Dr. John N. Jacobs (Doylestown, PA)
Dr. John N. Jacobs (Jan 7, 1839 – Jan 30, 1924)
Biography
- Name: Dr. John N. Jacobs
- Birth: January 7, 1839, Montgomery County, PA
- Death: January 30, 1924, Lansdale, PA (Buried Doylestown, PA)
- Doctor, Soldier, Banker, Controller.
- Father of banker John Miller Jacobs
Early life and family
Dr. John N. Jacobs was born at Sumneytown on January 7, 1839. He was the son of William M. and Magdalene Nice Jacobs. His early life was that of a country boy in the Perkiomen Valley during the early days. As he grew, he wished to enter the practice of medicine and was given an education in that profession, having graduated from the University of Pennsylvania in 1861 just as the Civil War broke out. When the first call to arms came, young Jacobs enlisted in the Eighth Pennsylvania Cavalry where he served with distinction until suffering a fall from his horse. This disabled him so that he was transferred to the medical corps and continued with that unit until the close of the war reaching the rank of Captain. After his discharge from the Army, Captain Jacobs settled in Kulpsville where he practiced medicine for about three years. Finding the life of a country doctor not to his liking, he came to Lansdale in 1869 and purchased a large body of land in the East Ward where now stands one of the finest homes in Lansdale. He erected a small house on Fourth Street adjoining his late home where he lived for a number of years.
In 1866 he married Sarah S. Miller of Sumneytown and to them were born four children, two sons and two daughters.
Banking career
Dr. Jacobs was president of the Perkiomen National Bank from 1887 until 1895, having started as the bank's first cashier. On September 11, 1895, the charter of the Perkiomen National Bank expired and the Perkiomen Trust Company began business. The same board of directors was re-elected.[2]
In December 1898, the Perkiomen Trust Company at Greenville was going into liquidation. The company was established with abundant capital, but the management agreed to discontinue the business. It was proposed to establish a national bank instead and several thousand dollars had been subscribed. Dr. John N. Jacobs of Lansdale remained as president of the trust company which succeeded the national bank when the bank's charter expired.[3]
The Doylestown National Bank had been looted and the stockholders were facing a heavy assessment when in 1903[4] Dr. Jacobs was asked to assume the reins and bring order out of chaos. In January 1904, Henry Lear, former president and George P. Brock, former cashier of the Doylestown National were arrested and charged with misapplying the funds of the institution, the defalcation amounting to about $60,000.[5] Dr. Jacobs agreed to take over the stock, pay the assessments and soon had the bank on a paying basis. Another similar instance was his success in putting Montgomery Insurance, Trust and Safe Deposit Co. of Norristown back on its feet after it had closed its doors in 1890. He was requested to assume charge of the company's affairs and agreed after the directors promised to put up $10,000. All but two of the directors failed to keep this promise and the doctor was left with a defunct trust company on his hands and very little cash. After giving the situation consideration, he went to Philadelphia and requested one of the leading banks to loan him $250,000. When asked on what security, he replied, "On my personal note and my reputation." He was told to come back after banking hours that day. After walking the streets until 4 o'clock that afternoon, he returned to the bank. The president and cashier told him the money would be at Norristown that night. He told them he wanted it in small bills. After the money arrived he ordered it piled up behind the grating surrounding the cashier's caged, opened the doors and sent word out for depositors to come and get their money if they so desired. There was a run on the cashier's cage for a time, but before the day was over, deposits started to come in. As soon as it became known that Jacobs had taken charge, confidence in the institution began to mount and within one month the doctor had returned the money loaned to him by the Philadelphia bank. His only financial efforts in Lansdale, other than financing many men in their business infancy, was in connection with the organization of the Lansdale Trust & Safe Deposit Company. His son, John M., was secretary and treasurer from January 1890 until he resigned in May 1900.[6] The trust company became the Citizens National Bank in 1905. He made Jacob C. Swartley president of the trust company. Later wishing to dispose of his local bank holdings, he sold his interest to Henry L.S. Ruth, who became the president of the Citizens National.
Other career highlights
Dr. Jacobs was identified with Lansdale ever since it became a borough. His name was the first one on the petition for the incorporation of the borough in 1872. It was because of this, and the fact he always took great interest in his town, that Doctor Jacobs came to be known to everyone as the "Daddy of Lansdale." He served one term in the council from April 1880 to April 1882. Then he was again elected in April 1883 and remained in the borough's governing body until 1891. He was again chosen in 1914 and was a member at the time of his death. He twice served as president of council.
Dr. Jacobs was appointed the first controller of Montgomery County in 1911 by Governor John K. Tenor, immediately after the passing of the law creating that office. In this position he refused to accept any pay for his services and his salary of $24,500 was unclaimed at Norristown.
In March 1896, Dr. Jacobs was president of the new Lansdale Mutual Insurance Company with H.J. Smith as vice president and A.H. Anders, secretary.[7]
He donated the land and contributed money for the first organ to establish the Methodist Episcopal Church in Lansdale, although he was not a member of any church.
Later life and death
On January 30, 1924, Dr. John N. Jacobs of Lansdale, president of the Doylestown National Bank and a member of the Lansdale borough council, died at his home in Lansdale on Fourth and Broad Streets at 10:45 in the morning. He suffered from heart disease and was 85. He had been confined to his home for the past three weeks. Ever since he suffered an attack of vertigo three weeks ago, he had been growing weaker and his death was not unexpected.[8] Dr. Jacobs was a leading financier and philanthropist and at one time was controller of Montgomery County. He was a veteran of the Civil War. Dr. Jacobs was never a great fraternity man. He was a member of the Grand Army of the Republic at Doylestown and was an honorary member of Camp 120, Patriotic Sons of America, and was once active in the Citizens' Club[9] serving as president for many years.
Bank Officer Summary
During his banking career, John N. Jacobs was involved with the following banks:
- Green Lane National Bank, Green Lane, PA (Charter 2131): Cashier 1874-1875
- Perkiomen National Bank, Pennsburg, PA (Charter 2301): President 1887-1894; Cashier 1876-1886
- Topton National Bank, Topton, PA (Charter 3358): President 1885-1886
- Perkiomen Trust Company, President 1894-1898
- Lansdale Building & Loan Association, Director 1899
- The Perkiomen National Bank of East Greenville, PA (Charter 5166), Director 1899...1900
- Montgomery Insurance, Trust and Safe Deposit, Norristown, PA, Director 1890, President 1891...1901
- Doylestown National Bank, Doylestown, PA (Charter 573): President 1904-1910; Cashier 1911-1923
- Lansdale Trust & Safe Deposit Company, Lansdale, PA
Sources
- Dr. John N. Jacobs on Findagrave.com
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ The Reporter, Lansdale, PA, Thu., Apr. 15, 1897.
- ↑ The Allentown Leader, Allentown, PA, Thu., Sep. 12, 1895.
- ↑ The Allentown Leader, Allentown, PA, Mon., Dec. 5, 1898.
- ↑ The Indiana Democrat, Indiana, PA, Wed., Oct. 21, 1903.
- ↑ The York Dispatch, York, PA, Fri., Jan. 8, 1904.
- ↑ The Reporter, Lansdale, PA, Thu., May 3, 1900.
- ↑ News Herald, Perkasie, PA, Thu., Mar. 26, 1896.
- ↑ The Reporter, Lansdale, PA, Wed., Jan. 30, 1924.
- ↑ The York Dispatch, York, PA, Wed., Jan. 30, 1924.