It closely resembles the 0-4-2T drawings that Linn Westcott made for Model Railroader way back, maybe before 1940. It was I think a Vulcan prototype but Westcott drew in the herald for the model railroad he was planning at the time and more than one manufacturer copied even that when they made their version of the locomotive.
Athearn's 0-4-2T in HO followed the drawings but the model was slightly larger than 1:87 so the motor would fit; a brass importer also had it in HO. It would not be surprising at all if this outfit made it in O scale as well.
Dave Nelson
Hi there. It sure looks like it, but I'm not a specialist in the area. You might have more luck on the forums that specialize in 2 rail O scale. A Google search should lead you to them.
Simon
Do you have any idea about this O-scale model? I think it's a 1948 GWML product. Visit my blog to see for more photos. http://o-colle.seesaa.net/article/489968425.html
page 33 of the Nov. 1966 issue of Railroad Model Craftsman magazine
page 366 of the May 1948 issue of Model Railroader magazine