It seems unlikely that Jacobson actually played with Morrilton during league games.
Jacobson was on the board of directors for the 1915 Little Rock Travelers3 . He was also the team's attorney and wrote commentary on the National Commission of baseball4
Jacobson was a prominent jewish lawyer in Little Rock. He died in 19575 .
Statistics at Baseball-Reference.com.
1 Jacobson's WWI Draft Card
2 1880 U.S. Census
3 Sporting Life, 1/9/1915 p.15
4 "The Supreme Court of Baseball", Case and Comment Volume XXIII, by Charles Jacobson
5 A Corner of the Tapestry: A History of the Jewish Experience in Arkansas, 1820s-1990s, by Carolyn Gray LeMaster