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From the American Horology Archive:
Elgin National Watch Co.

Grade: 69

B.W. Raymond

Manufacturer: Elgin ?
Manufacturer Location: Elgin, Illinois ?
Movement Serial Number: 129316 ?
Grade: 69 ?
Variation: B.W. Raymond ?
Model: 1 ?
Class: 1 ?
Estimated Production Year: 1872 ?
Run Quantity: 5,000 ?
Grade/Model Run: 10 of 24 ?
Grade/Model Total Production: 29,054 ?
Variant Est. Production: 26,054 (18S-M1-15J-HGK-U-B.W. RAYMOND) ?
Size: 18s ?
Jewels: 15j ?
Movement Configuration: Hunting ?
Movement Finish: Gilt ?
Movement Setting: Key ?
Wind Mechanism: Key ?
Plate: Full Plate ?
Barrel: Going ?
Train: Quick ?
Regulator: Moseley ?
Adjusted: Yes ?
Adjusted to Position: Yes ?
Adjusted # of Positions: 2 ?
Adjusted to Temperature: No ?
Railroad Grade: Yes ?
Movement Markings: B.W. Raymond Elgin, Ills. Patent Pinion Adjusted ?
Case: Various ?
Run ID: 145.69G16.18S140.181M140.H144.K144.15J44 ?
Data Research: 1896 Elgin Serial List
1904 Elgin Serial List
1915 Elgin Serial List
1927/1950 Elgin Serial List
?
Database Version: v52.978 ?
Advanced Metrics
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Registry Population: Scoped for This Run Only: 117 (2.34%) ?
$ Estimated Value (12 Month Change): -0.47% Analyzing 552 Sales ?
Research Note: Elgin began marking the Grade 69 Raymond "Adjusted" within this run.

Not Marked Adjusted:
#125468 (SS Pennsylvania Railroad Co. Dial) [JH]
#125798 (DS Pennsylvania Railroad Co. Dial) [JH]
#125956
#126058
#126277
#126388,
#129996 [Double Sunk Dial]

Marked "Adjusted":
#126847 (Pennsylvania Railroad Co. Dial)
#127033
#127070
#128566 (DS Pennsylvania Railroad Co. Dial) [JH]
#128134 (Fancy Swiss Dial)
#128709 (SS Pennsylvania Railroad Co. Dial) [JH]
#129841 (DS Pennsylvania Railroad Co. Dial) [JH]
#129030 (DS Pennsylvania Railroad Co. Dial) [JH]
#129181

The 1873 Elgin Almanac includes two illustrations of the Grade 69 Raymond movement, one with "Adjusted" marked, and the other without.