You just brought back memories!. At about age 11 or 12, I "inherited" an old "Silvertone" reel to reel recorder from my dad.
I saved all my allowance and the money I earned by mopping Wiener's Mens Wear (honest...that was the name) every Monday after school and bought myself a "better" microphone for all of $10 or $12. It came with exactly that kind of mic stand--you slid the mic through the hole and it propped itself up with the "stand" on the table at the front end and rested on the cable at the other.
I made many recordings with that set up--and taught myself editing with a razor blade and sticky tape. Ah, those were the days!