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From the American Horology Archive:
Elgin National Watch Co.

Grade: 581

Some Marked "21 Jewels" - All Contain 22 Jewels. Mixed Finish: Gold-Flashed and Standard Nickel

Manufacturer: Elgin ?
Manufacturer Location: Elgin, Illinois ?
Movement Serial Number: 41755331 ?
Grade: 581 ?
Variation: B.W. Raymond ?
Model: 15 ?
Estimated Production Year: 1943 ?
Run Quantity: 10,000 ?
Grade/Model Run: 8 of 9 ?
Grade/Model Total Production: 20,800 ?
Variant Est. Production: 14,000 (16S-M15-22J-G) ?
Size: 16s ?
Jewels: 22j Mixed Run ?
Movement Configuration: Openface ?
Movement Finish: Gold Flashed ?
Movement Signing Style: Mixed ?
Movement Inlay Color: Black ?
Movement Setting: Pendant ?
Plate: 3/4 Plate ?
Barrel: Going ?
Train: Quick ?
Regulator: Ball ?
Adjusted: Yes ?
Adjusted to Position: Yes ?
Adjusted # of Positions: 5 ?
Adjusted to Temperature: Yes ?
Adjusted to Isochronism: Yes ?
Railroad Grade: No ?
Movement Markings: B.W. Raymond Elgin Nat'l Watch Co. U.S.A. 21 Jewels Adjusted 5 Positions Temperature ?
Case: Various ?
Run ID: 15015.581G8.16S3833.1615M352.O6884.P11864.22J7 ?
Data Research: 1927/1950 Elgin Serial List ?
Database Version: v52.978 ?
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Registry Population: Scoped for This Run Only: 112 (1.12%) ?
$ Estimated Value (12 Month Change): +2.20% Analyzing 174 Sales ?
Research Note: #41754795 Verified to be Marked "21 Jewels" (Actually 22 Jewels) with standard nickel finish. #41754222: Reported with Standard Nickel Finish. #41759318 and #41758587: Verified as Marked "22 Jewels" with Nickel Finish. #41755383: Reported as Marked "21 Jewels" with Nickel Finish.