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Convair: The Rise and Fall of an Aerospace Titan
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Convair: The Rise and Fall of an Aerospace Titan

Part 1 - Reuben Fleet and Consolidated Aircraft

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.

Major Reuben Fleet, the pilot.
Major Reuben Fleet, the businessman, in 1938.
January 31, 1929 advertisement of Consolidated’s public offering.
Source: Moody’s manuals and Consolidated Aircraft annual reports
Source: Office of Chief of Naval Operations and War Department, Finance Division
Source: “The Structure and Performance of the Aerospace Industry” by Herman O. Stekler.
Reuben Fleet on the cover of TIME magazine, November 17, 1941
“Nothing Short of Right is Right” painted in 9-foot letters across the San Diego plant of Consolidated
Consolidated’s Forth Worth, TX plant, which had the world’s longest assembly line during WWII.
B-24 Liberators flying under fighter cover of P- 38’s on strategic bombing mission to destroy Germany’s oil resources in Poland.

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


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:


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