Rust is a bad sign of course, but on vintage watches it is usually not as bad as it looks. Except in extreme instances, rust does not harm the nickle plated brass or gold parts.
The movement cleaned up well. This is a grade 399, 5/0 size, 15 jewels, made about 1914. It's a Lady Raymond movement, which is a little unusual.
The stem was completely rusted into the sleeve. In fact in was tricky to get the sleeve out of the case. A drop of penetrating oil allowed me to separate the parts.
The stem I cleaned up in the lathe. The sleeve had to be replaced.
The movement had a loose cannon pinion, but ran quite well.
The watch works really well, especially for a wristwatch of this early time.
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