The Fine Things are Always Hand Made
Self powered speaker, meaning has its own power supply for the field coil. General shape reminds me of the speaker Scott used 1935-37. Could be a theater/auditorium speaker for more remote locations to avoid running high voltage long distances.
The 5 tap switch suggests could chose among programs or stations.
Probably used in theaters or auditoriums as David said. I had a couple of similar speakers. Almost threw them out until I realized the ones I had were made by Western Electric...the tears in the cone didn't matter to the audio people. They financed a few radios for me.