Carl, you're right in the fact that it's old, but that's just a fused lightning protector. If you have the cover for it, I'd leave it open to let everything dry out, check/clean the connections and make sure the cable jackets terminate inside the base of the enclosure. If necessary, you might need to re-position the protector so that everything reaches. Check both of the red fuses for continuity and if both pass, you're good. If not, just bypass the bad one(s) with a piece of wire. They really aren't doing anything. If it's just a simple contact closure circuit, there should be no reference to ground. Even if the pairs got wet, I don't think that will affect the circuit like it would with a voice circuit. As others have stated, just do a continuity test on the underground pairs and I think you'll find them to be acceptable. Put the cover back on and secure it.

Ed Vaughn, MBSWWYPBX