Now this is interesting...
It's a Electric Organ which is claimed to be from the 1930s.
I find that date a bit odd myself, as I've never come across an electric toy from that far back. Maybe things were different in the USA though.
Update: I've now been informed that Magnus didn't start until 1944, and they weren't known as Magnus Organ Corp. until about 1950. They went out of business in 1977 so this organ must be from between 1950 and 1977 - I'd guess 1950s, but it could be 1960s.