W. M. Welch Scientific Company Flywheel Apparatus
The main wheel is flywheel with the mass of the axle noted as 4136 GM. The flywheel has a little notch machined into it. Additionally, there is a thing off to the side which seems to be for holding another object near the flywheel (the rectangular bit with the screws pointing in towards the middle). Finally, there is a spring-loaded arm which when released presses against the flywheel and slows it down. Not a lot of information found about this object but it might have been used for classroom teaching.