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38 HISTORY OF CLEVELAND
also indicated a thorough understanding of the questions which he discussed
as well as a spirit of patriotism and devotion to the general good. From this time
forward he was no longer active in church work as a minister but his interest in religious
progress has never ceased and in the communities where he formerly
labored there is yet entertained for him the warmest friendship. Ties then
formed have never been broken and frequently he has been called to return to
the scenes of his ministerial labors to take part in some occasion of rejoicing or
sorrow or in some public affair.
During the years of his residence in Cleveland, Mr. Cowles has made steady
progress in business life, bending his efforts to the successful accomplishment
of everything that he has undertaken. Gradually he drifted into the field of
real estate, largely through the desire of friends outside the city who wished him to
make investments for them. He also began buying property on his own account
and in 1873 his operations in the real-estate field had become so important and
extensive as to necessitate the severance of his connection with journalism. He
has long been recognized as one of the prominent representatives of real-estate
interests in Cleveland and his course has been marked by the most honorable
methods, his irreproachable probity being especially evidenced in the course
which he pursued following the widespread financial disasters of 1873. In
that year Cleveland property was selling at a good rate and the city was enjoying
rapid but healthful growth. The widespread financial panic, however,
had immediate effect here, as it did in hundreds of other cities, operations practically
ceasing in the real-estate field, while values were greatly reduced. However,
Mr. Cowles had taken up real estate as a life work and he continued in
that field, facing the disasters of the situation, which occasioned him heavy
losses. He was forced to incur a great indebtedness and during the ensuing
eighteen years he bent his energies toward discharging his financial obligations.
A rigorous self sacrifice was practiced and in due course of time every financial
obligation was discharged. He was frequently advised to take advantage of
the national bankruptcy law then in force but he replied that if life and strength
were left him he would redeem every pledge that stood in his name and pay to
every creditor that which was his due. This herculean task he accomplished and
no stain of dishonor has ever rested on his name. As years passed and financial
affairs returned to the normal his business increased and in later years he has
had charge of important real-estate interests for different corporations and individuals.
He has purchased much property for others, especially for railroad
and manufacturing corporations or for capitalists who desire investments of
a specific character. He also sells property for others and in fact is controlling
an extensive real-estate business, not only in the outright sale or purchase but
also in negotiating leaseholds, especially of down-town business property on
some of the principal thoroughfares of the city. He has conducted the negotiations
whereby leases have been secured on the land on which a number of the
most important office and modern business buildings are erected. There is
another department of Mr. Cowles' business that is profitable and extensive as
well. This is the negotiating of loans upon mortgage security, in which connection
he represents eastern corporations having abundant supplies of funds available.
Another branch of his business is the care of property for non-resident
owners or for resident capitalists who wish to be free from the care of their own
property or estates. Mr. Cowles' activity, enterprise and business discernment
has thus carried him into important relations with the public and he today
figures as one of the most prominent and successful real-estate men of Cleveland.
On the organization of the Cleveland Trust Company in 1894, capitalized for
six hundred thousand dollars, he was elected president and so continued for
eight years or until the consolidation of the Cleveland Trust Company with the
Western Reserve Trust Company, when he became chairman of the board. In
1876 Mr. Cowles took entire charge of the real-estate interests of J. D. Rockefeller
in Cleveland and since 1880 he has likewise had charge of the interests of
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