I have a running Elgin, 16s with a serial # of B3377360. The letter "B" is not listed on the web site as pertaining to millions or anything else Elgin made. Mine is also an Adjusted watch and the books say nothing about adj. The B in the serial # is only on the front side and not on the back side.

Front

Hi Patrick,
The watch you pictured is a stem wind/set watch, not a lever set watch. When the watch is put back in a case, the protruding lever is pushed in flush to the edge of the watch and allows it to function to set and wind normally.
Mike

Thanks Mike. I wondered why the lever did not look to be broke off under magnification. Now that I look at it I can see how it works. But now you have my curiosity up as to what the purpose was behind the release mechanism.
Thanks,
Patrick

It's so you can wind the watch while out of the case without having to push down on the stem. If you don't have the mechanism, it would be in setting mode. It's for the watchmakers convenience, I'm pretty sure.
Mike

Thanks Mike...I sure like this club, it's friendly and very educational.
I've got the watch running and all reassembled now.
Patrick