You might be able to email your photograph to the Wisconsin Historical Society for clarification. They may have someone on staff who could positively identify the equipment.
"Farmer Cuts Wood with Power Saw, 1928"
This image has some parts that are similar to your photo. Your photo could be missing the actual blades. Also, in case it hasn't been noted previously, although the photo was taken c1920, the actual machinery could be quite a bit older than the photo.
If your machinery is a saw, it could be an earlier version of the 1928 saw.
http://www.wisconsinhistory.org/whi/results.aspSearch for Circular Saw
Photos can be purchased from the Society, so be careful about sending the image if you don't care to share it.
