The winding stem being at the 12 position means that it is designed for an open-faced pocketwatch case (the wristwatch cases used the hunter style movement with the stem at 3 as you noted). The Waltham Serial Number Database shows the watch as being a model 1900, but doesn't note when it was manufactured, the manufacturing date may explain the stem position. You can use the above link to get to the database and see what other information is available there. You can also click on the model 1900 (in blue) on the information page and it will allow you to add information that is missing that you may observe.






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