The patent is for the laminated construction whereby the gripping parts of tempered steel are reinforced by tougher less brittle material. The thread cutters are a separate patent -- No. 828,859 (the drawings are nearly identical!!). The resulting tool with laminated construction is marked "PERPETUAL GRIP ALL PARTS RENEWABLE."
See also patent no. 816,570 for another Edmonds-Metzel alligator wrench design.