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Published online by Cambridge University Press: 24 July 2012
On December 28, 1948, the oldest of the three American watch manufacturers, the Waltham Watch Company, filed an application for reorganization in the Federal District Court of Boston, Massachusetts. For some time it had been common knowledge, both in the trade and among the more informed public, that the company was in serious financial straits. The action of December 28 made the difficulties and future of this old New England firm no longer a regional issue but a pressing national one. Officials of the firm, representatives of labor, of the press, of radio, and politicians, both State and Federal, offered explanations and suggested answers to the timely question: What caused the company's bankruptcy and how could Waltham be saved? In attempting to find answers to this question, the representatives of management, labor, and government indicated a new direction and a new development in American business.
2 The name of the Waltham Watch Company has undergone several changes since the founding of the company in 1850. While the use of the word Waltham in the company's official title goes as far back as 1885, the name Waltham Watch Company was first used in 1906.