Word: walthams
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...wintry New England day last week, 1,231 workers began drawing their last paychecks from the Waltham Watch Co., in Waltham, Mass. Then the oldest watch company in the U.S. shut its doors. Waltham Trustee Daniel J. Lyne blurted an angry explanation. "The RFC," he said, "is . . . out to sell the firm down the river...
...anyone had been sold down the river, it looked as if it was RFC-which was once again caught in a losing proposition. Although Waltham has a famous 100-year-old name, the company was reorganized five times, went into bankruptcy twice before it went broke again last year (TIME, Jan. 17, 1949) and called on RFC for help...
Following pressure from New England Congressmen and the recommendation of RFC's New England regional director, John J. Hagerty, RFC authorized a $6,000,000 loan for Waltham. Hagerty then left his $10,000 RFC job,, became Waltham's $30,000-a-year president - and the company hopefully reopened. But its ancient equipment and shopworn trade reputation were no match for other U.S. watchmakers and such U.S. companies as Bulova, Benrus and Longines-Wittnauer, which import watch movements from Switzerland...
...full-dress investigation of RFC loan policy. He wanted more details on McCarthy's $70 million request, as well as the facts behind such loans as $44 million to Kaiser-Frazer Corp.; $37.5 million to Lustron Corp. (see below); $12 million to Northwest Airlines; $6 million to Waltham Watch Co., and the Texmass loan...
...first night of the adult education series, silver-haired Poet E. E. Cummings gazed out over the audience in the new science hall of Brandeis University in Waltham, Mass. and announced that he was "terrified." He had expected about 30 people, but 600 had come. "I don't see why so many people would come to a poetry lecture unless they had to," said he. "I wouldn't." Last week, it was the turn of Poet W. H. Auden to be astonished at a poetry audience of hundreds...