Step 1: Recall the normal-adjustment relations.
For an astronomical telescope in normal adjustment, the tube length equals the sum of the focal lengths, $L = f_o + f_e$, and the magnification is $m = \dfrac{f_o}{f_e}$.
Step 2: Write the two given conditions.
The length gives $f_o + f_e = 135\,cm$, and the difference gives $f_o - f_e = 125\,cm$ (objective is the larger).
Step 3: Solve for the objective focal length.
Adding the two equations, $2f_o = 260$, so $f_o = 130\,cm$.
Step 4: Solve for the eyepiece focal length.
Subtracting, $2f_e = 135 - 125 = 10$, so $f_e = 5\,cm$.
Step 5: Compute the magnification.
$m = \dfrac{f_o}{f_e} = \dfrac{130}{5} = 26$.
Step 6: Conclude.
The magnifying power of the telescope is $26$, which is option (3).
\[ \boxed{m = 26} \]