The Elgin grade 70 pocket watch movement was produced between circa 1873 – 1896 in Elgin, Illinois. Approximately 74,500 movements were produced. Earlier models were 15 jewels, later the movements were produced with 17 jewels.
The grade 70 movement shown in the photo above was found in a B.W. Raymond model here.
Benjamin Wright Raymond was the former mayor of Chicago in the 1840s, but he was also a businessman. in 1964, he partnered with a group of entrepreneurs, including J.C. Adams from Waltham Watch Company and built Elgin National Watch Company in Elgin, Illinois. Four of the partners bought 35 acres of land and then donated it to the company where they built a facility which was completed in 1866. The new watch company convinced 7 Waltham watchmakers to resign from Waltham to start building Elgin watches. The first Elgin model was released in 1867 and was named after B.W. Raymond. Elgin produced watches until around 1968.