The Wilson Novelty Company produced these simple yet entertaining wooden walking ramp toys from the mid-1930s until 1949 in a small garage factory in Watsonville, PA. They were a cheaper alternative toy for poorer families during the Depression, and their production gave work to women, high school students, and others during World War II. 
 
Stand the clown at the top of a slight ramp incline and watch him magically waddle down to the bottom!
 
Measures about 4.5" tall.
 
More info on its history can be found here.