Early History
The company was first incorporated in August 1864 as the National Watch Company, in Chicago, Illinois. The founders of the original company were Philo Carpenter, Howard Z. Culver, then-Chicago mayor, Benjamin W. Raymond, George M. Wheeler, Thomas S. Dickerson, Edward H. Williams and W. Robbins. In September of the same year the founders visited the Waltham Watch Company in Waltham, Massachusetts, and successfully convinced seven of Waltham's makers to come to work for their new company.
The growing young city of Elgin, Illinois, some 30 miles to the northwest of Chicago, was chosen as the factory site. Initially, as part of the deal, the city was asked to donate 35 acres (142,000 m²) of land for construction of the factory. A derelict farm was selected for this, however the owners refused to sell the property unless the city purchased their entire 71 acres for $3,550 (roughly $50,000 in 2010). Four Elgin businessmen agreed to purchase the property and then donated the required 35 acres to the new watch company. The company was re-organized in April 1865 and the factory was completed in 1866. The first movement, delivered in 1867, was named the B.W. Raymond in honor of Benjamin W. Raymond. The watch was an 18 size, full plate design. The company officially changed its name to the Elgin National Watch Company in 1874, as the Elgin name had come into common usage for their watches.
Read more about this topic: Elgin National Watch Company
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