Captain Midnight premiered in 1939 with sponsorship from Skelly Oil. I believe your badge was ‘officially’ called the Mystro-Magic: Weather Forecasting Flight Wings Badge.
Captain Midnight was the shadowy WWI hero Captain Red Albright, dubbed Captain Midnight because midnight was the hour in which he returned from a most dangerous flying mission. His past was shrouded in mystery, but listeners did learn that from his WWI adventures came a sinister foe: the wretched Ivan Shark, a mastermind bent on world-domination. The Captain's on-going rivalry with Shark took him to distant lands and put him constantly in the face of danger, and kids were enraptured. It wasn't long before a club was formed, the Captain Midnight "Flight Patrol”; and by 1940 there were over 1 million members.
In 1940, sponsorship of the show was turned over to Ovaltine, so your badge can be dated to 1939.
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