18xx Games 18xx Rules Difference List
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Introduction

The 18xx Rules Difference List exists as a reference to the differences in the rules of 18xx railway games and associated games. It is useful to people who are already familiar with at least one such game, and are learning to play another. This is version 3-368. It was last modified on November 15th 2020. The list is maintained by Keith Thomasson. Mail me if you have any comments or concerns about the list.

Recent changes

Contents

• Games included in this list
• Glossary
• 1 - First Share Dealing Round
• 2 - Subsequent Share Dealing Rounds
• 3 - Company Flotation
• 4 - Operations
• 5 - Tile Lays
• 6 - Station Markers
• 7 - Trains Run
• 8 - Payment of Earnings
• 9 - Purchasing Trains
• 10 - Private Companies
• 11 - Directorship/Presidency of a Share Company
• 12 - Game Phases
• 13 - End of Game
• 14 - Secrecy
• 15 - Inventories
• 16 - Miscellaneous
• Rubric and credits

Games

The following games are covered by the rules difference list.

1761 England
1800 Denver and Colorado
1812 Northeast England
1817 Northeast USA
1822 Great Britain
1822+ Expansion for 1822 - consider all 1822 rulings as relevant for 1822+. The only entry for 1822+ itself is in section 16 - Miscellaneous.
1822CA Canada
1822MRS (Medium Regional Scenario) England - entries exist for sections 1.1 (starting cash), 2.5 (certificate limits) and 15.2 (trains) - use 1822 entries for all other aspects
1824 Austria-Hungary - DoubleO Games version (2005)
1824 v2 Austria-Hungary - Fox in the Box version (2019)
1825 Unit 1, South Eastern England, Unit 2, The Midlands and Unit 3, Scotland and Northumbria
1826 France
1827Jr USA - Beta version
1829 Southern England; Northern England/Scotland. (Two games with the same rules)
1829 Mainline England
1830 v1 Northeastern USA - Avalon Hill version (1986)
1830 v2 Northeastern USA - Mayfair Games/Lookout Games version (2011) - entries cover the base game, excluding variants and the 1830+ scenarios - see entries for v1 or v3 for the classic game
1830 v3 Northeastern USA - Lookout Games version (2018)
** Note that any entry that just says 1830 applies to all three versions
1830 Cardgame
1830BC Mesopotamia
1830Lummerland Lummerland is an island from the novel for children 'Jim Knopf and Lukas the engine driver' by Michael Ende
1830NL Netherlands
1831 Eastern USA
1832 The South (USA)
1834 Belgium and Luxembourg
1835 Germany
1837 Austria-Hungary
1837SX Saxony
1838 Rheinland
1841 Northern Italy (originally issued as 1839)
1842 Hamburg/Schleswig-Holstein
1844 Switzerland
1846 American Midwest.
1847 Pfalz area of Germany (I {KT} have two versions of 1847, both claiming to be version 10.1 - but the rules are not identical. One copy refers to the basic game and extension A. The other refers to the basic game and the expert game, and also variants 5 and 6, for different player counts. Entries are from this version, which was the most recent purchase.)
1847AE Pfalz area of Germany - 25th anniversary edition
1848 Australia
1849 Sicily (originally issued as 1850) - Releases 1, 3.0 and 4.16
1850 The Midwest
1851 Tennessee & Kentucky
1853 and 1853 v2 India
1854 Austrian Republic
1856 Ontario
1857 Argentina
1858 The Railways of Iberia
1859 South Africa
1860 Isle of Wight
1861 Russia
1862 North America - Helmut Ohley's version
1862: Railways of the Eastern Counties (1862EA) East Anglia - LMN+B version (2013)
1862 v2: Railways of the Eastern Counties (1862EA v2) East Anglia - GMT Games version (2019)
1865 Sardinia Sardinia
1867 Canada
1868 Uruguay
1869 The Golden Spike Western USA (Information taken from a Beta Test Draft copy, April 1996)
1869 USA West Western USA
1870 Mississippi Valley
1873 Harz mountains in Germany
1876 v2 Trinidad - unrelated to the earlier 1876 titles other than both being designed by Peter Jacobi
1876-30 Trinidad - Xris Lawson version (1996)
1876-30 v2 Trinidad - Marflow Games version (2019)
1876-35 Trinidad - Xris Lawson version (1996)
1876-35 v2 Trinidad - Marflow Games version (2019)
1879 US Pacific Northwest
1880 China
1881 Berlin
1883 Northern Italy
1889 Japan
1891 Hiroshima
1893 Cologne
1895 Namibia
1898 France
1899 Northern China and Korea
18?? Fictional 1870 variant
18Africa Africa
18AL Alabama
18Ardennes Ardennes
18BL Bergisches Land
18C2C USA coast to coast
18Chesapeake Chesapeake Bay
18CLE Cleveland
18CZ Czechoslovakia
18Dixie The Deep South
18EC USA East Coast
18EU Europe
18EZ Railroading simplified
18FL Florida
18GA Georgia
18GA v2 Georgia - version 2 is the version included with 18Dixie
18GB Great Britain
18GL Great Lakes
18GM The 18xx GameMaster - a kit for building your own 18xx game - entries on this list are for The Aurora Limited, the 18GM standard rules
18Hexx A flexible component system to allow playing many types of games - offers play in 1830 style, 1870 style, 1856 style, but basically play to whatever rule set you prefer - because of this, there are no entries on this list because there are no standard rules
18IN Indiana
18Ireland Ireland
18JP-T Japan-Tokyo
18Kaas The Netherlands
18Lilliput Gulliver's Travels
18Mex Mexico
18MS Mississippi (entries are based on the version of 18MS included with 18Dixie)
18MW The US Midwest
18Neb Nebraska
18NK Nagaokakyo City
18NL Netherlands
18NW North Western USA
18NY New York State
18NYC New York City
18OE Orient Express
18PA Mid-Atlantic USA
18Rhl Rhineland
18Ruhr The Ruhr
18SA South America
18Scan Scandinavia
18SS Fictional
18SY Southern Yamaguchi - has two sets of rules, Generalisation and Original. If the entry says 18SY, it covers both rule sets, otherwise entries will appear as 18SY-G or 18SY-O.
18TN Tennessee
18US USA
18USA USA
18VA Virginia
18West Western USA
2038 Asteroid Belt
Crisis Abstract city underground (originally called 18DT)
Poseidon Ancient Greece - 1800 BC
Railroad Barons The 18xx card game
Rolling Stock A card game inspired by 18xx
Steam Over Holland The Netherlands

To be added:

1817 v2 Northeast USA
1822 v2 Great Britain
1822MX Mexico
1836Jr The Low Countries
1840 Vienna Tramways
1849 v3 Sicily
1861/1867 Russia/Canada
1882 Assiniboia
1883EO Express d'Orient
1886 Nagoya
18GJ Grand Junction
18Ireland v2 Ireland
18LA Los Angeles
18MEX v2 Mexico
18MS v2 Mississippi
18NewEngland New England
18OL Oldenburg
18TraXX 2020 The Great Plains
18West v2 Western USA
Rolling Stock Stars An updated version of the card game inspired by 18xx

Glossary

block

A group or tranche of shares, sold simultaneously.

city

One of the blob-shaped, or multiple-blob-shaped, places on the map, where station-markers can be. Cf. 'village'.

clarification

Statement contradicting or obfuscating an earlier statement.

crow without a passport

moves as a crow flies, i.e. as straight as possible without regard to existing track, mountains, etc.; but not leaving the country, i.e. the set of hexes potentially available for track-laying.

destinate

To achieve one's destiny. See next.

destiny

An incentive assigned to a company, to encourage it to build in a specific direction, as in 1853, 1856, 1870 and 18AL.

double-heading

Operating a pair of trains of the same size as if they were a single longer train.

ledge

A feature of the stock market in 1870.

left

References to the 'next player to the left' assume that the game is being played clockwise.

NA

Abbreviation for 'Not Applicable'.

OBH

Abbreviation for 'Off-Board Hex'. These are areas near the edge of the board, usually red and rarely hexagonal, at which routes may start or finish.

OR

Abbreviation for 'Operating Round'.

rust

The process which causes small trains to disappear when certain larger ones are bought.

SR

Abbreviation for 'Share-dealing Round' or 'Stock Round'.

village

One of the blip-shaped places on the map, with no room for a station-marker. Cf. 'city'.

wounded

A 'wounded' train may operate once more, and then dies. It may not be transferred between companies.

Section 1 - First Share Dealing Round

1.1 - How much cash do players start with?

1.2 - Does the price of a private company drop by 5 for no sale in the first round?

1761, 1822, 1822CA, 1824, 1824 v2, 1830 v2, 1835, 1837SX, 1838 Rheinland, 1847, 1847AE, 1848, 1858, 1880, 18Africa, 18CZ, 18Dixie, 18MS, 18NYC, 18PA, 18Ruhr, 18Scan, 2038, Poseidon, Railroad Barons No.
1800, 1827Jr, 1829, 1830 v1, 1830 v3, 1830BC, 1830Lummerland, 1832, 1834, 1844, 1849v4, 1850, 1854, 1856, 1859, 1862, 1868, 1869 The Golden Spike, 1870, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1883, 1891, 1895, 1899, 18AL, 18BL, 18Chesapeake, 18CLE, 18EC, 18EZ Level 3, 18GA, 18GA v2, 18GM, 18Ireland, 18JP-T, 18Kaas, 18Mex, 18NK, 18NY, 18Rhl Rhineland, 18SS, 18SY, 18TN Yes, first private only.
1812 No. If none of the initial set of Private Companies are put up for auction, a new random set of Private Companies are chosen and the game starts again.
1817, 18USA No. If no private companies are purchased they are all removed from the game.
1825 No. One private per player dealt at random and sold compulsorily. With more than 4 players, the others get LNWR shares.
1826, 18NW No. First player must buy the first private if round passes out.
1829 Mainline Not applicable - initial share holdings are dealt, not sold.
1830 Cardgame, 1831, 1841, 1849v1&3, 1853, 1853 v2, 1862EA, 1862EA v2, 1865 Sardinia, 1879, 1881, 1898, 18Ardennes, 18EU, 18EZ Levels 1 and 2, 18Lilliput, 18West, Crisis, Rolling Stock Not applicable.
1830NL Yes, but the second company, not the first, which pays no dividend.
1837 10 subtracted.
1842 Not stated.
1846 No. Players draw from a mixed deck of private companies and dummy cards, choosing which items to keep. The last drawn private company may be passed round the table, reducing in price by $10  each time it is passed on, until it is either bought, or taken at no cost.
1851 No. One private per player is dealt at random and sold compulsorily.
1859 No. If all players pass, the player putting the private up for auction receives it for free.
1860 No. All auctions start at zero.
1861, 1867 Yes, for all private companies. Any private company price may drop to zero as a result of this.
1869 USA West No. The price for all unsold privates drops by 10 if a stock round ends with one or more privates unsold. In the second stock round, if nobody buys the first private, the first player must buy it for 1.
1873 Not applicable. But after the initial auction, a Dutch auction commences with 10 subtracted whenever all players pass.
1889 Yes, Takamatsu ER(A) only. Must buy if 0 Yen.
1893 No, but any starting package certificates unsold after the first round are offered for sale in the next SR. If nobody wants the offered certificate, its price is reduced by 10 until the offered price is 50% (rounded up) of the initial price. If nobody wants it at that price, the player offering it has to buy it, or if they do not have enough cash, the player to their right. This procedure is repeated for the remaining starting package certificates.
18?? No. Any set of private companies not bid on when all players pass is removed from the game.
18C2C Yes, but after an operating round. May apply to the Great River Shipping Company and/or the Schuykill Valley Railroad.
18FL, 18US No. Privates are bought at face value, following a bidding process to determine the order in which players make their purchases. 18US has Concessions instead of Privates.
18GB No. If any privates are not sold when all players pass, those with bids a re sold and the unsold privates are redcued in price by 10.
18GL No. If all players pass without buying the first private, the player with the priority must buy it for its face value.
18IN No. If all players pass without buying the first private, the player with the priority must buy it for 25 (face value 30). Furthermore, if all players subsequently pass and at least one private has been bid on, the face value of all privates without bids is reduced by 10. This can occur multiple times. If any private's face value become zero, the player with the priority gains that item for nothing.
18MW No. There are in effect seven simultaneous auctions for the privates.
18Neb No. If all palyers pass consecutively during the first stock round, the face value for any items without bids is reduced by 10. This may happen more than once.
18NL Yes, for the first two privates only.
18OE Yes. If all players pass before the entire opening packet has been sold, all items on the topmost row are reduced by 5.
18SA No. If all players pass before all private companies are sold, the unsold private companies are removed from the game.
18VA No. A series of auction is undertaken. Any private that has not been bid on at the end of each auction is reduced in price by 10.
Steam Over Holland No. A number of privates equal to the number of players are selected at random and auctioned in sequence. If nobody bids the private is removed from the game.

