capital stock of $150,000. In March, 1880, the first telephone exchange was opened in Janesville by the Janesville Telephone Company with sixteen subscribers ; the number of subscribers had grown to fifty-eight by January 1, 1881. This exchange became a part of the Bell telephone system, and the Wisconsin Telephone Company was granted a franchise by the city in 1892, and increased its equip- ment, having a large number of subscribers. In 1898 a movement was started for an independent telephone exchange, and the Rock County Telephone Company was given a franchise. This company took away most of the subscribers of the old Wisconsin Telephone Company, but owing to a reduction in the prices both companies have increased their patronage to a marvelous degree ; now both companies are running exchanges in the city with a large number of subscribers, the Rock County Company having about 1,500 and the Bell Company about 900. In 1880 the Chicago & Northwestern Railway Company built a line from Janesville