When E.M. Laird returned to Chicago September 1923, Wichita company was reorganized as Swallow Airplane Manufacturing Co., Lloyd Stearman designer and Walter Beech chief pilot. Redesigned Laird Swallow into more compact single-bay New Swallow with fully cowled OX-5 engine. Beech and L.C. Stearman left (see Stearman), leaving Jake Moellendick and W.M. Stearman to redesign into Swallow Commercial improved 3-seater with choice of 5 engines (usually 150- or 180-hp Wright-Hispano) up to 220-hp Whirlwind. This 1928 product was partnered 1929 by Swallow TP 2-seat trainer, about 200 built, followed by numerous other versions all killed by Depression. Moribund 1932, company reformed 1938 as Swallow Aircraft Co., producing prototypes of LT-65 and Coupe 2-seat monoplanes, but work stopped by war.

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