After a decade of struggle for survival in the turbulent appliance market, Chairman Elisha ("Bud") Gray II, 56, of Whirlpool Corp., could sit back in his office at Benton Harbor, Mich., and comfortably feel the battle won. Sales more than two-thirds from making Kenmore "white goods" for Sears (which owns 19% of Whirlpool)hit a record $465 million last year. Earnings were rising smartly. Appliance Buyers Credit Corp., Whirlpool's 80%-owned subsidiary to finance retail sales of its appliances, turned a profit for the first time in 1962. It earned $403,000.
Last week Gray's confidence disintegrated into shock. A routine annual audit,...
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