That suspension is pretty crappy. Better than none. My 97 mustang has 4 types of suspension, but newer cars have a fifth (independent suspension for each wheel).
The only one on the wagon is a steel spring. Getting a flexible steel is good on them though, as most metal misses would be too brittle or soft to use as spring steel.
Now, the types missing start with the tire. The rubber balloon absorbs a lot of tiny bumps while driving. The wagon just has metal wrapped around a wooden wheel. Durable at least, but not comfy.
Next, it lacks shocks or struts (keep forgetting the difference) which is like one of those pool toys that looks like a tube with a piston to such in and then shoot it water. They are a tiny bit different, but they stop the springs from bouncing up and down repeatedly.
For stability, vehicles have a sway bar, which is a simple bar (can twist a bit) that connects the left wheel's suspension to the right wheel's. What it does, is when a wheel on one side compresses (like turning or only one wheel hits a speed bump), it compresses the other side so that the vehicle doesn't tilt to one side as much.
The fifth one (which my mustang doesn't have, but could swap in from a cobra with the same body type) is independent axles for each wheel, but this is more for traction control which does effect the suspension.