What an interesting contraption. It appears to use 4' long tubes of mercury that are lifted close to the axle in the vertical position and then align with their cross arm at the top for the trip down. Looks pretty balanced to me.
I ran an in depth patent application search for Wolfe, Charles, J 1920-1926 and came up empty handed.
Lots of aspects of this devise are intriguing, like that single half sprocket (center right) and what appear to be right-angle latch-release actuators on each arm. I wonder about that octagonal shaft coming up through the floor in the center. Power source?
The inventor has a nice suit but his shop is a rat-hole with leaking roof and plaster falling off the wall.
What amazes me most is the lengths that people have gone to in the past to achieve continuous over-balance and this was his eighth machine.
Seems like it would have been easier to go back to that fair and hand everyone on the ferris wheel a tube of mercury and yell instructions at them.