In the year 1869, when the Board of City Trusts was created by act of Legislature (to which board is committed the vast estate left by Mr. Girard, as well as of the other trusts of the city of Philadelphia), Mr. Claghorn was appointed one of the original board of twelve, and from that date until his death he gave much time and thought to the duties thus devolved upon him. He became chairman of the finance committee, which place he held until the end of his life. Although he was not so well known to the boys of the college as some other members of this board, because his duties did not require very frequent visits to the college, he nevertheless gave himself to the duties of the committee of which he was chairman with great interest and fidelity; and the time which he gave to this great work is not to be measured by visits to the college, but by the time spent in the city office and in his own place of business, where his committee met him on their stated meetings. As I have reason to know, he had a deep personal interest in all the affairs of this college, and of the other trusts committed to our charge. Although the condition of his health in the latter part of his life made close attention to business very trying to him, so far as I know he never permitted his health to interfere with his business engagements. In this brief and fragmentary way I have tried to set before you some features of the life of one of our most distinguished citizens. In the limits of a single discourse as brief as this must be it is not possible to make this more than an outline sketch. In the little time that remains let me refer again for the purpose of emphasis to some traits in the character of Mr. Claghorn which will justly bear reconsideration. A very large proportion of the merchants of any city fail in business. The proportion is much larger than is generally known, and larger than young people are willing to believe. In an experience of more than forty years of business life, during which I have had much to do with merchants, I have known so many failures, have seen so many wrecks of commercial houses, that I am compelled to regard a merchant who has maintained high credit for a long term of years and finally retired from business with a handsome estate as one who is entitled to the respect and confidence of his fellow-citizens. Some men grow rich as junior partners in successful business, the good management having been due to the ability and tact of their seniors; but this can hardly be said in the present case. The merchant whose life we are considering was an active and influential partner.