After World War I Britain's railways presented their Government with a whopping $300,000,000 bill for rent and dam ages, which the Government paid under protest. This time the Government wanted nothing like that, and on Sept. 1 it simply took control of all railway transportation in the British Isles. Since then stockholders have waited anxiously to find out how much profit the Government would allow them.

But for the past three weeks speculators in the City have been gambling on "generous" terms. The value of railway stocks has risen by $400,000,000. Last week the stocks went even higher. Minister...

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