Logan 2537 with 2 speed motor question

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My 1964 12" 2537-2vh has a 2 speed motor. Ive not seen one with a 2 speed motor before, Is this factory? Motor is 3ph, 220, 1.5hp 1740 and 860 rpm. It has what appears to be factory installed with matching switch on cabinet.
20171017_190257[1].jpg20171017_190300[1].jpg

I have the knob that matches the forward/reverse knob.

Just wondering about this, as I cant even find it mentioned in the catalog or paperwork I have. How does this affect the speed drive?
 
RPM in the slower speed will be one-half of that in the faster speed.
 
Yes. Slowest possible speed will be one-half what it would be with the single speed motor.
 
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