Welcome to Episode 17 of the Preferred Shares Podcast.
In this episode, Doug shares his research on the early years of Consolidated Aircraft and its founder, Major Reuben Fleet. Consolidated became one of the major aircraft makers during World War II with its B-24 Liberator bomber and its Catalina flying patrol boat.
In This Episode
Introduction [00:05]
Podcast on business history, focusing on Convair’s story.
Convair’s contributions during WWII will be a key topic.
Reuben Fleet’s Early Life and Career [03:30]
Born in 1887, experienced poverty, displayed business acumen.
Instrumental in early aviation legislation in Washington and set up the first U.S. Air Mail service.
Transition to Aviation Business [11:30]
Resigned from the Air Service to pursue business ventures.
Turned around Gallaudet Aircraft.
Formed Consolidated Aircraft Corporation and acquired Dayton-Wright. [18:20]
Established key business principles focusing on quality and safety.
Early Challenges and Growth of Consolidated [24:40]
Sold trainer planes to Army and Navy.
Battled with the military over profit limitations.
Promoted loyalty by selling shares to key employees.
Expansion [31:00]
Formed Fleet Aircraft and Tonawanda Products Corporation.
Consolidated went public in 1929.
Weathered the Great Depression with support from military contracts.
Innovation and Advocacy [39:00]
Won the largest Navy contract to date for airplanes with its “Catalina” PBY flying boat.
Fleet advocated for design rights and cost-plus contracts.
Explored innovative aircraft load capacity ideas, including in-flight fueling and jet-assisted takeoff.
World War II and Massive Expansion [43:30]
Developed the B-24 Liberator bomber, which became the most produced bomber ever.
Consolidated experiences massive growth.
The plant in Fort Worth, Texas had the world’s longest assembly line.
Manufacturing Quality [53:00]
Fleet decided to sell the business in late 1941 [61:00]
Listeners are encouraged to tune in to Part Two for more details.


Episode Resources
Books
Wagner, William. Reuben Fleet and The Story of Consolidated Aircraft. Fallbrook, CA: Aero Publishers, 1976.
Convair Aerospace Division of General Dynamics: Fiftieth Anniversary. General Dynamics Corporation, St. Louis, 1973.
Jenkins, Dennis R. Magnesium Overcast: The Story of the Convair B-36. Specialty Press (MN), 2005.
Sweetman, William. A History of Passenger Aircraft. London: Hamlyn Publishing, 1979.
Millbrooke, Anne Marie. Aviation History. Jeppeson Sanderson: Englewood, CO, 1999.
Articles from Newspapers and Periodicals
Reuben Fleet’s scrapbooks
Convairiety, the biweekly publication of Convair from 1948 to 1961.
“Plane Co. Prepares to Expand”, New York Evening Post, February 11, 1929.
“The Aircraft Boom”, Fortune, March 1940: Vol 21 Iss 3.
“Planes by the Mile”, Newsweek, 1941-06-16: Vol 17 Iss 24.
“BOARDS APPROVE CONVAIR MERGER; General Dynamics to Step Up as Vast Defense Complex if Stockholders Concur”, NYT, March 2, 1954.
Additional Reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
Douglas (Andvari’s Substack) writes more about Reuben Fleet in his post “Quality Over Quantity”, published December 2024.
“The Implications of an Aged Housing Stock”, Lawrence Hamtil (Fortune Financial) published January 2025.
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
Share this post