He was associated throughout his business life with John Cheever Cowdin, with whom he ran Universal Pictures; they were also both involved in the formation of Transcontinental Air Transport, Inc., which was later a foundation of TWA.
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After playing a role in the construction of 40 Wall Street, for a time the world's tallest building and now The Trump Building, Armsby and Cowdin persuaded Giannini's Bank of America to merge with Blair, which became - in 1931, in the depths of the Great Depression - a major force on Wall Street.
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