Upon bankruptcy, Waltham was sold at auction in May 1857 to Royal E. Robbins, who renamed the company Appleton Tracy & Co. (ATCo). The movements still retained the Waltham name, the next produced being the Waltham Model 1857, which was the first pocket watch produced in America with standard parts. Appleton, Tracy & Co. merged with the Waltham Improvement Co. in January 1859 to form the American Watch Co.
The Chronodrometer was the first attempt by American manufacturers to create a timing watch or stop watch. John K. Bigelow of Waltham was one of the first to develop the chronograph equivalent. The central sweep hand revolves every four minutes, while the subsidiary second dial revolved every four seconds. Both the time train and the timer are together started and stopped by activating a button on the rim of the case.