That is not the top roller that is red, but the emergency tension release for the wringer for when you discover it starting to take in your fingers; WHAM!, a good hit on the red bar and the rollers are unlocked. Incidentally, that was one of the most critical tests for a wringer washer to pass for CU: how well the emergency release for the wringer worked because it could mean the difference between life and death or a horrible injury. To relock them into position for wringing, you twist the elongated white handle on top of the wringer, or as Maytag called it, the "Roller Water Remover." You also had to release the tension on them when you were through washing. You rinsed them thoroughly and let them dry in the open position so that they would not become stuck together.
It looks like he has some nice set tubs also.