I agree, it does look more like a "W", (and, moreover, I think it is oriented on the tool for it be read like a "W"), and it is possible that an OEM could've bungled the Williams logo. (How long would that have lasted though?) I don't think the serifs rule Williams out. I do think the serifs, along with no 'U.S.A.' marking (as you already noted), and no previous record of this tool as a Williams tool in this era (I think it would be 30's or 40's) put the heavy onus on finding other substantiating evidence, though. It's an interesting case. And it would be an interesting case even without any logo, because a ratcheting spinner is unusual to begin with. I have one somewhere. Later than this, though. I don't think it had a wooden handle. I'll try to find it.