For that era, that was a very efficient use of the two materials to their best advantage. The steel tie rod or bottom chord in tension and the wooden top chords in compression and for bearing and simple attachment of framing from above. The turnbuckle in the bottom rod allowed for some adjustment for loading and deflection. Given the state of the art of Structural Engineering at the time, those people had a fairly good handle on designing simple trusses like this. Note that the bottom tie rod goes up btwn. the two top chord members and probably attaches (in bearing, thru a corner bracket) at the upper corners of the top chord members right over the beam bearing points; and that the queen posts would be in compression and also go up btwn. the top chord members, as a spacer, with a bearing seat for the top chord members (again, basically a bearing connection). Then with a few through bolts at these connection points the entire member was held together with little shear loading on the bolts or wood. You might look at this design concept much like we now look at a harped tendon in a prestressed beam. The top chord or compression block takes the compression, while the bottom chord, prestressing tendon takes the tension; and at the harping points (the queen posts) the upward loading counteracts the moment diagram of the downward gravity loads on the beam. Superimposing these shear and moment diagrams is part of the design process.