The company "failed" in 1857 and upon bankruptcy, it was sold at auction to Royal E. Robbins, who reorganized it under the new name Appleton Tracy & Company (ATCo) with his brother, Henry Asher Robbins. The company was sold back to The Waltham Improvement Company under a new name of The American Watch Company. The next movements produced, Serial numbers 5001 to 14,000, were used in the Waltham Model 1857 watch, the first pocket watch produced in America of standard parts. The "C.T. Parker" was introduced as the 1857 model. 399 units were made. Howard left the company in 1858 to form E. Howard & Co..