| Inventory | Stock
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This summary of the 1889 rules is not intended to explain the rules in detail. It is
intended to serve as a reminder of the rules.
Etiquette
- The amount of cash held by players and the bank is public knowledge.
- The amount of cash held by public companies need not be disclosed.
- The amount of cash involved in transactions is public knowledge.
Stock Market Zones
- White - normal stock market spaces.
- Red - starting value spaces for public companies, which otherwise act as normal stock
market spaces.
- Yellow - does not count towards the certificate limit.
- Orange - as yellow, plus players may hold more than 60% of a public company.
Stock Market Movement
- When share certificates are sold, a stock market token moves down one row for each share
sold.
- At the end of the stock round, a company's stock market token goes up by one row if all
of its certificates are held by players.
- When a dividend is paid, a stock market token is moved one column to the right, or up
one row if at the right hand end of a row.
- When a dividend is retained, or there is no dividend to pay, a stock market price is
moved one column to the left, or down one row if at the left hand end of a row.
- Whenever a stock market marker moves to a different space on the stock market, it is
placed below any other markers that may be present.
Private Companies
- While a private company is in private hands, no company may lay a tile on the company's
home hexes (applies to the TR and ER).
- Private companies may be purchased by public companies from phase 3 at a price from half
to double the face value, but not the UTF is still owned by a player from phase 5.
- All private companies close at the start of phase five (triggered by the first 5-train).
However, if the UTF is still in player hands at this time, it remains open.
- In the Beginner
Game, home hexes are not blocked, private companies may not be purchased by public
companies, and all privates close at the start of phase 5.
Floatation and Holding Limits
- Public companies float when 50% of their shares have been purchased.
- Players may hold up to 60% of a public company, or up to 100% for companies in the
orange zone of the stock market.
- The bank pool may hold up to 50% of a public company's shares.
Game Phases
First Stock Round
- Private companies are sold/auctioned in sequence.
- On your turn, buy the next private company or place a bid on another private company.
- Bids must increase the price by a minimum of 5.
- If the first private company (the TR) is not sold after a turn round the table, its
price is reduced by 5. If this repeats and the price drops to zero, the first player must
take the private company at no cost as their stock turn.
- Once all private companies have been sold, all public companies are available for
purchase.
- Players may not sell share certificates in the first stock round.
- In the Beginner
Game, each player is given one private company and these are paid for at face value.
Stock Rounds
- Dealing order is sell then buy, or buy then sell.
Selling Share Certificates
- You may sell certificates from the start of the second stock round.
- The President's certificate may not be sold into the bank pool.
- Certificates are sold at the current stock market price.
- When stock is sold the share price drops by one row for each certificate sold.
Buying Share Certificates
- You may buy one certificate in a stock round turn.
- You may not buy certificates of a company that you have sold in the current stock round.
- Certificates bought from the initial offering are priced at the par value.
- Certificates bought from the bank pool are priced at the current stock market price.
Starting a Company
- A company is started when the President's certificate is bought.
- The President sets the par value for the company to one of the starting value spaces on
the stock market.
Floating a Company
- A company is floated when 50% of its shares have been purchased.
- The company receives ten times the par value as its initial treasury.
- The home station is not placed at this time.
Company Presidency
- If a player loses control of a company, the Presidency passes to the largest
stockholder. In the event of a tie, this will be the eligible player nearest to the
outgoing President, clockwise round the table.
- The President's certificate is exchanged for two 10% certificates from the new
President.
End of a Stock Round
- A stock round ends when all players consecutively pass the option or buy or sell.
- The priority goes to the player after the one who last bought or sold.
- At the end of the stock round, a company's stock price goes up by one row if all of its
certificates are held by players.
Operating Rounds
- The first time a company operates, its first action is to place its home station token.
- Private companies may be purchased by public companies at any time during the operating
round from phase 3 at a price from half to double the face value, but not the UTF is still
owned by a player from phase 5.
- Private companies may not be sold by public companies.
Operating Order
- Private companies pay dividends to their owners.
- The highest priced public company operates first, followed by others in descending order
of the current stock price.
- If companies have the same price but are in different stock market spaces, the company
furthest to the right operates first.
- If companies occupy the same stock market space, the company with the token on top
operates first.
Laying and Promoting Tiles
- A company may lay one tile on the map or promote one existing tile, or may choose to do
neither.
- A company may be able to lay two tiles through the special abilities of private
companies (applies to the MF and ER).
- If there is no tile in its home hex, it must lay a suitable city tile there as its tile
laying action.
- In order to lay a tile on the map, some of the track on the tile must be reachable from
one of the company's station tokens by a train with unlimited range.
- In order to promote an existing track tile, some of the newly-created track must be
reachable from one of the laying company's station tokens by a train with unlimited range.
- In order to promote an existing station tile, the station must be reachable from one of
the laying company's station tokens by a train with unlimited range.
Station Tokens
- In order to place an additional station token, the target city must be reachable from
one of the company's existing station tokens by a train with unlimited range without
passing through a city fully occupied by rival station tokens.
- A company may only place one additional station token in an operating round.
- The cost to place station tokens is as shown on the company charters (0 - 40 - 40).
Routes and Running Trains
- Each train runs on its own route and cannot share any track with another train's route.
- A route must include at least one station token belonging to the company.
- A route may run to but not through a city fully occupied by rival station tokens.
- A company should generate the maximum possible revenue.
Dividends
- A company may pay its dividends in full, or retain them for the company.
- If paid in full, the stock market price is moved one column to the right, or up one row
if at the right hand end of a row.
- If retained, or there is no dividend to pay, the stock market price is moved one column
to the left, or down one row if at the left hand end of a row.
- The company will gain income from shares in the bank pool when dividends are paid out.
Buying Trains
- A public company must buy a train if it does not own one but does have a valid route
with at least two stations.
- A company may buy multiple trains in a single round if it has the funds and capacity to
do so.
- When the first 6-train has been purchased, the D-trains become available.
- A company may not buy a train if it already owns as many trains as allowed by the
current train limit.
- A company may buy:
- the next new train from the bank at face value, or
- any train from the bank pool at face value, or
- any train from another company for an agreed price of at least 1.
- When a company is forced to buy a train and has insufficient funds to do so, it must
raise sufficient funds to buy:
- the cheapest available train from the bank or bank pool at face value.
- Trains may not be sold to the bank.
Game End
- The game ends when the bank runs out of cash, or when a player becomes bankrupt.
- If the game runs out of cash during an operating round, the game ends when the current
set of operating rounds is complete.
- If the bank runs out of cash during a stock round, the game ends when the next set of
operating rounds is complete.
- If the game ends due to a bankruptcy, the game ends immediately.
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© Keith Thomasson October 14th 2020 |