Corporations: Washday Wonder

Four decades ago, one of the sounds of status in homes across the U.S. farm belt was the pop, pop, pop of a gasoline engine on Monday morning—a tip-off that the inhabitants were prosperous enough to own a Maytag washing machine. Today, a remarkable number of the same machines—converted to electricity—are still washing clothes. Even more remarkable, the Maytag Co. of little Newton, Iowa, has withstood the churnings that have long since washed out most independent laundry-machine makers, now stands a strong second in the billion-dollar industry. Outstripped in sales only by Whirlpool Corp. (RCA Whirlpool, Sears's Kenmore), Maytag,...