Back about 1970 I built a pair of big cabinets to house a pair of full range whizzer cone 12 inch speakers made by Federated (I think Chicago). They had accordion cloth surrounds and magnet housings VERY, VERY similar to the ones in your photo. They were efficient, with clean music from my little Sherwood 7100A.
I haven't seen speakers with that name since. Wish I still had them, they were wonderful. I suppose if I had them today and A/B'd them against my Altec Valencias, there's be no comparison, but I still remember Whole Lotta Love sounding really great the night of the release of Led Zeppelin II. Of course, back then our listening was "enhanced," too. I was 21.