The first link of the chain is a movable jaw with teeth on the inner surface. When the chain is connected to the gripping hooks on the stationary head this movable jaw is held in contact with the work piece to minimize lost motion.
The wrench appears in ca. 1890s catalogs as the TRIMO CHAIN PIPE WRENCH.
Patent no. 674,399 presents an alternate "hook" for the free end of the chain.