History began in 1913 for Lockheed with the Model G float plane, nearly ended during the 1932 depression, and came alive again with Lockheed’s first twin-engine model 10 Electra.
Detroit Aircraft Company, Lockheed's parent company, went into bankruptcy, dragging still solvent Lockheed into receivership. General Plant Manager Carl B. Squier, was determined not to let Lockheed die, and searched for investors. Robert Gross, one of the investors, made a successful joint bid of $40,000 for the company and the transaction marked the beginning of the present company, now Lockheed Martin Corporation.
The first Electra (10-seat passenger plane) flew in February, 1934 and was the fastest airliner in the sky. Major U.S. and foreign airlines ordered the plane, and by 1935 the company was making money and providing steady work for 300 men and women.
The name, Electra, was again chosen for a new airliner, the later model L-188. Like the model 10 Electra, the L-188 had many advanced features for its era. The L-188 was the fastest commercial turboprop flying, with a cruise speed over 400 mph. Passenger comfort features like roomy seats, advanced air-conditioning system, and low noise level made it popular with airline passengers...
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Lockheed L-188 Electra (Airliner Tech Vol. 5) 
