Those are still popular, called control line, u-line, or u-control models. I even flew those after I got out of
the Army and before I started flying radio control planes. Actually you could stop turning around by flying
a series of loops and figure-8s or turn the other way by flying them upside down. Like any hobby,
some put little rocket engines and big gas engines to make them go really fast (up to 140mph)
or fly acrobatic routines in competition. Some even had a "trigger" on the control handle for a
third line for a throttle. Just punch something like "control line planes" into google or youtube
and you will see they are alive and well..........
You probably had a P-40 similar to the one in photo. They ran on the same fuel used for RC planes
today and had .049 "glow plug" engines. Most were made by Cox, Thimble-Drone, Testors, and a few
others. The problem with the type you had was the hard plastic body, one bad crash and it was ruined.
I actually had the one in the other photo, found that it would go faster without the outer wing and still
do loops.......
.