1.3 - Can you sell company shares in the first round?

1812, 1817, 1822, 1822CA, 1824, 1824 v2, 1826, 1837SX, 1841, 1849, 1851, 1861, 1865 Sardinia, 1867, 1898, 18FL, 18GL, 18IN, 18Neb, 18NW, 18NYC, 18PA, 18VA, Steam Over Holland No: a company's shares may only be sold once it has operated.
1830BC, 1831, 1846, 18CLE, 18Lilliput, Crisis, Poseidon, Railroad Barons Yes.
1846, 2038 Only its President may do so.
1853, 1853 v2 No; except for the shares you received with your initial bid, which may be sold for Ł5 less than you paid for them.
1860, 18GB Yes, for half the current market price.
1862EA, 1862EA v2 Yes, but only those shares obtained during the two Parliamentary rounds that precede the first share dealing round.
18EU, 18EZ Level 1 Not applicable.
18Ireland No. Note that this applies to the first regular stock round of the game, which takes place after the initial stock round.
18NK No, and may not sell in the second stock round either (unless playing with the Early Sell variant). Further, a company's shares may onle be sold once it has operated.
18OE No. Shares in a regional company may never be sold; other shares may not be sold during Train Phase 1.
18West Only for the UP.
Rolling Stock No. Public companies do not exist in the first round.
Rest No.

1.4 - Can you make advance bids?

1761, 1812, 1824, 1824 v2, 1825, 1829, 1830Lummerland, 1835, 1837, 1837SX, 1838 Rheinland, 1844, 1842, 1847, 1847AE, 1848, 1851, 1857, 1858, 1860, 1861, 1867, 1873, 1876-35, 1876-35 v2, 1895, 18Africa, 18Ardennes, 18Dixie, 18EU, 18MS, 18Ruhr, 18West (v2.3 retuned), Poseidon, Railroad Barons, Rolling Stock, Steam Over Holland No.
1800, 1827Jr, 1830, 1830BC, 1830NL, 1832, 1834, 1849v4, 1850, 1854, 1856, 1859, 1862, 1868, 1870, 1876 v2, 1876-30, 1876-30 v2, 1889, 1891, 1899, 18AL, 18C2C, 18CLE, 18EC, 18EZ Level 3, 18GA, 18GA v2, 18JP-T, 18Kaas, 18Mex, 18NK, 18NL, 18Rhl Rhineland, 18SS, 18SY, 18TN Yes, at 5 or more over face value and over any other bid.
1817 Yes. The bid plus the available seed money from the bank must be at face value or a multiple of 5 over it or any previous bid.
1822, 1822CA, 18IN   Yes, at face value of the item or a multiple of 5 over any other bid.
1826, 1869 USA West, 1880, 18BL, 18Chesapeake, 18GL, 18Ireland, 18NW, 18NY, 18PA, 18VA Yes, at a multiple of 5 over par and over any other bid.
1829 Mainline, 1830 Cardgame, 1831, 1846, 1853, 1853 v2, 1862EA, 1862EA v2, 1865 Sardinia, 1879, 1881, 1893, 18CZ (Standard game and Bohemia Variant), 18EZ Levels 1 and 2, 18Lilliput, 18US, 18West (v1.0), Crisis Not applicable.
1841, 1898 Initial sale is by tender.
1849v1&3 Yes, at 5 over any other bid, for the initial concessions.
1869 The Golden Spike, 1883, 18GM, 18SA Yes, at 5 over par or the current highest bid.
18CZ (Moravia-Silesia Variant), 18MW Yes, the first on a private must be at par, others must be at least 5 over any other bid.
18FL No. Privates are bought at face value, following a bidding process to determine the order in which players make their purchases.
18GB Yes, at a multiple of 5 over par and over any other bid. These are not strictly 'advance' bids as all privates are auctioned simultaneously.
18Neb Yes, the first may be at par, later bids must be at a multiple of 5 over the last bid.
18NYC The first auction for privates is a silent auction, using sealed bids. Any privates remaining after this auction are offered for auction one at a time. If any of these fail to sell, then an operating round takes place, after which the players return to another auction until all privates have been sold.
18OE Yes, at face value of the item or at least 5 over any other bid.
18Scan No, but bids are made in multiples of 5 for the right to make the next purchase.
18??, 18USA Yes. The bid must be at face value or a multiple of 5 over it or any previous bid.
2038 Yes, at or over par and 5 or more over any other bid.

Section 2 - Subsequent Share Dealing Rounds

2.1 - Is there a specific order to buying and selling on your turn?

1761, 1812, 1817, 1822, 1822CA, 1824, 1824 v2, 1826, 1827 Jr., 1831, 1841, 1842, 1844, 1846, 1847, 1847AE, 1848, 1849, 1851, 1854, 1858, 1860, 1861, 1862, 1862EA, 1862EA v2, 1865 Sardinia, 1867, 1869 USA West, 1873, 1876-35 v2, 1880, 1893, 1895, 1898, 18Ardennes, 18BL, 18Chesapeake, 18CZ, 18EU, 18FL, 18GB, 18GL, 18IN, 18Ireland, 18Lilliput, 18Neb, 18NW, 18NYC, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18SA, 18Scan, 18SS, 18US, 18USA, 18VA, 18West, 2038, Railroad Barons, Steam Over Holland Sell then buy.
1800 No.
1825, 1829, 1830 v2, 1830 v3, 1830BC, 1835, 1838 Rheinland, 1853, 1853 v2, 1876-30, 1876-35, 1881, 18MW, Poseidon No (i.e. sell-buy-sell).
1829 Mainline Shares can be sold at the beginning of a stock ROUND (not each turn). Shares may then be purchased from a number of sources.
1830 v1 Sell then buy, or buy then sell. But the author's intention was to allow sell-buy-sell, and many people, also the computer version, allow this.
1830 Cardgame Not applicable. Shares may not be sold at any time.
1830Lummerland, 1830NL, 1832, 1834, 1837SX, 1850, 1856, 1857, 1859, 1868, 1869 The Golden Spike, 1870, 1876-30 v2, 1879, 1883, 1889, 1891, 1899, 18??, 18AL, 18C2C, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GM, 18JP-T, 18Kaas, 18Mex, 18MS, 18NK, 18NL, 18NY, 18SY, 18TN Sell then buy, or buy then sell.
1837 Paul Work's translation of the German rules reads '.. a player may buy one certificate and may sell as many shares as desired. Either or both actions may be carried out in any order.' Interpretations of this differ. Stuart Dagger's translation reads '.. They may buy or sell during their turn in whichever order they please.'
1876 v2 Sell then buy, or buy then sell but no "panic selling".
18Africa Sell in the first stock turn only, then buy in that and subsequent turns.
18CLE No. A player may carry out the sell, buy, or Corporation Starting steps in any order, but may not perform the same step twice in a single stock round turn.
18EZ Level 1 Not applicable (no share dealing).
Crisis No (i.e. sell-buy-sell). Moreover, a company may not both buy and sell shares in the same company in the same round.
Rolling Stock Sell or buy.

2.2 - Are you limited to buying one certificate on your turn?

1827Jr, 1841, 1849, 1873, 1898 Yes; except that when launching a company you may buy up to 40% at once.
1829 Mainline, 18Africa, Poseidon No.
1830, 1830NL, 1832, 1850, 1868, 1870, 1879, 1899, 18??, 18C2C, 18MW, 18NL Yes, unless in brown zone of market. In the case of shares in the brown zone, multiple shares may be purchased from the bank pool as a single purchase.
1831 Yes, with Government Intervention. Without GI, yes until 4 trains are bought, then 2 certificates until 7 trains, then 4 certificates.
1858 Yes. Starting a company or putting up a private for auction also count as a 'buy action'.
18CLE No. By carrying out a Corporation Starting step and then a buy step, a player may buy 2 certificates in one stock turn.
18EZ Level 1 Not Applicable (no share dealing).
Crisis Yes, unless the grey zone of market applies. This restriction does not apply to forced purchases. 'Fast floating' is an alternative.
Rolling Stock Yes; except that when launching a company you will always acquire 50% of the new company.
Steam Over Holland Yes, unless starting a company, when you must buy a number of shares equal to the current phase number as one purchase.
Rest Yes.

2.3 - When can you first sell shares in a company?

1761, 1812, 1817, 1822, 1822CA, 1824, 1824 v2, 1826, 1827 Jr., 1837, 1837SX, 1838 Rheinland, 1841, 1847, 1847AE, 1849, 1851, 1853, 1853 v2, 1858, 1861, 1865 Sardinia, 1867, 1876-35, 1876-35 v2, 1893, 1895, 1898, 18Ardennes, 18BL, 18Dixie, 18EU, 18FL, 18GL, 18Neb, 18NW, 18NYC, 18Rhl Rhineland, 18Ruhr, 18Scan, 18US, 18USA, 18VA, Steam Over Holland After it has operated.
1800, 1825, 1829, 1829 Mainline, 1830, 1830BC, 1830Lummerland, 1830NL, 1832, 1834, 1848, 1850, 1856, 1857, 1859, 1862, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1876 v2,   1876-30, 1876-30 v2, 1879, 1880, 1881, 1883, 1889, 1891, 1899, 18??, 18Africa, 18AL, 18C2C, 18Chesapeake, 18CZ, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GM, 18JP-T, 18Kaas, 18Mex, 18MS, 18MW, 18NL, 18PA, 18SA, 18SS, 18SY, 18TN, Crisis From the second stock round onwards.
1830 Cardgame Not applicable. Shares may not be sold at any time.
1831, 18CLE, 18Lilliput, Poseidon, Railroad Barons, Rolling Stock As soon as you like.
1841, 1849 You may not voluntarily sell them until it has operated. You may be forced to sell them earlier in an emergency money-raising step.
1835 After it has operated; except that you may sell Prussian shares once they have floated.
1844 In the second SR. But if it has not yet operated, you receive the price it is at after moving down.
1846, 2038 For the President, as soon as you like. For other shareholders, after it has operated.
1854 As soon as the Director's certificate has been bought (but not in the first SR).
1856 As soon as you like; but you may not sell a share in the same share turn in which you bought it, though you may sell other identical ones. (The rules say 'certificate', but author Bill Dixon explains that 'share' is meant.)
1860, 18GB As soon as you like, but shares in companies with no trains are sold at half the current market price.
1862EA, 1862EA v2 In any Stock round, but you may only sell shares you owned prior to that round.
1873 From the second stock round onwards, but if it has not yet operated, you receive the next lower share price (despite not actually lowering the share price in that situation).
18EZ Level 1 Not Applicable (no share dealing).
18IN After the start of phase 4. Before this, may only own privates and minor companies, neither of which can be sold.
18Ireland From the second regular stock round onwards. Note that the initial stock round is followed by the first regular stock round.
18NK From the third stock round onwards (or second if playing with the Early Sell variant), and also after it has operated.
18NY After it has operated; except that you may sell NYC shares may be sold the stock round after it is formed even if it has not operated.
18OE After Train Phase 1. Shares of regional companies may never be sold.
18West After it has operated, but the UP is considered to have operated prior to the start of the game and may be sold in the first stock round.

2.4 - Does the bank pool have a per-company share limit?

1761, 1800, 1817, 1825, 1829, 1829 Mainline, 1830BC, 1853, 1853 v2, 1854, 1860, 1862EA, 1862EA v2, 1869 USA West, 1873, 1881, 18AFrica, 18GB, 18SA, 18USA, Poseidon, Rolling Stock No.
1812, 1822, 1822CA, 1826, 1827 Jr., 1830, 1830Lummerland, 1832, 1834, 1837, 1844, 1842, 1847AE, 1848, 1850, 1851, 1856, 1857, 1858, 1859, 1861, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1870, 1876-30, 1876-30 v2, 1876-35 v2, 1879, 1883, 1889, 1895, 1899, 18??, 18AL, 18Ardennes, 18BL, 18C2C, 18Chesapeake, 18CLE, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GM, 18IN, 18Ireland, 18JP-T, 18Kaas, 18Mex, 18MS, 18MW, 18Neb, 18NK, 18NL, 18NW, 18NYC, 18Rhl Rhineland, 18Ruhr, 18SS, 18SY, 18TN, 2038, Steam Over Holland 50%.
1824, 1824 v2 50%, but note that there is no separate bank pool. After shares are sold to the bank they are treated the same as new shares.
1830 Cardgame, 1880, 1893, 18CZ, 18Lilliput, 18PA No. There is no bank pool.
1831 5 certificates.
1835, 1838 Rheinland, 1847, 1876-35 50% - but bear in mind that the rules indicate this is checked before selling shares, after which you may sell as many shares as you wish in one block. This can result in more than 50% of the shares in the pool.
1837SX, Railroad Barons 60%.
1841, 1849, 1898, 18Scan 50%. But more can get there as the result of an emergency money-raising step.
1846 50%, or more due to a bankruptcy. A President that owns just the President's certificate can sell 'half' of this to the bank, exchanging certificates with the incoming President.
1862 5 certificates (so 50% or 25%), or more due to a bankruptcy.
1876 v2 5 certificates, or more by 'panic selling'.
1891 50%, except that if more than 20 JNR shares are issued, more than 50% of the JNR can be in the bank pool.
18EZ Level 1 Not Applicable (no share dealing).
18GL 50%, or more due to bankruptcy or the formation of CONRAIL.
18NY 50%. If a company is selling shares, 50% or the number of shares held by players, whichever is lower.
18OE 50%. Can be temporarily exceeded during the formation of a national company.
18US No, but the President's certificate may never enter the bank pool.
18VA 50%. Can be exceeded when companies convert to ten-share companies.
18West No, but the Presidents's certificate may never go back into the bank pool once purchased.
Crisis 50% for type I companies, 60% for type II companies. Applies to bank sales only.

