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From the American Horology Archive:
Elgin National Watch Co.

Grade: 10

Manufacturer: Elgin ?
Manufacturer Location: Elgin, Illinois ?
Movement Serial Number: 2025673 ?
Grade: 10 ?
Model: 3 ?
Class: 5 ?
Estimated Production Year: 1887 ?
Run Quantity: 10,000 ?
Grade/Model Run: 45 of 82 ?
Grade/Model Total Production: 273,000 ?
Size: 18s ?
Jewels: 11j ?
Movement Configuration: Hunting ?
Movement Finish: Gilt ?
Movement Setting: Lever ?
Plate: Full Plate ?
Barrel: Going ?
Train: Quick ?
Regulator: Plain ?
Adjusted: No ?
Railroad Grade: No ?
Case: Various ?
Run ID: 828.10G19.18S545.183M36.H762.L298.11J306 ?
Data Research: 1896 Elgin Serial List
1904 Elgin Serial List
1915 Elgin Serial List
1927/1950 Elgin Serial List
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Database Version: v52.978 ?
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Registry Population: Scoped for This Run Only: 65 (0.65%) ?
$ Estimated Value (12 Month Change): +3.25% Analyzing 1,501 Sales ?
Research Note: #2021335: Observed with top plate marked "B.W. Raymond" and "Adjusted" with a Moseley Regulator. However, the engraving and other features do not match production-level Raymonds. As such, it appears to be a Grade 10 that has been engraved and equipped to look like a B.W. Raymond Grade.