I'm working on a Lady Elgin that is now cleaned, oiled and running, I'm happy to say, but it gains more than an hour a day. It has a very rapid heart beat!

Does it need to be de-magnetized most likely? I've checked it for all of the other things to check as per the Fried book, and everything else is in order.

I don't have a de-magnetizer yet, but am now thinking it's another one of the millions of tools I should have.

Answered my own question. I found a little compass and put it next to the watch, and sure enough it spun around towards the hairspring. Guess I need a demagnetizer.

Dale, I am not a watch expert but i think a small compass needle will respond to a number of steel objects.
Examine the hairspring very closely to be absolutely sure the coils aren't touching.
If you have hairspring cleaner use a hypodermic to put a drop carefully on the hairspring and gently blow on it to see if an unseen drop of oil is disrupting hairspring action.
Others more experienced than I may have better advice....GoodLuck........Keith

Dale, get a demagnetizer.