  We study the properties of the fossil cluster RX J1416.4+2315 through g' and
i'-band imaging and spectroscopy of 25 member galaxies. The system is at a mean
redshift of 0.137 and has a velocity dispersion of 584 km s^-1. Superimposed
onto one quadrant of the cluster field there is a group of five galaxies at a
mean redshift of 0.131, which, if included as part of the cluster, increases
the velocity dispersion to 846 km/s. The central object of RX J1416.4+2315 is a
normal elliptical galaxy, with no cD envelope. The luminosity function of the
system, estimated by the number counts, and statistical background correction,
in the range -22.6< M_g'< -16.6, is well fitted by a Schechter function with
M_g'^* = -21.2 +/- 0.8 and alpha = -1.2 +/- 0.2 (H_0 = 70 km s^-1 Mpc^-1,
Omega_M=0.3, Omega_Lambda=0.7). The luminosity function obtained from the
spectroscopically confirmed members in both g' and i' bands agrees with the
photometric results. The mass of the system, M 0.9 \times 10^14 h^-1_70 M_sun,
its M/L of 445 h_70 M_sun/L_B_sun and L_X of 11 10^43 h^-2_70 ergs s^-1
(bolometric) suggest that this system is the second example of known fossil
cluster, after RX J1552.2+2013, confirmed in the literature.
