MAYTAG COMPANY Guaranty Bond 1928. Newton, Iowa. Famous Appliances. E.H. Maytag

Description

The Maytag Company. Guarantee Bond issued March 17, 1928 at Newton, Iowa. Incorporated in the State of Iowa
. Embossed company seal lower center. Certificate No. 666320 was issued to Morris G. Messner.
Signature of company president E. H. Maytag (son of company founder Frederick Maytag)
. Certificate is about 9” x 11.5.” Black print with green borders.
Vignette with the Maytag manufacturing plant in Newton, Iowa.
Maytag Company was founded by Frederick Louis Maytag and three partners in 1893 to produce threshing-machine band cutters and self-feeder attachments. The company soon began to produce other pieces of farm machinery, not all of it top quality: its corn husker, called the Success, caused the partners many problems because of its poor quality, and farmers often called Maytag out to their fields to fix the Success. When Maytag bought out his partners in 1907, he had learned his lesson; a Maytag product would always be dependable.
Maytag built his first washer in 1907, to bring his agricultural-equipment company through the slow-selling season as well as to fill a need for home-use washing machines. Home washing machines were already on the market, but Maytag wanted to make them more efficient. His first washer, called the Pastime, revolutionized washing. It had a cypress tub with a hand crank that forced the clothes through the water and against corrugated sides. The washer was a hit, and Maytag continued to improve on it. In 1911 he brought out the first electric washing machine, and in 1914 he introduced the gas-engine Multi-Motor for customers without access to electricity. The first aluminum washer tub was brought out in 1919, and the Gyrofoam, the first washer to clean with only water action, rather than friction, entered the marketplace in 1922. This revolutionary washer was the first with an agitator at the bottom of the tub instead of the top. This change allowed for the elimination of friction. Sales of this machine pushed Maytag, previously the 38th-largest U.S. washing machine company, into first place.
At this juncture, the farm-implement portion of the business was discontinued. L. B. Maytag, son of the founder, became president of the company in 1920. Under his direction the company began to market nationally. In 1925 Maytag incorporated and was listed on the New York Stock Exchange. In 1926 another Maytag son, E. H. Maytag, assumed the presidency and held the position until his death in 1940. Over the next several years, a number of interesting attachments were offered on washers. A butter churn and a meat grinder were two options offered to buyers. By 1927 Maytag had produced one million washers.
During the Great Depression, Maytag held its own; the company even made money. At his father's death in 1940, Fred Maytag II, grandson of the founder, took over the presidency. During World War II, the company made only special components for military equipment. In 1946 production of washers started up again, and in 1949 the first automatic washers were produced in a new plant built for that purpose. In 1946 Maytag began marketing a line of ranges and refrigerators made by other companies under the Maytag name. During the Korean War the company again produced parts for military equipment, although washer production continued.
During the 1950s the appliance industry grew rapidly. Maytag first entered the commercial laundry field at this time, manufacturing washers and dryers for commercial self-service laundries and commercial operators. During these years full-line appliance producers began targeting Maytag's market. Full-line operators--such as General Electric, Whirlpool, and Frigidaire&mdash′ovided washers and dryers, refrigerators, stoves, and other appliances. Maytag was much smaller than the full-line producers. It limited itself to the manufacture of washers and dryers, which it marketed with ranges and refrigerators built by other companies, and established its reputation as a premium brand.
The ranges and refrigerators Maytag had been marketing with its washers and dryers were dropped in 1955 and 1960, respectively, but the company soon reentered the field with its own portable dishwasher and a line of food-waste disposers in 1968. When Fred Maytag II, the last family member involved in the company's management, died in 1962, E. G. Higdon was named president and George M. Umbreit became chairman and CEO.
By the late 1970s over 70 percent of U.S. households were equipped with washers and dryers. Laundry-equipment sales had peaked in 1973 and the lifetime of such equipment was 10 to 12 years--often longer for Maytag. To help boost sales, prices became more competitive. Chairman Daniel J. Krumm, who had been elected president in 1972, set the company in a new direction in 1980 when he made the decision to make Maytag into a full-line producer, eventually selling a wide range of major appliances rather than just washers, dryers, and dishwashers.
Condition:  Very Fine+
, light folds, minor creasing, no tears, light signs of wear/handling/toning (see photos),
uncancelled.
Printer:
(none noted)
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