Correct! This is a Telephone.
Made by Western Electric for the American Bell Telephone Co., c. 1890, this wall-mounted Type 21 telephone featured call bells and a crank outside the box wall. Alexander Graham Bell was the first to patent the telephone in 1876. By 1878, 10,000 telephones were in use. Because he was first to patent the phone, Bell monopolized all technology and instruments until 1894. This telephone likely was made at the former Western Electric factory located at Clinton Avenue and Van Buren Street in Chicago.