis, are said to be losers. The elevator company's accounts in the county bank at Luverne are all right. A few Luverne merchants are involved for small amounts. NEW YORK, Dec. 13.-It was reported in financial circles to-day that the Trow Printing and Publishing Company had asked an extension of four months on some of its paper bearing the indorsement of H. K. Thurber, which had been readily granted by the banks holding it. The amount could not be definitely learned, but is supposed to be over $125,000. The President of one of the banks said he was sorry the matter had become public, for he considered the company perfectly solvent. All the notes discounted, be said, have Thurber's indorsement, and the bank was not worried, because Thurber's statement of the assets foots up between three and four millions. The officers of the Trow Company could not be seen this evening, but from other sources it was learned that the company does a very extensive business. The total assets are considerably over a million, which greatly exceeds the liabilities, and the opinion is expressed that there will be no trouble after the first of the year collections. Mr. Thurber declined to talk on the matter.