I got this in a box lot at one of Donnelly's auctions this year.  I hadn't paid much attention to it until I started to clean up some of the tools in that particular lot.

It is marked Wald Mfg. Co., Sheboygan, Wis., Made in USA.  Upon first glance it looks like most of the other 'cycle wrenches of that era.  A little closer look and you will notice the bar on the outside of the adjusting nut.  Most all of the ones I've seen have an open nut, like the Mossbergs.  I have one other one where the nut is enclosed, but it is not marked.

Anyway this is my first Wisconsin wrench.  Forgot to mention it is 5 in. long.

Mike

New to me, and it is not listed in Cope.
There is an "auto wrench" in Schulz - #76, with that bar across the adjuster. No maker name.

Interestingly the company is still in business.  They started in 1905 in Sheboygan making a bicycle tire repair tool.  Before long they were also making bicycle baskets.  In 1924 they moved the business to Maysville, KY.  They are still in the bike accessories business there, although they have diversified into other areas.

There is no mention of wrenches, but it would seem logical that they would have sold these also.

Mike

There is also a  WALD bicycle spoke wrench in Dad's book  (Middle one in picture no. 110)
  The wrenches may have been made by another manufacturer for WALD; the  auto wrench in S#76 is Wakefield Wrench Co.  patent no. 1,435,548  (Nov. 14, 1922).  Some of that design are found marked INDIAN -- for INDIAN MOTOCYCLES.  The design was produced in several sizes.