[The bankruptcy rules for 1826, 1835, 1837 and 18EU (and probably 1842 and 1847, though it's less clear there) allow more than 50% of a company to end up in the pool if someone goes bankrupt. In 1835, 1837, 1842 and 1847 it is essentially impossible to go bankrupt without a deliberate effort.]

2.5 - What are the player certificate limits?

Comments key:
§§ - Shares in the yellow and other colored zones do not count towards the limit.
## - Shares in the yellow and darker zones do not count towards this; shares in the cream zone count half (rounded down) towards the limit.

2.6 - What are the player certificate limits for shares in one company?

1761, 1826, 1827 Jr., 1830Lummerland, 1830NL, 1834, 1837SX, 1846, 1849, 1851, 1857, 1859, 1861, 1867, 1868, 1876 v2, 1876-30, 1876-35, 1879, 1881, 1883, 1889, 1893, 1899, 18AL, 18Chesapeake, 18CLE, 18EC, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GL, 18IN, 18JP-T, 18Kaas, 18Mex, 18NL, 18NW, 18NYC, 18SA, 18Scan, 18SY-G, 18TN, 18VA, 2038, Steam Over Holland 60%.
1800, 18MS 70%.
1812, 1822, 1822CA Normally 60%. This can be exceeded, up to 100%, due to Minor Companies taken over by Public Companies.
1817, 18USA 100% for 2-share companies, 60% for 5-share and 10-share companies.
1824 Normally 60%. This can be exceeded, up to 100%, due to exchanges with Mountain Railways or Coal Railways.
1824 v2 Normally 60%. This can be exceeded, up to 100%, due to exchanges with Mountain Railways or Coal Railways. For the Cisleithania 2-player variant, shares bought from the bank pool may exceed the 60% limit.
1825, 1829, 1829 Mainline, 1830 Cardgame, 1830BC, 1835, 1838 Rheinland, 1847, 1847AE, 1860, 1862EA, 1862EA v2, 1869 USA West, 1873, 1880, 1895, 18Africa, 18C2C, 18Rhl Rhineland, 18Ruhr, 18SS, 18SY-O, Poseidon, Railroad Barons, Rolling Stock None.
1830 5 certificates. Shares in the orange and brown zones do not count towards this. Note that if you play the Reading variant you may hold 70% of the Reading.
1831 None, unless Government intervention is in play, then 70%.
1832, 1850, 1870, 18??, 18GM, 18MW 60%; may be exceeded by 'price protection'. Shares in orange and brown zones do not count towards this.
1837, 18EU 60%. This may be exceeded by minor company exchange but the excess must then be sold at the next opportunity.
1841, 1898 60%. This applies to the total number of shares under each player's control. It may be exceeded by transfers of control but the excess must then be sold at the next opportunity.
1842 60%. Shares in the marked zone of the stock market do not count towards this.
1844 None. But once the player has more than 50% of a company, he may not buy its shares from the initial offering.
1848 In a 3-player game, 70%. In a 4-, 5- or 6-player game, 60%.
1853, 1853 v2 3 or 4 players, 60%; 5 players, 50%; 6 players, 40%. Shares worth 40 or less do not count towards this.
1854 5 certificates.
1856, 1891 60%. Shares in the brown zone do not count towards this.
1858 Normally 60%, but can be exceeded in the Final Exchange Round, with no requirement to sell back down.
1862 70% if there are 3 or 4 solvent players, and 60% if there are 5 or more solvent players. Thus if a company redeems half its shares one player may be able to own all that is left of it.
1865 Sardinia Players, 60%, Dragons (foreign investors) 50%.
1869 The Golden Spike 60%, including the option of one share purchased on a 50% margin. Additional growth shares may be purchased from the bank pool, but dividends go to the company treasury rather than the owning player.
1876-30 v2, 1876-35 v2 60% but 70% for the 2 player variant.
18Ardennes 60% when bought from the initial offering. This can rise to 100% for purchases from the bank pool and Minor Company exchanges.
18BL 60%, or 70% if a payer already owns 60% and buys a further share from the initial offering.
18CZ Standard game: 60% of a medium or large company, 75% of a small company. Bohemia and Moravia-Silesia Variants: 70% of a large company.
18Dixie 60% excluding preferred shares. It is possible to hold up to 80% of some companies (90% of the L&N) by owning all preferred shares in addition to the regular allowance.
18EZ Level 1 Not Applicable (no share dealing).
18GB 60% when bought from the initial offering. Purchases from the bank pool or for shares in the orange zone do not count towards this. When ten-share companies are formed, five shares will be in the bank pool and so will not count towards this limit.
18Ireland 60% for 5-share companies, 70% for 10-share companies.
18Lilliput 80%, which is all the shares available an any company.
18Neb 60%. As an optional rule in the two-player game only, players may allow up to 70% ownership in each ten-share company.
18NK 60%; may be exceeded by 'price protection'.
18NY 60%. This may be exceeded when buying shares from the bank pool.
18OE None, but for major and national companies, a player who owns 60% may only gain more by merging a minor or buying from the bank pool at twice the current share value.
18PA 60%, raised by one certificate for each local company acquired by a public company. It is possible for this variable limit to be exceeded during the conversion and acquisition steps of an OR. If this happens the player must sell certificates at the start of the next SR to comply with the current limit.
18US For 4-share and 5-share companies, up to 3 shares, for 10-share companies, up to 5 shares, for systems, all 10 shares.
18West 60%; may be exceeded by 'acquisition'.
Crisis 50% for type I companies, 60% for type II companies. Shares in the blue and grey zones do not count towards this.

2.7 - Does the stock price drop when stock is sold?

1761, 1812, 1858, 1861, 1867, 18Ruhr, Poseidon, Railroad Barons Yes, 1 row per block of shares sold, but only if they are sold by the company Director/President.
1800, 1824, 1824 v2, 1835, 1838 Rheinland, 1844, 1847, 1847AE, 1848, 1862, 1876-35, 1876-35 v2, 1881, 1893, 1895, 18Rhl Rhineland, 2038 Yes, 1 row per block.
1817, 1825, 1829, 1829 Mainline, 1853, 1853 v2, 18Africa, 18SS, 18USA No.
1822, 1826, 1830, 1830Lummerland, 1830NL, 1834, 1837SX, 1841, 1849, 1851, 1857, 1859, 1868, 1869 USA West, 1876 v2, 1876-30, 1876-30 v2, 1879, 1880, 1883, 1889, 1898, 1899, 18AL, 18BL, 18Chesapeake, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GL, 18GM, 18IN, 18Ireland, 18JP-T, 18Kaas, 18Mex, 18MS, 18MW, 18Neb, 18NL, 18NW, 18NY, 18OE, 18PA, 18Scan, 18SY, 18TN, 18VA, Crisis Yes, 1 row per share.
1822CA Yes, 1 column per share if sold by the Director, or 1 column per block if sold by any other player.
1827 Jr. Complex. See table in rule 3.3.2, or http://www.fwtwr.com/18xx/rules_difference_list/1827_junior.htm.
1830 Cardgame Not applicable. Shares may not be sold at any time.
1830BC Yes, 1 place per share, maximum 3 per block (1 in red zone).
1831 No for preferred stock, complex for common stock.
1832, 1850, 1870, 18?? Yes, 1 row per share, but if this means it would end up one row below the ledge, then it stops above the ledge. Share prices do not change until after a player's stock turn and any ensuing 'price protection'.
1837 Yes, 1 row (down and to the left) per block.
1842 Yes, 1 row for a sale of 10% or 20%; 2 rows for a sale of 30% or more.
1846, 18US, 18West Yes, 1 column per block of shares sold, but only when sold by the company President.
1854 Yes, 1 row (down and to the left) per certificate.
1856 Yes, 1 row per complete 10% sold; e.g. selling 25% drops the price two rows. The CGR's price cannot change for any reason until it owns a permanent train.
1860 Yes, if the company has operated.The price moves down once for each share sold, zig-zagging between the top and bottom levels. However, when shares are worth less than 40 or more than 150, the first share sold has no effect on the share price, i.e. the price moves down one less space than normal. Once the 8+4 train is bought, sales do not reduce share prices.
1862EA, 1862EA v2 Yes, 1 space per share sold. However, if the share price is above 200 or below 40, and the seller is not the company Director, ignore the first certificate sold. If the price is above 400, ignore the first 2 shares sold. The share price does not fall if the company has not floated, or after the sale of the first H train.
1865 Sardinia Yes, 1 row per share sold, but only if they are sold by the company President or a Dragon (foreign investor).
1869 The Golden Spike Yes, 1 row per share from the player's hand, but 1 row per block of grworth shares.
1873 Yes, 1 row per share,m but only if it has already operated.
1891 Yes, 1 row per complete 10% sold; e.g. selling 25% drops the price two rows. The JNR's price cannot change for any reason until it owns a permanent train.
18Ardennes Yes, 1 row per share sold, but only if they are sold by the company President.
18C2C Yes, 1 row per share; but if this would take it to just below ledge, then 1 less.
18CLE Yes, 1 row per share, but if the token is immediately above the ledge, the number of spaces dropped is reduced by 1.
18CZ Yes, the price moves down once no matter how many shares are sold, zig-zagging between the top and bottom levels.
18EZ Level 1 Not Applicable (no share dealing).
18FL Yes, 1 column to the left per block.
18GB Yes, one space per share sold, except that in the grey phase sales by non-directors do not affect the price.
18Lilliput Yes, down one value for each share sold.
18NK Yes, one row per complete 20% sold.
18NYC 1 row per 10% sold for Lines, 1 row per block for the NYCTA.
18SA Yes. In the yellow zone, 1 row per 5% sold, in other areas of the stock market, 1 row per 10% sold.
Rolling Stock Yes, at least 1 place per share, possibly more by leapfrogging. You may only sell one share at a time, and you get paid the lowered share price.
Steam Over Holland Yes, 1 row per share, but if sold by someone other than the president, can not drop below a ledge. If sold by a company during an OR, it drops 1 row less than the number of shares sold.

2.8 - Does the stock price go up at the end of the share dealing round for a fully-held corporation?

1761, 1812, 1825, 1829, 1829 Mainline, 1830 Cardgame, 1830BC, 1853, 1853 v2, 1858, 1860, 1862EA, 1862EA v2, 1865 Sardinia, 1873, 18Africa, 18FL, 18GB, 18Ruhr, 18US, 18West, Poseidon, Railroad Barons, Steam Over Holland No.
1800, 1822 (second edition), 1822CA, 1824, 1824 v2, 1830, 1830Lummerland, 1830NL, 1831, 1834, 1835, 1837SX, 1838 Rheinland, 1842, 1846, 1847, 1847AE, 1848, 1851, 1854, 1856, 1857, 1859, 1862, 1867, 1868, 1869 USA West, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1880, 1881, 1883, 1889, 1891, 1893, 1895, 1899, 18AL, 18BL, 18Chesapeake, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GL, 18IN, 18Ireland, 18JP-T, 18Kaas, 18Mex, 18MS, 18NL, 18NYC, 18OE, 18PA, 18Rhl Rhineland, 18Scan, 18SS, 18SY, 18TN, 18VA, 2038 Yes.
1817, 18USA Yes, for 5-share and 10-share companies.
1822 (first edition), 1832, 1850, 1861, 1869 The Golden Spike, 1870, 18??, 18GM, 18MW, 18Neb, 18NK, 18NY Yes; and if already at the top, goes diagonally down and right.
1826, 18NW Yes, for 10-share companies only.
1827 Jr. No. But see table in rule 3.3.2, or http://www.fwtwr.com/18xx/rules_difference_list/1827_junior.htm.
1837 Yes: up and (left if someone holds 50% or more, else right).
1841, 1849, 1898 Yes. And if stock in bank pool, goes down.
1844 Yes. And if stock in bank pool, goes to the left.
18Ardennes No. However, if the company has one or more shares in the pool, the price goes down.
18C2C Yes; and if already at the top, goes diagonally down and right. If in the $500 space it is moved to the $250 space on the top row and is worth double the market value at the end of the game.
18CLE Yes; and if already at the top, goes to the right.
18CZ Yes, the price moves up once, zig-zagging between the top and bottom levels.
18EZ Level 1 Not Applicable (no share dealing).
18Lilliput No. No separate share dealing rounds.
18SA Yes. In the yellow or grey zones, 1 space up, and diagonally down and right if at the top. In the green zone, 1 space up, and diagonally down and 2 spaces right if at the top.
Crisis Yes, when certain other conditions apply.
Rolling Stock No, but the share price goes up when a share is bought.

