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In 1899 the L&SWR decided on a total rebuilding. Legal powers were granted that year, and extensive groundwork and slum clearance were carried out until 1904, when construction on the terminus proper began. The new station was opened in stages, the first five new platforms opening in 1910. Construction continued sporadically throughout the First World War, and the new station finally opened in 1922 with 21 platforms and a concourse nearly 800 feet (250&nbsp;m) long. The new station included a large stained glass window depicting the L&SWR's company crest over the main road entrance, surrounded by a frieze listing the counties served by the railway (the latter survives today). These features were retained in the design despite the fact that by the time the station opened the 1921 Railway Act had been passed which spelt the end of the L&SWR as an independent concern.<ref name="Marsden 1981 2,3" /> The main pedestrian entrance, the Victory Arch (known as Exit 5), is a memorial to company staff who were killed during the two world wars. Damage to the station in World War II required considerable repair but entailed no significant changes of layout.
 
In 1899 the L&SWR decided on a total rebuilding. Legal powers were granted that year, and extensive groundwork and slum clearance were carried out until 1904, when construction on the terminus proper began. The new station was opened in stages, the first five new platforms opening in 1910. Construction continued sporadically throughout the First World War, and the new station finally opened in 1922 with 21 platforms and a concourse nearly 800 feet (250&nbsp;m) long. The new station included a large stained glass window depicting the L&SWR's company crest over the main road entrance, surrounded by a frieze listing the counties served by the railway (the latter survives today). These features were retained in the design despite the fact that by the time the station opened the 1921 Railway Act had been passed which spelt the end of the L&SWR as an independent concern.<ref name="Marsden 1981 2,3" /> The main pedestrian entrance, the Victory Arch (known as Exit 5), is a memorial to company staff who were killed during the two world wars. Damage to the station in World War II required considerable repair but entailed no significant changes of layout.
   
A past curiosity of Waterloo was that a spur led to the adjoining dedicated station of the London Necropolis Company, from which funeral trains, at one time daily, ran to Brookwood Cemetery bearing coffins at 2/6 each. This station was destroyed during World War II.<ref>[http://www.historyplace.com/specials/clarke.htm HistoryPlace.com]</ref>
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A past curiosity of Waterloo was that a spur led to the adjoining dedicated station of the London Necropolis Company, from which funeral trains, at one time daily, ran to Brookwood Cemetery bearing coffins at 2/6 each. This station was destroyed during World War II.<ref>[http://www.historyplace.com/specials/clarke.htm HistoryPlace.com]{{dead link|date=May 2010}}</ref>
   
 
Ownership of Waterloo underwent a succession, broadly typical of many British stations. Under the 1923 Grouping it passed to the Southern Railway (SR), then in the 1948 nationalisation to British Railways. Following the privatisation of Br[[privatisation of British Rail|itish Rail]], ownership and management passed to [[Railtrack]] in April 1994 and finally in 2002 to [[Network Rail]].
 
Ownership of Waterloo underwent a succession, broadly typical of many British stations. Under the 1923 Grouping it passed to the Southern Railway (SR), then in the 1948 nationalisation to British Railways. Following the privatisation of Br[[privatisation of British Rail|itish Rail]], ownership and management passed to [[Railtrack]] in April 1994 and finally in 2002 to [[Network Rail]].
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