Early SW's had Dallee Electronics with two dip switches bottom of the fuel tank.
Switch #1 down off, allows forward/neutral/reverse operation, up on, allows neutral/forward/neutral reverse.
Switch #2 is the reverse unit lock-out and enables the unit to operate in one direction only. Setting the switch, up on, de-activates the reversing unit.
The horn is activated using your whistle horn button on your transformer. There is discussion of the Lionel Sound Activation Button #10-5906-001 Bell similar but a bit more complicated.
Volume control is via a small screw driver down through the front smoke stack. Poor sound at best. I could never get this one to operate other than forward.