Haverford History Jacob P. Jones For most of his presidency, Thomas Chase kept a secret from the rest of the campus community. Businessman-turned-philanthropist Jacob P. Jones had pulled the Haverford president aside to confide in him after the death of Jones' son Richard, class of 1863. Jones had been very close with his only son, and was grateful for the influence the College had on the boy during his short life. He therefore pledged to President Chase that the bulk of his estate would be left to the College upon his death. In doing so, Jones perhaps saved the young Haverford from financial ruin. Jacob Jones was born into a Philadelphia Quaker family in 1806. He attended Friends School in Burlington, New Jersey, where he came under the tutelage of John Gummere, one of the founders of Haverford. In 1836, Jones and partner Israel Morris formed the firm of Morris and Jones, one of the first buyers and sellers of steel in the U.S.. The venture was so successful that Jones was able to retire in 1860, at the age of 54. His only son, Richard, joined his father's business but failing health forced him to resign after a short career. Richard died in 1869; after his son's death, Jacob Jones devoted much of the remainder of his life to philanthropy, and became increasingly involved with Haverford College. He developed a close relationship with President Chase, and contributed $10,000 for the construction of Barclay Hall. He also willed the majority of his estate to Haverford, his greatest contribution to a college that was in dire financial straits. Haverford struggled financially during its infancy. Debt forced the College to close down in 1845, and the years following its re-opening were marked by annual deficits that were wiped clean only by the generosity of Board members and prominent Friends. Jacob Jones died in 1885, and upon the death of his widow in 1896, Haverford received the majority of his $1.4 million estate, with the stipulation that none of the original capital could be spent. Jones' Endowment Fund continues to be one of the largest segments of the Haverford endowment. He also left $5,000 to create the Richard T. Jones Scholarship, a gift still given annually to students. The impact of Jacob Jones' bequest on Haverford was immediate. Sixteen Corporation scholarships were created, and the financial security and dividends from a stable endowment allowed the College to construct several new buildings at the turn of the century, including part of Lloyd dormitory and Ryan Gymnasium. In his 1933 history Haverford College - A History and Interpretation Rufus Jones wrote: "Haverford owes its largest single debt of gratitude for financial bestowals to Jacob P. Jones. One could wish that Jacob Jones and his wife might know what has been wrought through their munificence - what has been wrought and what through the interminable years will be wrought."