2.9 - Can you buy a certificate and immediately sell a certificate in the same company?

1761, 1812, 1817, 1822, 1822CA, 1824, 1824 v2, 1826, 1827 Jr., 1829 Mainline, 1831, 1841, 1842, 1844, 1846, 1847, 1847AE, 1848, 1849, 1851, 1854, 1858, 1860, 1861, 1862, 1862EA, 1862EA v2, 1865 Sardinia, 1867, 1869 USA West, 1873, 1876-35 v2, 1880, 1893, 1895, 1898, 18Africa, 18Ardennes, 18BL, 18Chesapeake, 18CZ, 18EU, 18FL, 18GB, 18GL, 18IN, 18Ireland, 18Lilliput, 18Neb, 18NW, 18NYC, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18SA, 18Scan, 18SS, 18US, 18USA, 18VA, 18West, 2038, Railroad Barons, Steam Over Holland No. All selling precedes all buying.
1800, 1830, 1830BC, 1830Lummerland, 1830NL, 1832, 1834, 1835, 1837, 1837SX, 1850, 1857, 1859, 1868, 1870, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1879, 1881, 1883, 1889, 1899, 18??, 18AL, 18C2C, 18CLE, 18Dixie, 18EC, 18GA, 18GA v2, 18JP-T, 18Kaas, 18Mex, 18MS, 18MW, 18NK, 18NL, 18NY, 18SY, 18TN, Poseidon Yes.
1825, 1829, 1838 Rheinland, 1853, 1853 v2 No.
1830 Cardgame Not applicable. Shares may not be sold at any time.
1856, 1869 The Golden Spike, 1891, 18GM Yes, but you can't sell the particular certificate that you just bought.
18EZ Level 1 Not Applicable (no share dealing).
18EZ Levels 2 and 3 No. You may not sell shares that you bought in the same stock round.
Crisis Players may, companies may not.
Rolling Stock No. You either buy or sell.

2.10 - Can companies buy shares?

1761 Privates and minor companies in ORs, once a 3 train has been sold, for 1 to face value.
1800, 18GL, 18Ireland Their own, in ORs. They can also sell, but cannot buy and sell in the same turn.
1812, 1861, 1867 Privates, in ORs, once a 3 train has been sold, and their own from the bank pool, by 'redemption', in ORs.
1817, 18USA Their own, in SRs, when the president chooses to act on behalf of the company instead of for himself.
1822 Yes. From phases 2, 3 or 5 (depending on which private company is under consideration), major and minor companies may take private companies from a consenting player. Not all private companies may be taken by minor companies. No compensation is paid to the player. Major companies may also acquire minor companies, and may issue stock from their treasury to the bank pool.
1822CA Yes. From phases 1, 2, 3 or 5 (depending on which private company is under consideration), major and minor companies may take private companies from a consenting player. Not all private companies may be taken by minor companies. No compensation is paid to the player. Major companies may also acquire minor companies, and may issue stock from their treasury to the bank pool.
1824, 1824 v2, 1825, 1827 Jr., 1829, 1829 Mainline, 1830 Cardgame, 1835, 1837, 1847 Basic Game, 1853, 1853 v2, 1854, 1860, 1869 USA West, 1873, 1876-35, 1876-35 v2, 1879, 1880, 1893, 1895, 18Ardennes, 18BL, 18Dixie, 18EC, 18EZ Level 2, 18FL, 18GB, 18Lilliput, 18Neb, 18Rhl Rhineland, 18Scan, 18SY-O, 18VA, Poseido, Rolling Stock No.
1826, 18EU Their own, in ORs.
1830, 1830BC, 1830Lummerland, 1830NL, 1834, 1838 Rheinland, 1844, 1848, 1856, 1857, 1859, 1868, 1876 v2, 1876-30, 1876-30 v2, 1883, 1889, 1891, 1899, 18AL, 18Chesapeake, 18CLE, 18EZ Level 3, 18GA, 18GA v2, 18GM, 18JP-T, 18Kaas, 18Mex, 18MS, 18NK, 18NL, 18SS, 18SY-G Privates, in ORs, once a 3 train has been sold.
1831 Yes, in SRs, limit of 25% of own common stock. May buy up to limit immediately after any share is sold into bank pool.
1832 Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold. The West Virginia Coal Fields can be bought in phase two for half to full face value. The London Investment Company, the Central Rail Road and Canal Company and the Southern Bank (if in play) may not be bought by companies.
1837SX Yes, one of their own from the bank pool, which is then placed in the initial offering. They may alternatively sell one of their own shares from the initial offering to the bank pool.
1841 Yes, up to five certificates, but not their own; in ORs.
1842 Only in the HAV.
1846 Their own; in ORs. Privates, in ORs, in Phases I and II.
1847 Expert Game, 1847AE Quarries, in ORs, once a 4 train has been sold.
1849 Their own; in ORs.
1850 Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold. The Mississippi River Bridge Company and the Mesabi Mining Company can be bought in phase two for half to full face value.
1851 Their own, in ORs. But they may not own more than 50% of themselves.
1858 Their own, as the last action when operating. May also issue shares from their second operating turn on.
1862 Their own, by 'redemption', in ORs.
1862EA, 1862EA v2 Their own, by 'redemption', in ORs. They may also be required to sell shares to raise funds for forced train purchases.
1865 Sardinia No, but companies may be given Maritime Companies (privates) and may absorb other companies.
1869 The Golden Spike First private only, for half to twice face value.
1870 Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold, for half to double face value. The Mississippi River Bridge Company can be bought by the MP or the SSW in phase one for half to full face value.
1881 Yes, tramway companies may buy and sell S-Bahn certificates.
1898 Yes, up to five certificates, but not their own; in ORs; or they may buy back per turn one of their own from the bank pool to their initial offering.
18?? Their own, by 'redemption', in SRs. Also privates, in ORs, before the purchase of the first '3' train for one half of face value, and once a 3 train has been sold for one half to double face value.
18Africa, Crisis Yes, but not their own.
18C2C Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold.
18CZ Companies may acquire smaller companies.
18EZ Level 1 Not Applicable (no share dealing).
18IN Privates, in ORs, once a 3 train has been sold, and their own shares from the bank pool in ORs. They can also sell these shares, but cannot buy and sell in the same turn.
18MW, 18NY Their own, in SRs.
18NW Their own, in ORs, but not in their first operating turn. They can also sell, but cannot buy and sell in the same turn.
18NYC Privates in ORs, and shares from companies that are part of their affiliation (colour) in ORs. They can also sell these shares, but cannot buy and sell in the same turn.
18OE Major company may buy their own, in ORs. They can also sell, but cannot buy and sell in the same turn. They may also buy one abandoned minor company per OR from the bank pool.
18PA Companies may acquire local companies.
18Ruhr Their own, in ORs. They may buy or sell a single share, which moves between the bank pool and the initial offering or vice versa. If a share is sold the company gains the current price and the price will fall by one row.
18SA Their own, from the bank pool, in ORs. But they may not own more than 10% of themselves.
18TN Privates, in ORs, once a 3 train has been sold. May also buy one private at face value in the first OR of the game.
18US Western Concessions once the Western Railroad Convention has taken place, except for the Denver and Rio Grande and the Pacific Railway Act.
18West Yes, Granger Road companies in a Merger and Acquisition round.
2038 Privates, in ORs, once phase II has started.
Railroad Barons Yes, Holdings may buy Railroad Corporations (equivalent to trains in most 18xx games).
Steam Over Holland Yes, their own from the bank pool during ORs. Also privates, in ORs, once a 3 train has been sold.

2.11 - What ends a share dealing round?

1761, 1800, 1817, 1824, 1824 v2, 1826, 1830, 1830Lummerland, 1830NL, 1831, 1832, 1834, 1837SX, 1838 Rheinland, 1841, 1846, 1847AE, 1848, 1849, 1850, 1851, 1854, 1856, 1858, 1859, 1860, 1861, 1862, 1862EA, 1862EA v2, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1880, 1883, 1889, 1891, 1893, 1895, 1898, 1899, 18??, 18AL, 18Ardennes, 18BL, 18C2C, 18Chesapeake, 18CLE, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GL, 18GM, 18IN, 18Ireland, 18JP-T, 18Kaas, 18Mex, 18MS, 18MW, 18NK, 18NL, 18NW, 18NY, 18NYC, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18SA, 18Scan, 18SS, 18SY, 18TN, 18US, 18USA, 18VA, 18West, 2038, Railroad Barons Each player consecutively not making a purchase or a sale. The priority then goes to the player after the one who last made a purchase or a sale.
1812, 1822, 1822CA, 1844, 1857, 1873, 18CZ, Rolling Stock Each player consecutively passing. The priority, and subsequent places, are then assigned according to cash held.
1825, 1829, 1847, 1881, 18Africa Each player consecutively not making a purchase. The priority then goes to the player after the one who last made a purchase.
1827 Jr., 1842 Unknown. Your input is welcome.
1829 Mainline Each player consecutively not making a purchase. The round ends immediately if all share certificates are sold.
1830 Cardgame, Crisis Not applicable.
1830BC Each player consecutively not making a purchase or a sale. The priority then goes to the player who has bid highest for it, or remains with the same player if no bids.
1835 Each player consecutively not making a purchase or a sale. The priority then goes to the player after the one who last made a purchase.
1837 Round ends as in 1830, priority assigned as in 1829. The designer's intention was as in 1830.
1853, 1853 v2 Each player consecutively not making a purchase. The priority then goes to the player after the one who last made a purchase. The elephant that confers priority may be sold to another player.
18EZ Level 1 Not Applicable (no share dealing).
18GB, 18Neb Each player consecutively not making a purchase or a sale. Priority for the next stock round is determined by who passed first.
18Lilliput Not applicable. No separate share dealing rounds.
Poseidon Each player consecutively not making a purchase or a sale. The starting player card moves one player in clockwise order.
Steam Over Holland Each player consecutively not making a purchase or a sale. The priority then goes to the player to the left of the current priority holder. (Note - the first edition of the English rules say to the right; this was clarified on BoardGameGeek by the designer as incorrect and has been amended in the second edition of the rules.)

2.12 - Can a player sell private companies to another player?

This is covered in section 10.1, which is essentially the same question put a different way.

For other questions about private companies, see section 10.

Section 3 - Company Flotation

3.1 - Do you lay the base station token immediately upon floating?

This item has more than a few similarities to item 6.4 (When is a company's first station marker laid).

1761, 1800, 1822, 1822CA, 1824, 1824 v2, 1827 Jr., 1829, 1830, 1830Lummerland, 1831, 1832, 1834, 1837SX, 1844, 1848, 1850, 1854, 1856, 1862, 1862EA, 1862EA v2, 1869 USA West, 1870, 1876 v2, 1876-30, 1876-30 v2, 1889, 1893, 1895, 1899, 18??, 18AL, 18BL, 18C2C, 18Chesapeake, 18CZ, 18Dixie, 18EC, 18EZ All Levels, 18GA, 18GA v2, 18JP-T, 18Kaas, 18Mex, 18MS, 18NK, 18NL, 18NY, 18Rhl Rhineland, 18Ruhr, 18SA, 18SS, 18SY, 18TN, Crisis, Steam Over Holland No.
1812, 1826, 1829 Mainline, 1835, 1837, 1838 Rheinland, 1841, 1842, 1846, 1849, 1851, 1853, 1853 v2, 1858, 1860, 1861, 1868, 1873, 1876-35, 1876-35 v2, 1883, 1898, 18AFrica, 18Ardennes, 18EU, 18GB, 18GL, 18IN, 18Ireland, 18Lilliput, 18MW, 18Neb, 18NW, 18NYC, 18Scan, 18VA Yes.
1817, 18USA A company's home station is placed when the President's certificate is put up for auction.
1825, 1847, 1847AE The token is placed on the home base at the start of the operating round in which it will first run.
1830 Cardgame, 1830BC, Railroad Barons, Rolling Stock Not applicable.
1859, 1859, 1879, 18FL, 18PA, 18US, 18West All base station tokens start the game on the map.
1865 Sardinia All base station tokens start the game on the map. For absorbed companies re-entering the game the home base is placed when the President's certificate is purchased.
1867 Yes, for public companies. For minor companies, the token is placed on a valid empty city circle on the map when the minor is put up for auction.
1869 The Golden Spike Contradictory. The sections on home bases and floating the company state that the token is placed at the start of the company's first operating turn, while the section of placing station markers says that the home bases were placed when the company was started.
1880 The token is placed on the home base at the end of the stock round in which the Director owns the qualifying number of shares. The qualifying number of shares depends on the phase. From Phase A1 (the start of the game) it is 20%, from B1 it is 30%, from B3 it is 40% and from C2 it is 60%.
1881 It is recommended that base tokens for the tramway companies are placed upside down on their starting hexes at the beginning of the game. The rules do not say when these are flipped over, but it is assumed this happens when the tramway companies float, because the rules do state that the base tokens for the S-Bahn main company and its three subnets are placed when the S-Bahn floats.
1891 Contradictory. As per the 1856 rules, which 1891 is based on, no, and the translated rules state that the token is placed when it first operates. However, the rules on starting a company have an italicised section that states that the token is placed in the starting city when the presidency is purchased.
18CLE No. It is placed face down when the President's certificate is bought and turned face up when it first operates.
18GM A company's home station marker is placed when the president's certificate is purchased, but imposes no restrictions (other than reserving the space) until the company operates for the first time.
18OE For minors, yes. Tokens for regionals start on the map.
2038 Yes (relevant only for the Asteroid League).
Poseidon No (it is pre-printed on the map).

