Toy Actors Strut Stage in “Mystery” Theater (Apr, 1940)
That is a distinctly chunky Olive Oyl.
Checking some online auction sites there are apparently three of these sets in existence that go from collection to collection.
The figures are known as ramp walkers (or incline walkers). (Charlie’s Loyal Minions)
Toy Actors Strut Stage in “Mystery” Theater
In a “mystery” toy theater, comic figures made of wood walk either forward or backward across the stage, without the benefit | of winding or mechanism of any kind. The actors also perform as well outside the theater, on any inclined board, for the secret of their ability is that they move by gravity. Standing five and a half inches high, they are modeled and hand-painted to represent familiar comic-strip characters.