What was to eventually became the Walters Axe Company actually started as H. Walters & Sons in 1889, although Henry T. Walters had purchased the company in 1886. Henry Walters had been the foreman of S. J. Tongue & Co. of Ottawa, Quebec, in 1864. Two years later he was reportedly working as an axe maker in the factory of Sexton Washburn in Hull, Quebec. The family history indicated that Henry had actually purchased that company himself in 1886 but the company name wasn't changed until 1889. It was then that it became H. Walters & Sons.
Initially, the Walters sons involved were Henry, Jr., David and James. It wasn't until sometime after another son, Morley, graduated from McGill University in 1897 that he also became associated with the company. Morley had received a degree in engineering and by the time Henry, Sr. passed away in 1901, Morley was quite active in the business, rising to the presidency by 1912.
The company name was changed to the Walters Axe Co., Ltd., right around the time Morley took over in 1912. It was about then that Morley purchased the company and became president, a position he held until he too passed away. That was in 1969 when he was 101 years old. He had been the company president for 57 years.
All during that time the plant in Hull continued in operation. The company also maintained a manufacturing facility an warehouse in Ogdensburg, New York quite probably to accommodate the business activities that they were engaged in within the United States.
After Morley's death, the company was sold. By 1973 axes were no longer in significant demand to continue the operation and the new company closed its doors.