3.2 - How many shares must be sold for a company to float?

1761, 1827 Jr., 1829, 1830, 1830Lummerland, 1830NL, 1832, 1834, 1837SX, 1848, 1850, 1859, 1862, 1865 Sardinia, 1868, 1869 The Golden Spike, 1869 USA West, 1873, 1876 v2, 1876-30, 1876-30 v2, 1879, 1895, 1899, 18AL, 18C2C, 18Chesapeake, 18EC, 18GA, 18GA v2, 18GM, 18JP-T, 18Kaas, 18MS, 18MW, 18NL, 18SS, 18SY-G 60%.
1800, 1826, 1835, 1837, 1838 Rheinland, 1842, 1844, 1847, 1847AE, 1851, 1854, 1857, 1860, 1862EA, 1862EA v2, 1876-35, 1876-35 v2, 1889, 1893, 18BL, 18CZ, 18EU, 18EZ Levels 2 and 3, 18GL, 18IN, 18Lilliput, 18Mex, 18PA, 18Rhl Rhineland, 18Ruhr, Railroad Barons, Rolling Stock 50%.
1812, 1846, 1849, 1861, 1867, 1883, 18SY-O 20%.
1817, 18USA The President's certificate.
1822 Initially 20% (10% for the LNWR) when converting a concession. From phase 5, 50%.
1822CA Initially 20% (10% for the CPR) when converting a concession. From phase 5, 50%.
1824, 1824 v2 50% for regional railways and 20% for Staatsbahnen.
1825 60% for a major company, 40% for a minor company.
1829 Mainline, 18Africa The Director's certificate, or three ordinary certificates.
1830 Cardgame One.
1830BC 6 (variable percentage).
1831 50% (all preferred stock).
1841, 1898 20% (40% of a minor).
1853 3 or 4 players, 60%; 5 or 6 players, 50%.
1853 v2 3 players, 60%; 4 or 5 players, 50%; 6 players, 40%.
1856, 1891 Depends on the type of the train currently for sale.
1858 40% of a 5-share company, 20% of a 10-share company.
1870 60%; but 20% for the SLSF.
1880 The qualifying number of shares depends on the phase. From Phase A1 (the start of the game) it is 20%, from B1 it is 30%, from B3 it is 40% and from C2 it is 60%.
1881 Five certificates. This is 60% for tramway companies, 30% for the S-Bahn.
18?? 60%; but 30% for any company started by the Grand Junction Investors private.
18Ardennes, 18SA 30%.
18CLE 60%, except for the CSC, which floats at 20%. Rule 3.3.3 refers generally to a company as 'floated' when the 20% President's certificate has been bought - this should say 'started' or 'formed'.
18Dixie 50%, but 20% for the SAL and SOU if the President's certificates are obtained via the purchase of the GAR or SCCRRC private companies respectively.
18EZ Level 1 Not Applicable (no share dealing).
18FL, 18NW 60% for five-share companies, 50% for ten-share companies.
18GB 40% in the yellow phase; 60% thereafter. No companies may be started in the grey phase.
18Ireland 40% for a 5-share company, 20% for a 10-share company, i.e. just the director's certificate in both cases.
18Neb 20% (40% of a Local Company).
18NK 60%; but 20% for the DRM.
18NY Dependent on the current game phase (see section 12).
18NYC 50% for Lies, 10% for the NYCTA.
18OE For minors, 100%. For regionals, 20%.
18Scan Depends on the current phase number.
18TN 60%, but only 20% for the L&N.
18US For an Eastern (4-share) company, the President's certificate. For a Land Grant (5-share) company, the President's certificate and one other certificate.
18VA 20% for ten-share companies, 40% for five-share companies (one certificate in each case).
18West The President's certificate. The v2.3 retuned rules clarify that after phase 6 begins, five shares must be bought to start a public company.
2038 50%; but 20% for growth companies.
Crisis 50% for type I companies, 60% for type II companies.
Poseidon At least 50% (rounded up) of the Merchants placed in the bank pool by the player who bought the nation's King card.
Steam Over Holland A number of shares equal to the current phase number, which have to be bought as one purchase.

3.3 - Does a company get full capitalisation upon floating?

1761, 1827 Jr., 1829, 1830, 1830Lummerland, 1830NL, 1832, 1837, 1842, 1848, 1850, 1853, 1853 v2, 1857, 1859, 1860, 1862, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1873, 1876 v2, 1876-30, 1876-30 v2, 1879, 1881, 1889, 1893, 1899, 18??, 18AL, 18C2C, 18Chesapeake, 18CLE, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18JP-T, 18Lilliput, 18Kaas, 18Mex, 18MS, 18MW, 18NK, 18NL, 18SS, 18SY-G, 18TN, Railroad Barons Yes.
1800, 1812, 1817, 1829 Mainline, 1830BC, 1835, 1837SX, 1838 Rheinland, 1841, 1847, 1847AE, 1849, 1851, 1858, 1861, 1865 Sardinia, 1867, 1876-35, 1876-35 v2, 1883, 1895, 1898, 18Africa, 18Ardennes, 18BL, 18GL, 18IN, 18Ireland, 18NW, 18NYC, 18OE, 18SA, 18USA, Crisis, Poseidon Only for shares sold.
1822, 1822CA Only for shares sold until phase 6, then fully capitalised when floated.
1824, 1824 v2 Regional Railways with associated Coal Railways get 8 x the share price. Regional Railways without associated Coal Railways get full capitalisation.
1825 Nine-certificate companies do, four-certificate companies don't.
1826 Only for shares sold until phase 10H, then fully capitalised when floated.
1830 Cardgame Not applicable (no company treasuries).
1831 Only for shares sold. (Par increases upon floating.)
1834 Yes, but there are no par prices, and the money received is based on the price at whatever the sixth share is sold for, which may not be the price the President's certificate was sold for.
1837 You get full capitalisation for the shares that have been and will be sold, but not for the coal and minor companies that will fold in.
1844 Regional companies get full capitalisation on floating. Other companies get 50% on floating, the rest when they reach their destination. Companies that float after the sale of a 6/6H train are fully capitalised.
1846, Steam Over Holland Only as shares are sold or are issued from the company treasury to the bank pool.
1854 100% capitalisation on floating, more on splitting.
1856, 1891 Depends on the type of train currently for sale; and on reaching destination.
1862EA, 1862EA v2 For companies with a Parliamentary charter (Chartered Companies), 100%. For Non-chartered Companies, only for shares sold.
1880 50% capitalisation at the start of the game. Once the first 3 train is bought, companies with 5 or fewer shares in the bank receive the remaining 50% capitalisation.
18CZ Yes, but the amount recevied depends on the size of the company. Small = 4 x initial share price, Medium = 5 x, Large = 10 x.
18EU, 18Rhl Rhineland, 18Ruhr Only for shares sold until phase 5, then fully capitalised when floated.
18EZ Level 1 Not Applicable (no share dealing).
18FL, 18GB A five-share company gets five times its starting value, while a ten-share company gets ten times its starting value.
18GM Depends on the type of train currently for sale.
18Neb No, it gets it share by share. Ten-share companies that begin in phase 5 receive their remaining capital after the fifth share is sold.
18NY Prior to the special Capitalisation Round, only for shares sold. After this round, fully capitalised when floated.
18PA Companies start as five-share companies and get five times their starting value. When converted to ten-share companies they get five times the current market value. The NYC is an exception to this and has its own special formation rules.
18Scan Only for shares sold in phases 2 to 4, full capitalisation from phase 5 on.
18SY-O If a company is floated with 60% of the shares sold, full capitalisation. If it is floated with ferwer shares, only for shares sold, with the remaining funds withheld until all shares are bought from the bank.
18US Yes, when initially floated. 4-share and 5-share companies gain additional capital later on.
18VA No, it gets it share by share until the sixth share of a ten-share company is sold, when it gets all the rest.
18West Granger Road companies are fully capitalised. Land Grant and public companies started prior to phase 6 are funded as shares are sold, and fully capitalised once phase 6 has begun.
2038 Yes, except for growth companies, which get capitalised for shares sold, i.e. excluding the President's double; and for the Asteroid League, which gets capitalisation for the President's double share, and for other shares as sold, but not for independents traded in.
Rolling Stock No, it gets capitalisation for all shares issued during launching, minus the face value of the private company used for launching, plus a cash controbution from the player.

3.4 - How is a share company's initial (par) price determined?

1812, 1826, 1834, 1846, 1849, 1851, 1861, 1867, 1873, 1895, 1898, 18Ardennes, 18EU, 18GB, 18GL, 18SS, 18VA, Rolling Stock, Steam Over Holland There are no par prices. The initial price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. All further share dealing is done at the current market price.
1817 The President's certificates are auctioned. The initial share price is the final auction bid divided by two, rounded down to the nearest stock price.
1824, 1824 v2 For Regional Railways with associated Coal Railways, the price is set by the purchase price of the Coal Railway. For Regional Railways without an associated Coal Railway, the price is set by the player who purchases the Director's certificates. In both cases they choose a value from a range of predefined prices.
1825 Major companies have fixed par prices. For minor companies the price is set by the player who purchases the Presdient's certificate, using any value on the stock market no lower than one tenth the price of the company's built-in train.
1829, 1829 Mainline, 1835, 1842, 1847, 1847AE, 1853, 1853 v2, 1869 USA West, 1876-35, 1876-35 v2, 1881, 18Africa Companies have fixed par prices.
1827 Jr, Crisis Unknown.
1830 Cardgame, 1830BC Not applicable.
1837 The three National Railways have fixed par prices. For the seven major companies the initial price is set by the player who purchases the Director's certificate, choosing a value selected from a range of predefined prices.
1841 There are no par prices. The initial price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. All further share dealing is done at the current market price. The exception to this is companies created by a merger or promotion (or the Ferdinandea Succession). These have their initial price calculated from the prices of the predecessor companies.
1848 The CAR always has an initial price of 100. for all other companies the price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices.
1856 For most companies, the price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. For the CGR, the price is calculated from the prices of the companies that form the CGR.
1858 Prior to phase 5, by the face value of the private (rounded down); from phase 5 onwards the Director chooses one of a range of values.
1862EA, 1862EA v2 The price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. For non-chartered companies, the par price is the highest price on the par chart that is equal to or lower than the initial share price.
18EZ Level 1 Not Applicable (no share dealing).
18EZ Level 3 For most companies, the price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. For the Black Line, the price is fixed.
18Ireland There are no par prices. For a 5-share company the initial price is set at the highest price from a predefined list that is not more than half the winning bid for the company. For a 10-share company the initial price is set by the player who purchases the Director's certificate, choosing a value selected from a list of predefined prices. For both types of company all further share dealing is done at the current market price.
18Lilliput There are no par prices. The initial price is set by the player who purchases the Director's certificate, choosing any value on the stock market.
18USA The President's certificates are auctioned. The initial share price is the final auction bid divided by two, rounded down to the nearest stock price between 50 and 200.
2038 The par values of "growth corporations" (minor companies that have been promoted to major companies) and the TSI and Asteroid League are fixed. For "growth companies" the par value is 67 but the starting market value is only 10. Those of other "public companies" are set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices.
Poseidon The price is set by the player who purchases the nation's King card. It can be set to any value on the Prestige track.
Rest The price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices.

Section 4 - Operations

4.1 - In what order do companies operate?

