Carlton, the 1919 Spalding Baseball Guide gives a colorful description of the extent and importance of Industrial League Baseball and Industrial Athletic Associations at the dawn of the 1920s.
https://archive.org/stream/spaldings...e/293/mode/1up
While doubtful Wickwire Spencer had a team at the level of those mentioned in the guide, I would be certain they had some baseball team. Given the importance that athletics played, you can see why they would have such a lavish banner to show their pride.