Elgin Grade 478, Repaired?

The owner of this watch reported that it had been in another shop but come back with very poor time keeping.

I found no initial sign that the watch had even been disassembled. Gummy old oil was clearly visible in the pivots. On overhauling the watch, however, found that the mainspring was brand new. I think that's all that was done.

The owner reported that the watch was very fast. I found this to be true. But I found no sign that anyone had done anything about this. It's not like it was adjusted all the way slow, and was still fast due to some more difficult issue. Nothing had been done at all as far as I could see. Even the regulator was near the middle.

It was a fairly quick job to get it down to +/- 5 or 10 seconds per 24 hours using the meantime screws. The regulator will thus allow for fine adjustment.

The watch itself is a  grade 478, a 16 size high grade movement, 21 jewels, made about 1926. It's a B. W. Raymond model. In good condition, these are really nice watches to work on. Everything fits perfectly with no extra work, and timing is usually straight forward.