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TERMINAL BANK TO CLOSE Bad Locality, Says New Head of Brooklyn Institution. After announcing yesterday that they had decided to place the Terminal Bank, in Sands street, Brooklyn, in liquidation the board of directors said that every depositor would be paid in full. The announcement was made at a meeting of the board in which Jacob G. Klinck was elected president to succeed Willard P. Reid and Thomas H. McFarland was made cashier in place of Charles F. Frost. The closing the bank, President Klinck said, was voluntary, and was agreed to by the State Banking Department. Its deposits yesterday were $54,000. President Klinck is president also of the Williamsburg Trust Company, which controls more than a majority of the bank's shares. "This bank was organized by the Jenkinses shortly before the panic," he said, "and to my mind never should have been started. There is not enough business in this section for such an institution. The bank never paid its running expenses." The Terminal Bank has $100,000 capital stock, and its surplus and undivided profits amount to about $2,000. Its deposits at the time of the last call for statement of condition were $217,249. The stock has recently been quoted at 30 asked.
