This is essentially the same game as the later and much more popular game Loopin' Louie. However, it appears that this game pre-dates Loopin' Louie by almost 25 years!
The front of the box proclaims, "Up and down and around the old plane goes. Where she hits nobody knows."
The game was manufactured by Marx Games which appears to be a division of Marx Toys as the two companies used a similar font in their logos.
The game uses thick horizontal discs instead of thinner vertically placed discs used in Loopin' Louie. The discs appear to be very similar to the game pieces for the more popular game Trivial Pursuit with the interior of these discs divided into four sections instead of six.