Photo taken by Steve Conro in October 2011
That's some nice additional information about the decoration on the bridge. I don't recall hearing the clock hands story before. This bridge has some history that's not visible until one digs around a bit.
Recently, most analog clocks on display have been set at 10:10, but for many years, clocks were displayed with the time showing 8:18. A very popular misconception for decades held that all display clocks were set to 8:18 to commemorate the death of President Abraham Lincoln.
Actually, Lincoln was shot at 10:13 in the evening and died the next morning at about 7:20. So much for that wives' tale. (I first heard it from my grandmother when I was about 8 years old, she was backed up by several relatives who agreed with her. Sorry, Grandma, but 'tain't so!)
Today, the time is often set on display clocks to 10:10, not because of the time that Lincoln was shot, but because the hands form a "V" that frames the clock (or watch) maker's logo on the face.
In the days when the 8:18 time was displayed, it was determined to be the most symmetrical position for the two hands on the face of the clock. The hands are equidistant from the 12 and with about 3/4 of the face visible above the hands, there's more room for advertising copy.
This is a most interesting, and unusual, bridge decoration and honors Elgin Watch Co. Even though is is cast in concrete, it's correct twice a day!
Also, check out the time on the Elgin watch pictured here:
Also check out the street names--Watch street, et al.
Confirmation of the Elgin factory location here:
Just a guess but the Elgin Watch Company had their headquarters there until the late '60s. The satellite view shows their famous observatory where they kept the master clock for regulating their actions. The factory may be gone but I suspect the shopping mall called Times Square at the east end of the bridge may have been the location.