1812, 1822, 1822CA Private companies, then Minor companies in descending order of share price, then Public companies in descending order of share price. If two companies occupy the same space, the company with a token on top operates next.
1824, 1824 v2 Mountain Railways, Coal Railways, pre-Staatsbahnen, then major companies in dynamic share price order (See 'Rest' for details of this).
1825 Major companies in set order of initial value with ties broken by formation order, followed by minor companies from highest par value to lowest with ties broken by formation order.
1829, 1829 Mainline, 1853, 1853 v2, Railroad Barons Set order.
1830 v1, 1830 v2,, 1830Lummerland, 1830NL, 1899, 18Kaas, 18NL As for 'rest' below. However, note the special case of the three value '67' spaces one above the other in the same column. The rules resolve issues where more than one company is on the same priced space by giving preference to companies further to the right, which does not resolve this situation. It seems to be generally agreed that companies further up the chart run first.
1830 Cardgame Not applicable (no stock market).
1830BC Order of fewest shares in player hands; ties broken in set order.
1846, 18Neb Current 'dynamic' share price. By 'dynamic', this means that each time a company finishes operating, you look at the current stock price chart to see who is next. The highest value company that has not operated operates next. If two companies occupy the same space, the company with a token on top operates next. If two companies have the same value but are in different spaces, the company with a token furthest to the right operates next. For the first operating round only, this is reversed, with the companies operating from lowest to highest price.
1850 The rules simply state (4.1.2) that companies 'operate in share price order'. I have confirmed with John Tamplin that this works as current 'dynamic' share price, as stated under 'rest' below.
1858 Private companies in numerical order, then public companies in price order.
1861, 1867 Private companies, then Minor companies in descending order of share price, then Public companies in descending order of share price, then the Russian State Railway. If two companies occupy the same space, the company with a token on top operates next. If two companies have the same value but are in different spaces, the company with a token furthest to the right operates next.
1862 Current static price, i.e. in order of stock price as at the start of the operating round.
1880 In the order of the turn order list, the positions in this list being chosen by the Director at the time the company becomes operational.
1881 Tramway companies in descending share price order (as in 'Rest' below), then the S-Bahn company.
18CLE Current 'dynamic' share price, as stated under 'rest' below. As a one-off exception, in the operating round after the SHR is floated, it will always operate first.
18EU Minor companies operate in numerical order, followed by major companies as stated under 'rest' below.
18EZ Level 1 In seating order round the table.
18FL, 18US The highest value company that has not operated operates next. If more than one company occupies the same space, the  company with a token on top operates first.
18IN Private companies, then minor companies, then major companies, then the Penn Central. The minor companies and major companies operate within their groups by current 'dyanmic' share price (see 'Rest' below for a definition of this). As an exception, in the first operating round companies operate in reverse order.
18Lilliput Tile laying, station placement and running trains takes place by the play of Action Cards, so there is no specific or guaranteed order for these actions. All companies run their trains in each round, from the highest share price down. The rules do not state the order for companies with the same share price, but it is safe to assume from the top down as newly arriving tokens go to the bottom of the stack.
18NY Private companies, then Minor companies in descending order of share price, then Public companies in descending order of share price. If two companies have the same price, the company furthest to the rest, then with a token on top operates next.
18OE  Regionals and Minors operate in the order their markers appear on the Regiona/Minor Operating Order track. Then National and Majors operate in share value order, from highest to lwest. If two or more companies have the same value, the marker further to the right operates first. If two or more companies occupy the same space, the company with a token on top operates first.
18Ruhr Private companies, then active PMCs in ascending numerical order, then Public companies in descending order of share price. If two companies occupy the same space, the company with a token on top operates next.
18West The highest value company that has not operated operates next. If more than one company occupies the same space, the  company with a token on top operates first. The v2.3 retuned rules clarify that all Granger Roads operate before all other companies regardless of current market value.
Rolling Stock Current 'dynamic' share price. By 'dynamic', this means that each time a company finishes operating, you look at the current stock price chart to see who is next. The highest value company that has not operated operates next. Each share price can only be occupied by a single company, so no further ambiguity is possible.
Steam Over Holland In descending price order, with ties being resolved from left to right.
Rest Current 'dynamic' share price. By 'dynamic', this means that each time a company finishes operating, you look at the current stock price chart to see who is next. The highest value company that has not operated operates next. If two companies occupy the same space, the company with a token on top operates next. If two companies have the same value but are in different spaces, the company with a token furthest to the right operates next.

4.2 - If you sell shares so that their tokens end up in one stack, what order are they stacked in?

1761, 1812, 1817, 1822, 1822CA, 1824, 1824 v2, 1830 v2, 1830 v3, 1831, 1832, 1837SX, 1847AE, 1850, 1858, 1860, 1861, 1862EA, 1862EA v2, 1865 Sardinia, 1867, 1869 The Golden Spike, 1869 USA West, 1873, 1876-30 v2, 1876-35 v2, 1881, 1883, 1889, 1893, 18Africa, 18AL, 18Ardennes, 18BL, 18Chesapeake, 18CZ, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GB, 18GL, 18IN, 18Lilliput, 18GM, 18Ireland, 18Mex, 18MS, 18Neb, 18NL, 18NW, 18NY, 18NYC, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18Scan, 18TN, 18US, 18USA, 18VA, 18West, 2038, Poseidon New arrivals are placed below existing tokens.
1800, 1830 v1, 1830Lummerland, 1830NL, 1834, 1835, 1838 Rheinland, 1846, 1847, 1848, 1856, 1857, 1859, 1862, 1868, 1870, 1876 v2, 1876-30, 1876-35, 1879, 1880, 1891, 1895, 1899, 18??, 18C2C, 18CLE, 18JP-T, 18Kaas, 18MW, 18NK, 18SA, 18SS, 18SY Unspecified.
1825, 1829, 1829 Mainline, 1830BC, 1853, 1853 v2, Rolling Stock Not applicable.
1830 Cardgame Not applicable. Shares may not be sold at any time.
1841 Unspecified in the original rules. A clarification means that the final order is the reverse of the original operating order.
18EZ Level 1 Not Applicable (no share dealing).
Railroad Barons Unspecified, but irrelevant, as the tokens do not determine operating order.
Steam Over Holland Unspecified for stock sales; to the right of existing tokens for adjustments due to payment or otherwise of company dividends.

Section 5 - Tile Lays

5.1 - Where can you make an initial tile lay?

i.e. what are the conditions for laying a tile (not necessarily a yellow one) onto a previously untiled hex? (References are included.)

1761 As for 1830. (rule 11.2)
1800, 1812, 1829 Mainline, 1830Lummerland, 1830NL, 1834, 1838 Rheinland, 1844, 1850, 1851, 1853, 1853 v2, 1854, 1857, 1860, 1861, 1862, 1868, 1876 v2, 1876-30, 1876-35, 1879, 1883, 1889, 1891, 1893, 1895, 1899, 18Africa, 18AL, 18C2C, 18Dixie, 18GA, 18JP-T, 18Kaas, 18MS, 18MW, 18NK, 18NY, 18PA, 18SY As for 1830.
1817 As for 1830. (rule 6.3.1)
1822 As for 1830. (rule 5.8.5)
1822CA As for 1830. (rule 5.8.7)
1824 As for 1830. (Rule XI, fourth section)
1824 v2 As for 1830. (rule VII.6)
1825 As for 1830; but a hex reserved for another company may not be laid on. (rule 4.2.8)
1825 with survey parties As for 1829. (rule 6.6)
1826 As for 1830; but a hex reserved for another company may not be laid on except with the permission of that other company. (page 15)
1827 Jr. As for 1830. (rule 4.1.1)
1829 Only on the hex just vacated by the upgrading company's Survey Party, and then only if it is not occupied by a rival survey party. (rule 42.2)
[ Some players ignore the survey parties in 1829, and play it by the same rule as for 1830.]
1830 v1 After being laid, the tile must be reachable from one of the laying company's station markers by an arbitrarily large train. (rule 18.0)
1830 v2 After being laid, the tile must be reachable from one of the laying company's station markers by an arbitrarily large train. (rule 7.2.1)
1830 v3 After being laid, the tile must be reachable from one of the laying company's station markers by an arbitrarily large train. (rule 6.2.1)
1830 Cardgame, Railroad Barons Not applicable.
1830BC New canals can be extended from any existing waterway.
1831 As for 1830 except that if it is a station tile, company must build a station.
1832 As for 1830. (rule 6)
1835 As for 1830. (rule 3.1.4)
1837 As for 1830. (rule V.3)
1837SX As for 1830. (rule 4.2.1)
1841, 1898 As for 1830. (rules 4.1.1, 4.1.2)
1842 As for 1830, but not in Hamburg or Harburg. (rules 6.2, 1)
1846 As for 1830. (page 6)
1847 As for 1830; in addition the Saarbrücker Eisenbahn and Rhein-Nahe-Bahn may only place yellow tiles on light red hexes, while the Pfalzbahn companies may only place yellow tiles on light green hexes (actually blue in my copies).
1847AE As for 1830; in addition the Saarbrücker Eisenbahn and Rhein-Nahe-Bahn may only place yellow tiles on light red hexes, the Pfalzbahn companies may only place yellow tiles on light blue hexes, while the Hessische Ludwigsbahn may only place yellow tiles on light green hexes.
1848 As for 1830. (page 12)
1849 As for 1830. (rule 4.1)
1856 As for 1830. (pages 15, 16)
1858 As for 1830. Private companies have notional tokens on each of their home hexes (rule 9.3).
1859 After being laid, the tile must be reachable from one of the laying company's station markers by an arbitrarily large train, which can be a hex beyond cities fully occupied by other company tokens.
1862EA, 1862EA v2 As for 1830 (rule 7.6.1)
1865 Sardinia As for 1830. (page 22)
1867 As for 1830. Certain hexes adjacent to Montreal and Toronto contain a yellow triangle at the edge of the hex. When laying a yellow tile in these hexes, it must connect to the yellow triangle.
1869 The Golden Spike As for 1830.
1869 USAWest As for 1830. (rule 5.1)
1870 As for 1830. (pages 19, 20)
1873 After being laid, all track on the tile must be reachable from any of the laying company's station markers by an arbitrarily large train. Concession routes must not be blocked by the tile lay. Hexes that form part of the WBE concession route can only be built in phase 3 or later (rule 4.4.1).
1876-30 v2 As for 1830. (rule 6.3)
1876-35 v2 As for 1830. (rule 6.3)
1880 As for 1830 (page 9) . In addition, the company must own a building permit valid for the current phase of the game.
1881 As for 1830. In addition, tokens of the S-Bahn company and subnets do not block tram routes, and tokens of tramway companies for not block S-Bahn routes.
18?? As for 1830. (pages 19, 20 of the 1870 rules)
18Ardennes As for 1830. (rule 6.3)
18BL As for 1830. (rule 8.3.1)
18Chesapeake As for 1830. (rule 11.3)
18CLE As for 1830. (rule 4.1)
18CZ As for 1830. (rule VIII.4)
18EC As for 1830. (rule 7)
18EU As for 1830; but a hex reserved for another company may not be laid on except with the permission of that other company. (page 12)
18EZ All Levels As for 1830. (rule 1.4)
18FL As for 1830. (rule 7.2.1)
18GA v2 As for 1830. (rule 4.2.1)
18GB As for 1830. (rule 5.3.2)
18GL As for 1830. (page 9)
18GM As for 1830. (page 38)
18IN As for 1830. (rule 4.6.2.1)
18Ireland For tiles that contain broad gauge track, at least one section of that track must be connected by broad gauge track to one of the company's station markers. If the tile consists entirely of narrow gauge track, that track must be connected by narrow gauge track to a station that is connected by broad gauge track to one of the company's stations markers.
18Lilliput After being laid, the tile must be reachable from one of the laying company's station markers by an arbitrarily large train. In addition, no city/metropolis may be laid adjacent to another (exception: starting tile and home cities), and no town/plain track may be laid adjacent to another.
18Mex As for 1830. (rule 4.4.1(i))
18Neb As for 1830 (rule 4.5.2)
18NL As for 1830. (rule 7)
18NW As for 1830. (rule 4.3.1)
18NYC As for 1830. (rule 4.6.2)
18OE As for 1830. (rule 11.1.3)
18Rhl Rhineland As for 1830. (rule 7.1)
18Ruhr As for 1830. (rule 10.1.1)
18SA As for 1830. (rule 7.3.1)
18Scan As for 1830. (rule 7.1.1)
18SS As for 1830. In addition a tile laid in an A hex must be laid so that track connects to the adjacent station in the P hex (a 6-station city).
18TN As for 1830. (rule 4.2.1)
18US As for 1830. (rule 6.2.1)
18USA As for 1830. (1817 rule 6.3.1)
18VA As for 1830. (page 8)
18West As for 1830. (rule 8.1.1) Granger Road companies may only lay or upgrade tiles in the Eastern Settled Zone.
2038 On hexes you 'explore' by moving a spaceship there and spending an extra movement point. (rule 7.11)
Crisis On an empty square.
Poseidon, Rolling Stock There are no tiles in the game.
Steam Over Holland As for 1830. (page 7)

5.2 - Can you lay two tiles in a turn?

