Newton Aero Circus, 1931

It uses the basic principles of weight, momentum, and gravity to produce a unique repetitive motion; all without the use of a clockwork mechanism.

It was designed to carefully counter-balance the weight between a heavy cast iron zeppelin and two lighter monoplanes. Raising the zep to a precise height and then releasing it, causes the two planes to rise, revolve, and automatically self-reverse. To accomplish this it uses all of its original parts including a specific length of cotton cord.

The base of the toy is also cast iron. It's painted dark green with a yellow directional arrow in the center. The toy name, manufacturer name and address surrounded by fancy scrollwork were printed on one corner of the base with gold paint. The zeppelin was painted silver with a black pilot cabin and a red circle at the top.

The aeroplanes have a wooden fuselage, stiff pressboard wings, silver painted cast iron engine, aluminum propeller, and pressed steel landing gear with chrome plated metal wheels.

The rods which make it all work are made of painted pressed steel with chrome plated metal pulleys.

It seems to me the yellow posts stack to give the red or blue beams a high point to balance on so the planes can balance on that central pivot point to spin like they are flying

https://www.grandoldtoys.com/toydb_Detail.php?id=23

https://www.worthpoint.com/worthopedia/vintage-1931-newton-aero-circus-1736319468