Walco stands for Walworth Manufacturing Company.
The company was founded in 1855.
Their major claim to fame, was that Walworth was the original manufacturer of the Stillson Pipe wrench, which was patented in 1869.
The Stillson pipe wrench design is still manufactured, but was basically superseded as the “standard” pipe wrench design by the William O. Thewes and Ridgid (Ridge Tool Company) wrench patents and designs on 1925 and 1928, that have since become the defacto standard pipe wrench design.
If the Walco wrench you have sort of looks like a Ridgid pipe wrench, with the jaw mounted into a single piece handle with nut, it may be a design Walworth came up with after the Thewes/Ridgid patents, that worked slightly differently, but with the same sort of idea to the Thewes/Ridgid design.
It’s been a while since I looked thru the patents, so I’m not sure specifics.
An article on the history of the Walworth Manufacturing Company.
alloy-artifacts.org