The Equity was originally sold as being made by the Equity Watch Company of Boston and was not associated with Waltham, later after it became generally known that it was by Waltham it was bought in from the cold as a Waltham model.
It is essentially a Waltham 1908-Traveler with the variant plate design but in nickel. The movement has 7 Jewels, a Swiss lever escapement with a Breguet sprung cut compensating balance. It is unadjusted and has a single roller. About 54,500 were made in total.
The example shown is from 1918 and is signed by Waltham.