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" If one were to try [using power from phone line], would
phone company had a way of finding out?"
Most assuredly. They aren't in the business of supplying power, and they
ARE in the business of finding faults in their lines. Any substantial
power drain from their lines WILL be detected. If it's large, the
phone switch will conclude that you've dropped the phone in the bathtub
or something like that, and will disconnect your line (and will check
periodically to see if the drain has gone away and you can be reconnected).
If it's small, the switch will report it to the service people as a possible
line problem, to be investigated before it causes a complete failure...
and if they investigate and find that you're to blame, they will probably
send you a bill for time and trouble. The current you can draw without
eventually having it noticed is very small.