I guess it's exactly what it says it is. Used to test signal strength of Telegraphs. Towaco Electronics was out of New Jersey. This was the property of Friden Inc.
I've searched the internet high and low and can not find any information about this device. When I first plugged it in, the unit was working, but then, after a few minutes, it shut off. It might have blown the fuse in the back. I can't tell because I'm not familiar with the type of fuse it has.