Fob watch, face states 'American Waltham Watch Co.' and it is inscribed with:
Univ of Penna - Annual Relay Race 1898
Cornell, Lafayette, Columbia, LeHigh, State College.
Inside the rear door, it states Guaranteed 20 years, 14k Essex and a number - 699905
On the movement, it states 'AWWCo' Waltham, Mass and the watch serial number: 7511536. It's apparently a 7 jewel, size 16, 'No.20' movement (according to a website or two!)
There are some other small markings on the inside of the outer case that I can't make out fully, therefore I don't know their meaning.