This has lots of love here- in both the builder and rider! I could find no information on this, nor have I seen a similar one. It appears to be completely scratch built. It may have been a kit to assemble, or it may have been made from plans in a magazine (a popular thing to do in the 1950's). It was built in an era of workshop ingenuity- a dying art.
This locomotive is a good size toy, at 30 inches long and about 12 pounds. A small kid would sit on the roof, push with their feet, and steer with the handle. All wheels spin freely and the steering works. All mechanisms are wood on wood, so there are no metal bearings or bushings. It's built like folk art, but usable as a toy in it's day. Has the right amount of wear to look rustic, but not beat up. See pictures for details on condition, etc.