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The cheerful, generous, bustling personality that is George Armsby is housed in a short, robust frame with a chest that was deep enough to throw off dire double pneumonia a few years ago. At his big country place on swank Centre Island (Oyster Bay, L. I.) which he calls "the farm," he plays tennis with vim and an eyeshade, plunges in the bay, eyes his swans, pet deer, goldfish and beauteous second wife (Colette Touzeau), entertains many-comers from all corners of the land. He is a faithful, jovial member of California's famed Bohemian Club. Even more does he prize his membership in the Horrible Hemingways, youngsters' "kidding" society in Los Angeles (TIME, Sept. 14), whose code requires him to be regarded as an execrable character. But business is his first and dearest love—making deals, driving bargains, convincing people. At such times his cigaret jiggles rapidly up & down in the centre of his compressed lips; his emphatic words bark out like little bullets; he is in action, happy.
When he was forming California Packing in 1916, George Armsby was assisted by his tall, taciturn young friend and Burlingame neighbor, John Cheever Cowdin, then 27. And when Blair and Salomon were making overtures and reacting pleasantly, J. Cheever Cowdin was again on the scene. Again last week Mr. Cowdin, retained from Bancamerica's old personnel as a vice president, had an office adjacent to Mr. Armsby. Lean and reserved, apparently the soul of severe deliberation, lantern-jawed Vice President Cowdin supplements the Armsby ebullience with an air of almost scriptural conservatism and rectitude. In contrast to President Armsby's sociability, Vice President Cowdin is wont to repair, with only closest friends, to a country place at remote Ausable Forks, N. Y. designed by his equally reclusive neighbor, Artist Rockwell Kent. But Bancamerica-Blair's bondsellers who have listened to Mr. Cowdin's exhortations, know well his positive side. So do opponents who have ridden against him on the polo field, where he used to rate 8 goals. They know his mind is as lean as his body, working at high tension constantly. His assistants are hard driven to supply the data that his roving ideas demand. Specifically he is credited with the first piece of national aeronautics financing —Transcontinental Air Transport. Currently he is finding time to function as treasurer of the American Legion's and A. F. of L.'s "War against Depression" (TIME, March 7).*
Most investment bankers have plenty of spare time nowadays. New business is at low ebb, especially abroad, where Bancamerica-Blair was once so active (for municipalities in Europe, South America, Australasia). Chief pictures in reorganized Bancamerica-Blair's gallery are North American Aviation, Inc., Douglas Aircraft, Consolidated Oil (Sinclair and Prairie), Certainteed Products, Diamond Match, General Foods, Canadian National Railways.
*Last week a total of 275,593 jobless had been given work by this joint drive. Charles Gates Dawes became the chairman of its finance committee to raise $300,000. Thousand dollar contributions have already been received from Andrew William Mellon, Charles Augustus Lindbergh, Owen D. Young, Walter Sherman Gifford and Edward F. Hutton.