Tilting the lighter causes the normal flame to heat the "jet" pipe. The jet pipe is a tube going down into the cotton material that holds the fluid and the pipe has a wick part way in it. When the pipe is heated the fuel is vaporized and "jets" out the end of the pipe and is ignited by the regular flame. Mid-1940s through 1961.
Similar lighters produced by Champ Jet Stream (1950), Lord Chesterfield Jet (1955), MasterCraft Spit Fire (1955), and Rogers Rocket Flame (1958)