Detroit Aircraft Corporation stock certificate 1934 (Michigan)

Desirable aviation piece. Fantastic vignette of a low wing prop plane coming head on with dirigible airship and another aircraft in the background, all high above a city scene. Issued and cancelled (endorsed on back). Two vertical folds from mailing. Dated 1934.  Measures approximately 11.5 x 8 inches.  

The Detroit Aircraft Corporation was originally incorporated in 1922 as the Aircraft Development Corporation. The name was changed in 1929. Incorporated again in Michigan in 1933 while in receivership in recapitalization efforts.

Later, the company acquired Mahoney-Ryan in June 1929, renaming it Ryan Aircraft Corporation (famous for building Lindbergh's Spirit of St. Louis). In 1929, the company acquired 87% of Lockheed-Vega Aircraft Company assets, bringing this famous company under their ever-growing umbrella. However, just a few months later the stock market crash plunged the company into the great depression and the company went into receivership.

The Detroit corporation owned the entire capital stock of the Ryan Aircraft Corp., Aircraft Development Corp., Aviation Tool Co., Grosse Ile Airport, Inc., Marine Aircraft Corp., Park's Air College and Affiliated Companies, Detroit Aircraft Export Co., Gliders, Inc., and Eastman Aircraft Corp. It also owned a 90% interest in the Blackburn Aeroplane and Motor Company, practically all the capital stock of the Lockheed Aircraft Company and a 40% interest in Winton Aviation Engine Co.

During the Great Depression the Detroit Aircraft holding company found that rising losses from other operations were draining the company coffers. On October 27, 1931, the Detroit Aircraft Corporation went into receivership. The heavier than air portions of the company were amalgamated under Lockheed, while the lighter than air divisions were formed into a new unit called the Metalclad Airship Corporation.

While the Detroit Aircraft Corporation was dissolved, going down the tubes in much the same manner as did Thomas-Morse and Berliner-Joyce, the Lockheed name got an unexpected second chance. Only five days after the doors of the corporation had been locked, a miracle took place. A new group of investors bought the assets of the Lockheed Aircraft Corporation division for only $40,000, and the company was brought back from the dead.

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