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The label list it as 125 Volt, 48 amps.
How they would use that in a telephone system I don't know.

Ah, now I look again I see "30A 125V" on one of the operating handles.

If this was ever used in a telephone exchange, it would most likely have been for distributing 120V power for lights and other general usage.

The relays and solenoids used to drive Strowger switches were run from the exchange's 48V central battery system (or sometimes lower voltages in very old systems).