The Waltham history, edited by Professor N. S. B. Gras, is eleventh in the Harvard Studies in Business History series. It is a story which has required a deft and delicate touch in the recording, and the reader will early come to appreciate Dr. Moore's handling of complicated factual material, as well as to respect the conclusions he has pointed up. Dr. Moore's history of the Waltham Watch Company is a study of business policy—a detailed analysis of the business methods of the top men at Waltham. Were there such a thing as a “normal” American business, the chapters of its history would fall neatly and evenly into order—management, labor, plant and technological processes, finance, distribution, and external influences. Happy the historian to whose lot such a tidy assignment falls! It seems reasonably certain, however, that no recorder will ever face a perfect balance of the forces involved in producing and selling merchandise.