1761 A second tile may be laid on payment of a fee of 10. Once the first 4 train has been purchased, a third tile may be laid for a further payment of 10.
1800, 1824, 1824 v2, 1829, 1830Lummerland, 1837, 1844, 1849, 1854, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1893, 18EZ All Levels, 18NL, 18Scan, 18SY-G, 18VA No.
1812, 1817, 1861, 1867, 18USA Yes, on payment of a fee a second tile operation may be performed, but only one of the two tile operations may be an upgrade. You may not lay a tile and upgrade it in the same turn.
1822, 1822CA From phase 3 onwards, a major company may lay two yellow tiles or upgrade one tile.
1825 Yes, if neither is an upgrade and they are not adjacent.
1826 Yes, if neither is a upgrade and it is the company's first turn.
1827 Jr. For mid-west companies if both tiles are west of starting hex.
1829 Mainline You may lay any number of yellow tiles as long as the track laid is continuous. This continuous route can be traced through pre-printed track in a brown board hex. Track laying must finish if a connection is made to an existing city. It must also finish if a tile of types 3, 6, 7 or 115 is laid. If the Midland, NER or NBR need to lay a tile on their home hex when they frst operate, this lay is in addition to any other tile laying activities for that round.
1830, 1830NL, 1856, 1857, 1859, 1869 USA West, 1889, 1891, 1899, 18AL, 18Chesapeake, 18EC, 18GA, 18GA v2, 18IN, 18Kaas, 18Rhl Rhineland Only by using the special property of a private.
1830 Cardgame, Railroad Barons Not applicable.
1830BC Yes, and more, depending on quality of digging team.
1831 Yes. Four-fold by a company, seven-fold by a system.
1832 Yes, if both are yellow. Systems may lay three yellow tiles or lay one yellow tile and upgrade another.
1834 No, but using the special property of the Burbach Foundry private, an additional upgrade to a Luxembourg city may be carried out.
1835, 1838 Rheinland Only by major companies before first 3 train sold.
1837SX Yes, if there are sufficient building points and the build does not include the initial lay of a viaduct tile.
1841 Majors may do one tile lay or upgrade from each station-marker until a 3 train, then one from each up to a limit of 2 until a 5 train. But never more than one tile change on same hex.
1842 Yes, but only on a share company's first OR, and not both on the same hex.
1846, 18Neb Yes, each round a company may lay two yellow tiles or lay one yellow tile and upgrade one tile.
1847 Yes, during the Yellow phase only.
1847AE Yes, throughout the Yellow phase, or if it is the company's first operating round.
1848, 1851, 1862 Yes, once a 3 train has been sold. Two yellow tiles only.
1850, 18BL, 18CZ Yes, if both are yellow and it is the company's first turn.
1853 First four companies only. Each lay must be connected to a different station marker and the connecting routes must not use the same piece of track at any point.
1853 v2 First four companies only, and possible company 5 if it forms as a major company during the contract bidding stage. Each lay must be connected to a different station marker and the connecting routes must not use the same piece of track at any point. When they first operate, each of these companies must choose to either delay the ability to lay two tiles until Phase 3, or to gain the ability immediately. If the ability is gained immediately, the company must pay the bank every time that two tiles are laid. Company 1 must pay Ł50 to lay two tiles, companies 2 to 5 must pay Ł20 to lay two tiles.
1858 Yes, for a fee of 20 (only 10 if all new track on one tile is narrow gauge). Both can be upgrades, but they must be in different hexes.
1860 Yes if both are yellow and neither contains a large station.
1862EA, 1862EA v2 Yes, if both are yellow and neither are N tiles.
1865 Sardinia Yes, on payment of a fee a second tile operation may be performed.
1868 Yes, a company may place or upgrade two track tiles at a cost of 10.
1869 The Golden Spike Yes. Companies may lay a number of tiles based on tile points. Each company has 3 tile points available. Most tile actions cost 1 point, but laying a yellow tile in a mountain hex or upgrading a city to russet or grey costs 2 points.
1870 Yes, if both are yellow. Purchase of the MRBC by the MP or SSW can allow a third tile to be laid.
1873 Concession routes are always built in one step, which can involve up to 5 tiles. For normal track lays and upgrades, two tiles can be placed if each tile is either yellow or a green tile with two completely separate sections of track.
1880 Yes, once a 3 train has been sold, if both are yellow. The BCR may lay two yellow tiles from the start of the game. However, Foreign Investors only ever lay one tile in a turn.
1881 Yes, tramway companies can place two yellow tiles in the Yellow phase.
1883 Normally, no, but exceptions exist for the FSF and CCFR companies.
1895 Yes, once an 8H train has been sold. Two yellow tiles only.
1898 Majors may do one tile lay or upgrade from each station marker until a 3 train, then one from each up to a limit of 2 until end of turn. But never more than one tile change on same hex. Minors may do one tile lay or upgrade until a 4 train, then one from each station marker until end of game.
18??, 18FL, 18MW, 18PA Yes, if both are yellow.
18Africa Up to four yellow track tiles as long as the track is continuous, or for the first turn of companies starting on double-city hexes, one green then three yellows. This continuous route can be traced through pre-printed track in a brown board hex. Track laying must finish if a connection is made to an existing city. It must also finish if a tile of types 3, 6, 7 or 115 is laid.
18Ardennes Yes, for public companies only. They may lay two yellow tiles or upgrade one tile.
18C2C Yes. Tiles are laid on a points basis. It is possible to lay up to four yellow tiles in one turn.
18CLE Yes. Companies may lay two yellow tiles during phase 2.
18Dixie Major companies normally lay up to two tiles each operating turn. All companies may lay one extra yellow tile on their first operating turn.
18EU Yes, for a minor company in its first OR.
18GB Yes, but at most one may be in a city. Both may be upgrades.
18GL Yes, for any company other than CONRAIL in its first OR.
18GM Yes. Two yellow tiles may be laid in clear terrain, two non-city track tiles may be upgraded to green or russet, or one each of these actions.
18Ireland Yes, on payment of a fee a second tile may be laid.
18JP-T Only by using the special property of a private or a major company.
18Lilliput Yes, by using the appropriate Action Card.
18Mex Yes, for major companies only.
18MS, 18NW Yes, a second yellow tile in its first OR.
18NK Companies that have not completed a destination run may lay or upgrade three tiles. One may be an upgrade, but not of a yellow tile laid in the same turn. Once the destination run has been completed, they may only lay or upgrade one tile.
18NY Yes, either two tile lays or one tile lay and one upgrade, subject to sufficient funds being available.
18NYC All Lines may lay two yellow tiles in each operating round. In addition all Lines except the NYCTA may lay a third yellow tile in their first operating turn.
18OE Yes. Companies may lay a number of tiles based on available tile points. Different company types have different tile points available, and different tile types/actions cost different numbers of points.
18Ruhr Yes, either two yellow tiles or one yellow tile and one upgrade. You may not lay a tile and upgrade it in the same turn.
18SA No, except for companies that start operating in the Brown phase. These companies may lay/upgrade two tiles in their first operating turn.
18SS Yes, you may lay two tiles, lay one tile and upgrade another, or upgrade two tiles. You may not upgrade the tile just laid or upgraded with your second tile action.
18SY-O You may lay or upgrade one tile from each token a company has on the map. The same hex may be upgraded multiple times if the company has multiple tokens connected to that hex.
18TN Yes, if both are yellow. Ownership of private companies can allow additional tiles to be laid.
18US Yes, for Systems. Land Grant companies can lay up to three yellow tiles or lay two yellow tiles and upgrade one yellow tile to green if it can pay any required costs from its treasury.
18West Yes, for public companies. Land Grant companies can lay or upgrade up to three tiles (four tiles, up to two from each of its railheads, under the v2.3 retuned rules).
2038 Yes, multiple exploration allowed.
Crisis No, except that a green tile must be laid alongside a yellow one if available.
Poseidon, Rolling Stock There are no tiles in the game.
Steam Over Holland Yes, each round a company may lay two yellow tiles or lay one yellow tile and upgrade one tile, which can be the tile just laid.

5.3 - Must a tile replacement extend existing track?

This is a much-argued point, so references are included. A general principle of all 18xx games is that an upgrade may never destroy existing track. This is to be assumed in everything written below.

There are three common forms of the rule on this:

permissive

Some of the track on the newly-laid tile must be reachable from one of the laying company's station markers by an arbitrarily large train.

restrictive

Some of the newly-created track must be reachable from one of the laying company's station markers by an arbitrarily large train.

semi-restrictive

Some of the newly-created track must be reachable from one of the laying company's station markers by an arbitrarily large train or the value of a city which can be reached by that train changes.

1761 Permissive.
1800 Semi-restrictive.
1812 Restrictive for track tiles, for city upgrades, some track (old or new) must be part of a route for the company.
1817 Permissive.
1822 Permissive.
1822CA Permissive.
1824 Permissive.
1824 v2 Permissive.
1825 Restrictive. In addition, a city may only be upgraded if reachable from one of the laying company's station-markers by 'one of the Company's existing Trains' (rule 4.3.2). Two '2' trains can be double-headed to act as a single '3' train for this purpose. (rule 4.5.5). {Following this to the letter raises issues when upgrading some station tiles. For example, London has no new track, while the Birmingham/Glasgow/Manchester tiles have new track for only one station, so a company could only upgrade it if it was using this track. Having talked with Francis Tresham it was clearly not the intention to create such a restriction, so you can consider that his intention was for semi-restrictive upgrades. However, the requirement to be able to reach a station with one of the company's trains still exists.}
1825 with survey parties As for 1825 without them (rule 6.6).
1826 Semi-restrictive.
1827 Jr. Permissive (personal communication to Nick Wedd from Vellani).
1829 The upgrading company must have moved a Survey Party, and the upgraded hex must be free of Survey Parties (rule 43).
1829 Mainline Restrictive. In addition, a city may only be upgraded if reachable from one of the laying company's station-markers by one of the company's existing trains.
1830 v1 Rule 18.1 says permissive. However it is possible to read the restrictions of rule 18.0 as applying to rule 18.1, making the result restrictive. A clarification from Avalon Hill says that the 1830 rule is semi-restrictive. Their own computer version is permissive.
1830 v2 Permissive.
1830 v3 Permissive.
1830 Cardgame, Railroad Barons Not applicable.
1830BC, 2038 Not applicable.
1830Lummerland Permissive.
1830NL Permissive.
1831 Permissive (rule 5.2.6.5).
1832 Semi-restrictive.
1834 As for 1830, except that in the Green phase, a company may pay 50 to place a green tile directly on the map, skipping the normal yellow tile placement.
1835 Restrictive (German rule VII.1). But the author's intention was permissive, and another German ruleset exists. An English translation says permissive (rules 3.1.12-3.1.20).
1837 According to the printed rules, restrictive (rule VI.1). This means that certain tiles can never be laid, and is a mistake. The designer Leonhard Orgler has stated (personal communication to Steve Thomas) that it should be semi-restrictive.
1837SX Semi-restrictive, but there is no requirement for a city value to change.
1838 Rheinland Semi-restrictive.
1841 The original rules were restrictive (rules 4.1.1, 4.1.2). As for 1837, a subsequent clarification from the author states that it should be semi-restrictive.
1842 Restrictive (rule 6.2.3). (Note also rule 6.2.2 restricting upgrades to both coastal and inland cities.)
1844 Permissive (rule XV, bullet-point 7).
1846 Semi-restrictive.
1847 As for 1835 - presumably restrictive.
1847AE Semi-restrictive.
1848 Permissive.
1849v1&3 Restrictive (rule 4.1).
1849v4 Semi-restrictive (rule 4.1).
1850 Semi-restrictive, except that the value of a town or city need not change.
1851 Semi-restrictive.
1853, 1853 v2 Permissive; but upgrades only allowed on the company's 'patch'. A brown tile next to a grey tile may not be upgraded (i.e. there can never be two grey tiles adjacent to each other).
1854 Semi-restrictive (rule 5.4).
1856 Semi-restrictive.
1857 As for 1830.
1858 Semi-restrictive (rule 9.3).
1859 As for 1830.
1860 Semi-restrictive. Furthermore, the tile being upgraded must be reachable from one of the laying company's station-markers by one the company's existing trains. Unlike 1825, this additional restriction is not limited to station tiles.
1861 Restrictive for track tiles, for city upgrades, some track (old or new) must be part of a route for the company.
1862 Permissive.
1862EA, 1862EA v2 Semi-restrictive (rule.7.6.3).
1865 Sardinia Restrictive (page 22).
1867 Restrictive for track tiles, for city upgrades, some track (old or new) must be part of a route for the company.
1868 As for 1830.
1869 The Golden Spike Semi-restrictive.
1869 USA West Some of the track on the original tile must be reachable from one of the laying company's station markers by an arbitrarily large train.
1870 Semi-restrictive (page 20).
1873 Super-restrictive. After being laid, all new track on the tile must be reachable from any of the laying company's station markers by an arbitrarily large train.
1876 v2 Permissive ('.. use the 1830 rulebook').
1876-30 Permissive.
1876-30 v2 Permissive.
1876-35 Permissive.
1876-35 v2 Semi-restrictive.
1879 As for 1830.
1880 Permissive.
1881 Restrictive (rule 7.2.1.2).
1883 Semi-restrictive (rule 6.4.2).
1889 Semi-restrictive in version 1.0a of the rules. Version 1.0c downloaded from Deep Thought Games is also semi-restrictive, but copies of this version exist where the ruling is permissive.
1891 Semi-restrictive.
1893 Semi-restrictive.
1895 Permissive.
1898 Permissive (final sentence of section 'Lay or Upgrade Track').
1899 Permissive.
18?? Semi-restrictive (page 20 of the 1870 rules).
18Africa Restrictive.
18AL A clarification dated 25th June 1998 said restrictive; a later one said semi-restrictive. John David Galt confirmed (28th January 2003) '18AL/GA are actually semi-restrictive'.
18Ardennes Semi-restrictive.
18BL Restrictive.
18C2C Semi-restrictive (last but one paragraph of section 4.7.1).
18Chesapeake Semi-restrictive.
18CLE Semi-restrictive (rule 4.1). In addition, a company may only upgrade a station tile from green to brown if it has a token on that tile.
18CZ Permissive (bullet point 8 of section VIII.5).
18Dixie Semi-restrictive.
18EC Permissive.
18EU Semi-restrictive.
18EZ All Levels Permissive.
18FL Semi-restrictive.
18GA A clarification dated 25th June 1998 said restrictive; a later one said semi-restrictive. John David Galt confirmed (28th January 2003) '18AL/GA are actually semi-restrictive'.
18GA v2 Semi-restrictive.
18GB Restrictive.
18GL Semi-restrictive.
18GM Semi-restrictive.
18IN Restrictive.
18Ireland Semi-restrictive.
18JP-T Permissive.
18Kaas As for 1830.
18Lilliput Presumed restrictive, although it does not actually say so, simply requiring that all track segments be maintained in an upgrade. There is a general statement regarding tile laying stating that tiles laid must be an extension of track connected to a station marker of the company, so I went for restrictive on the basis that the extension due to the upgrade must therefore constitute the newly laid track for that definition.
18Mex Semi-restrictive, but there is no requirement for a city value to change.
18MS Semi-restrictive.
18MW Permissive.
18Neb Semi-restrictive.
18NK Semi-restrictive.
18NL Permissive.
18NW Restrictive.
18NY Permissive.
18NYC Restrictive.
18OE Semi-restrictive.
18PA Semi-restrictive.
18Rhl Rhineland Semi-restrictive.
18Ruhr Permissive.
18SA Permissive.
18Scan Semi-restrictive.
18SS Semi-restrictive.
18SY As for 1830.
18TN Semi-restrictive.
18US Semi-restrictive.
18USA Permissive.
18VA Semi-restrictive.
18West Semi-restrictive.
Crisis Permissive.
Poseidon, Rolling Stock There are no tiles in the game.
Steam Over Holland Permissive.

