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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: 182499 ?
Grade: 69 ?
Variation: B.W. Raymond ?
Model: 1 ?
Class: 1 ?
Estimated Production Year: 1872 ?
Run Quantity: 5,000 ?
Grade/Model Run: 9 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 Signing Style: Formal Script ?
Movement Inlay Color: None ?
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. Adjusted Patent Pinion ?
Case: Various ?
Run ID: 167.69G17.18S159.181M157.H166.K164.15J52 ?
Data Research: 1896 Elgin Serial List
1904 Elgin Serial List
1915 Elgin Serial List
1927/1950 Elgin Serial List
?
Database Version: v52.978 ?
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Registry Population: Scoped for This Run Only: 116 (2.32%) ?
$ Estimated Value (12 Month Change): -0.47% Analyzing 552 Sales ?
Research Note: First full Grade 69 Raymond run to be marked "Adjusted." (Previous run mixed).

#180387: Verified with Double-Sunk "Pennsylvania Railroad Co." Dial.
#180892: Verified with Double-Sunk "Pennsylvania Railroad Co." Dial.
#181107: Verified with Double-Sunk "Pennsylvania Railroad Co." Dial.
#181712: Verified with Double-Sunk "Pennsylvania Railroad Co." Dial.
#181713: Verified with Double-Sunk "Pennsylvania Railroad Co." Dial.
#183354: Verified with blank barrel bridge and stem-wind/lever-set mechanism more consistent with the Model 4 (appears to have been adapted at some point from the standard KW/KS model).