Abstract: An electronic telephone network suitable for use with a two-wire telephone line includes a low-output dynamic microphone coupled to a preamplifier. The output signal of the preamplifier is coupled through a first equalization network which is responsive to an equalization signal which is related to the DC line current to equalize the frequency and amplitude spectrum of the transmitted signal irrespective of the telephone line length or loss. The output of the equalization network is applied to a line-driver amplifier, and as a first input to an electronic signal separator or hybrid. The output of the line-driver is coupled to the two-wire line, and as a second input through the separator by way of an attenuator. The output of the separator is coupled to a receive amplifier by way of a second equalization network which is also responsive to the equalization signal to equalize the frequency spectrum of the receive signal as a function of line length.