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I love and specialize in these. I have about 10 in parts and 7 complete and two more just needing reassembling. Yours is a nice example-

A few extra notes:
-These were used to range ordinances and do navigational timing in planes.
-The old timers who worked on them during the war call the balance a "jitter-bug balance".
-They made a brass movement model with black gears for the Navy
-In some instances the movement is marked for Army or Navy.
-Waltham produced these as well but their sub hand moved constantly instead of the ticking off motion the elgin uses. Also pressing the stop and start button actually stopped the balance and not just the hands.
-They also made a civilian model with a white face and red hands with leftover stock from the war. They simply placed in a full size balance and marked the dial off for 60 seconds.
-There are lots of military materials still out there showing all the parts and a repair manual.
-You can still find these in old military stock at some of the older bases in their original boxes as well as parts.
-If you ever clean one do not oil anything under the dial. It relies on friction to turn the hand.