They look like cast iron toy horses. they would have been attached at different spots depending on the mechanism that was used with them...Here's a sample. If you back out on the page itself you'll see many different examples. From your pics, it looks like there's still some faint color on them....https://www.google.com/search?q=ant...BAgFEAE&biw=983&bih=707#imgrc=QgbhbSDnKQ-rgM:
Looks like a saddle had been painted on. As far as that small hole in the top, that could have been for the rider, who might have had a small peg on his underside in order to be attached to the horse. Possible toy calvary set ? I spent several hours looking at images and find nothing that is a perfect match yet.
It does look like something was attached to the bottom, it could have been a stand or like vpnavy said, a carousel. I was going by the statement that the bottom had no hole, but it definitely had something inserted. I'd say good call vpnavy.