This is an Elgin Grade 571 B.W. Raymond. The 571 was introduced after WWII, and was Elgin's final railroad grade introduced. Throughout the 1950s, the 571 competed directly with the 992B and Waltham Vanguard-all of which were priced just around $71. Many of the same improvements present in the 992B were also present in the 571. Namely, the watch uses a monometallic solid balance and white alloy hairspring, similar to Hamilton's Elinvar Extra hairspring and Invar balance. Also, the mainspring is "unbreakable" white alloy and the jewels are set with friction.
This watch has a Montgomery dial and is fitted with dual time zone hour hands. I don't think these are original, but I think this looks interesting on the watch.
As a forewarning to any prospective purchasers, the stem detent and set lever are known problems on this watch. I would not want to buy a 571 without buying it in person and confirming for myself that everything worked correctly.
I cleaned and oiled this one today, and so far it's running great.
