ELECTRO RAY GUN - ECON PRODUCTS - USA
Hard plastic space gun with a small forward pointing top fin. Red plastic with yellow trigger and blue nozzle. It also comes in a yellow version and blue version, both with a red trigger. ELECTRO molded into the side in a futuristic font. Saturn image on the handle. 5.5" Battery powered noise and flashlight action. The gun was certainly available in 1956. See also the version with a built-in compass.
This same design was used for the English Bell Toy Cosmic Ray Gun.