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Show NATIONAL BANK TO Comptroller of Currency Gives Special Privilege to New York. M!W TORK. Pept. If-. -By a special ruling of the comptroller of the currency . at Washington, the Chatham and Phoenix j National bank will open twelve branche-1 In New York t'ity tomorrow. This marks a radical departure from the fixed attitude atti-tude of the federal banking a uthorttlea. only one other national Unam-lal Institutionthe Insti-tutionthe Bajilc of California previously having been granted a similar privilege. The Cliatham and Thenlx National bank Is a consolidation of two of the oldest old-est financial institutions of this city, the Phenlx having been incorporated in j S 1 and the Chatham in 1850. Both originally origin-ally were state institutions, but became national bunks soon after the inaugura-I inaugura-I tion of that system fifty years ago. The merger of the Century and Security Se-curity banks, slate institutions with twelve branches, recentlv was effected under the direction of the Cimtham and PHenlX banks. On application of the officials of-ficials of the Chatham and Phenix hank to Secretary McAdoo a nd Comptroller Williams, a national charter was granted to the Century bank, which since has been consolidated with the Chatham and Phnlx as a naLlonal Institution. The l reasury authorities. It Is understood, under-stood, granted this unusual applf.-atlon to open branch banks in accord with their belief that the new federal reserve system makes sqeh action advisable. These officinlH ar of the opinion that this valuable privilege ought not to be withheld from national Institutions, and that it Is part of the policy of the new reserve system to foster this system of expansion where such a privilege can reasonably be granted. Several of the largest, national banks in the country already have availed themselves them-selves of the new federal banking Jaws to open branches in foreign countries, notably the National City bank, which recently established several institutions I n Sou t h America and is pre pa rl n g to expand in a similar way jn Central America and Cuba. |