A great photo, Wayne, almost the exact set I received for Christmas around 1960 or so. The only difference was the locomotive in the set I received was made of formed sheet-metal, but it had the same tin UP tender, SAL gondola, and UP caboose. It came with a simple circle of two-rail track. Looking back, it's hard to believe Marx was still making, and that there was a U. S. market for, mechanical/clockwork sets.
A couple years later I received a Flyer Mountaineer set (1956) which The Old Man bought second-hand from the local
Joe The Motorist's Friend store. I still have that one, or at least most of it (the transformer and the 977 action-caboose somehow disappeared over the years). S-gauge, it came with an oval of two-rail track. Here's a head-spinning video of the same set a guy posted a few years ago:
https://www.youtube.com/watch?v=rlI5tdyAUqoThe Old Man was rather disappointed in the set, as he was a die-hard in the metal-is-better-than-plastic debate, and the 283 loco and tender both featured plastic shells. Considering the beating it took, Gilbert's plastic held up pretty well. Here's a shot of my 65 year-old 283:

Last time I had it on the track it ran well, although the smoke had diminished to just a wisp. Repacking a Flyer smoke element is a bit fiddly, but I've done it at least once on a 290. Might have to add the 283 to the project pile.
Healey