5.4 - Do villages upgrade?

1761, 1800, 1812, 1822, 1822CA, 1826, 1830NL, 1835, 1838 Rheinland, 1842, 1844, 1847, 1847AE, 1861, 1865 Sardinia, 1867, 1869 USA West, 1876-35, 1876-35 v2, 1880, 1881, 1883, 1899, 18AL, 18Ardennes, 18BL, 18CLE, 18CZ, 18Dixie, 18FL, 18GA, 18GA v2, 18GB, 18IN, 18Ireland, 18Mex, 18MS, 18NK, 18NL, 18NYC, 18OE, 18PA, 18Ruhr, 18West, Steam Over Holland Yes, they stay as villages but acquire more connections.
1817, 1830 Cardgame, 1830BC, 1831, 1837SX, 1846, 1851, 1868, 18C2C, 18SA, 18SS, 18USA, 2038, Crisis, Railroad Barons Not applicable.
1824, 1824 v2, 1841, 1858, 18Africa, 18NW Single villages upgrade, staying as villages but acquiring more connections. Double villages do not upgrade.
1825, 1829, 1869 The Golden Spike, 18Neb, 18NY Yes, to cities.
1827 Jr., 1830, 1830Lummerland, 1834, 1848, 1857, 1859, 1876 v2, 1876-30, 1876-30 v2, 1879, 1889, 18Chesapeake, 18EC, 18JP-T, 18Kaas, 18Lilliput, 18SY No.
1829 Mainline Single villages do, either to villages with more connections or to cities. Double villages do not.
1832, 1850, 1870, 18??, 18GL Single villages do, acquiring more connections and eventually scoring more. Double villages do not.
1837 Yes, single villages acquire bypasses, double villages coalesce.
1849, 1895, 18EU, 18EZ All Levels, 18Rhl Rhineland, 18TN Yes. They stay as villages, acquiring more connections, and eventually score more.
1853, 1853 v2 Single villages do, sometimes becoming cities; double villages don't.
1854 Double villages do. And from the brown phase, 'large villages' can be turned into cities by a yellow-to-yellow upgrade.
1856, 1891 Yes. Once a 6-train is sold, all villages (except the 'bow-and-arrow' double) upgrade to cities, and single villages also downgrade to plain track.
1860, 18Scan Yes, they stay as villages but acquire more connections and/or higher revenue.
1862 Yes, acquiring more connections and scoring more.
1862EA, 1862EA v2 Yes, to track tiles, upon which a small station marker is placed to indicate which track the small station is on.
1873 What the 1873 rules call villages are what other 18xx games call towns or cities. There are no classic villages in 1873.
1893 Single villages upgrade to villages with more connections, and for brown tiles, increased value. Double villages upgrade to cities.
1898 Villages may be upgraded to cities (green, brown, grey); single villages may be downgraded (green-brown, grey).
18GM Yes. Once a 6-train is sold, all villages upgrade to cities, and single villages also downgrade to plain track.
18MW Yes. Once an 8 train is sold, all villages upgrade to yellow cities, and downgrade to yellow plain track.
18US Villages arrive due to upgrades to plain yellow track tiles. They then stay as villages, acquiring more connections and scoring more.
18VA Coal mines upgrade, acquiring more track, but do not increase in value.
Poseidon, Rolling Stock No. There are no tiles in the game.

Section 6 - Station Markers

6.1 - Cost of station markers

1761 0, then 10*hex distance. Distance measured by 'a crow without a passport'.
1812, 1837, 1861, 1867 0, then 20*hex distance, then 40*hex distance. Distance measured by 'a crow without a passport'.
1817, 18USA All 0. They were paid for at flotation time: 5-share companies pay 50, 10-share companies pay 150 (total), for 3 tokens.
1822, 1822CA 0, then 100. Not applicable for destination tokens or exchange tokens.
1826, 18FL, 18NY, 18US 0, then 20*hex distance measured along route from nearest existing marker.
1827 Jr. 0, then whichever is greater of (20*rail distance to nearest existing station marker) or (value of city).
1830 Cardgame, Poseidon No charge.
1830BC Waterworks cost 30/80/100/150/200 depending on phase.
1831 40 for passenger station, 70 for freight yard until 5 train sold, then 70/110 until 9 train sold, then 110/210.
1835, 1876-35, 1876-35 v2 0, then 20*hex distance from the original marker. Distance is measured by 'a crow without a passport'.
1837SX, 18Rhl Rhineland 0, 60, 80 or 100 as indicated on the company charter. The cost varies between companies.
1838 Rheinland Double the town's value plus 20.
1841, 1898 All 0. They were paid for at flotation time: 50 each for historics, 25/50/100/200 depending on remoteness for non-historics.
1842 0, 3 * revenue of hex on which they are placed.
1846 Normally 0, then 80. Some corporations have reserved city spots that cost 40. In the case of the B&O and PRR, the cost for these is 100 if there is no connection to the reserved city.
1847, 1895, 18West 0, then 100.
1847AE 0, then 60, 80, 100, except for the Hessische Ludgiwsbahn, which is 0 (two home stations), then 80, 100.
1848 0 for the home base, then 40, then 100 for any other tokens for most companies; Commonwealth Railways has two free home bases and three further tokens that cost 100 each.
1849v1&3 All 0. They were paid for at flotation time: first round start-ups pay 0, others pay 100 (total), for 3 tokens.
1849v4 All 0. They were paid for at flotation time, for the fees shown in the table in rule 3.3.
1851 0; they were paid for (100 for 4) at flotation time.
1853, 1853 v2 0 (for both home hexes, in some companies), 40, 100.
1854 0 for home hex, then 50, 100, 150.
1858 Free if from a Private company, twice the city value starting in phase 5, otherwise 40 per province (20 in the same province) from the nearest existing station marker
1859 40 in the yellow phase, 70 in the green phase, and 100 in the brown phase.
1862 0, 40, 100; but 0, 60, 150 across the Canadian border.
1862EA, 1862EA v2 For Chartered Companies, Ł60 each for 3 tokens. For Non-chartered Companies, Ł40 each for 2 to 7 tokens. These costs are paid when the company is floated.
1865 Sardinia The cost depends on the terrain crossed at the borders of hexes along the route from any existing token to the new one.
1868 20, 30, 40, 50, 60. These costs are havlved if placing a token in a city tile at the time it is placed or upgraded.
1869 The Golden West 0, then 40, 100, but for companies with two home bases, it is 0/0 then 100.
1869 USA West 0, 40, 80, 120, 160. Most companies must add 100 to the cost if placing a token in Canada. On the other hand, the Canadian National Railroad and Canadian Pacific Railroad must add 100 to the cost if placing a token in the USA.
1873 0, then 100. 50 to buy an inactive marker from another company.
1880 0 for home bases, 40, 100, prices double when the first 8 train is sold.
1881 0 for home bases, 40, 80 ,120.
1889 0, 40, 40.
1893 For the DE, RB and RSE, 0, 40, 100. For the AGV and HGK, which are formed by merger, 100.
18Ardennes 40 for minor companies, 100 for public companies.
18Chesapeake, 18Mex 0, 40, 60, 80.
18EU All 0. 100 was paid for them at flotation time.
18EZ Level 1 Not applicable (no additional station markers).
18EZ Level 2 0, then 40.
18GB 0, then 50.
18GL 0 (except for CONRAIL), then 20*rail distance to nearest existing station marker.
18IN, 18NW, 18NYC 0, then 20*hex distance from the nearest token. Distance is measured by 'a crow without a passport'.
18Ireland 0, then 20, 50.
18JP-T 0 for home bases, 40, 100. Japanese National Railways is an exception to this. All of their tokens cost 100.
18MW 0, then 40+10*crow distance from the original marker.
18OE 0, then 20, 40, 60, 80, as noted on the company charter for the token being placed. In addition, for a ferry, 20 multiplied by the ferry's distance, and 40 per sea zone crossed.
18Ruhr 0, 60, 80 or 100 as indicated on the company charter.
18SA 0, 40, 60, 80, 100, 120.
18SS All 0.
18SY 0, then 150*hex distance.
2038 Complex, but written on each company's card.
Crisis 0, then 100 then 200.
Railroad Barons No cost, but Operator tokens rather than station markers.
Rolling Stock Not applicable.
Rest 0 for home bases, 40, 100.

6.2 - Can you lay more than one station marker per turn?

This does not include the token in the company's starting hex: you may usually lay one in addition to this.

1761, 1800, 1812, 1817, 1824, 1824 v2, 1825, 1826, 1829, 1829 Mainline, 1830, 1830 Cardgame, 1830Lummerland, 1830NL, 1832, 1837, 1837SX, 1847 Basic Game, 1847AE, 1848, 1850, 1851, 1854, 1856, 1857, 1858, 1859, 1860, 1861, 1862, 1862EA, 1862EA v2, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1873, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1880, 1881, 1883, 1889, 1891, 1893, 1895, 1899, 18??, 18Africa, 18AL, 18Ardennes, 18BL, 18C2C, 18Chesapeake, 18CLE, 18CZ, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GB, 18GL, 18GM, 18IN, 18Ireland, 18JP-T, 18Kaas, 18Lilliput, 18Mex, 18MS, 18Neb, 18NK, 18NL, 18NW, 18NY, 18NYC, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18Scan, 18SS, 18SY, 18TN, 18USA, 18VA, 18West, Steam Over Holland No.
1822, 1822CA No, excluding destination tokens and exchange tokens.
1827 Jr., 1841, 1849v1&3, 1898 No; except by the 'token acquiring' process.
1830BC Yes.
1831 Yes, 3 by company, 6 by system.
1835, 1844, 1846, 1847 Expert Game, 18MW, 2038 No, except by using the special powers of particular privates.
1838 Rheinland No - and in the first round of operations, the home station is the only token that can be laid.
1842 No; except by acquisition of a private company.
1849v4 No; except by the 'token acquiring' process from phase 6 on if playing the Advanced Game.
1853, 1853 v2 Not stated.
18EZ Level 1 Not applicable (no additional station markers).
18SA No, except for companies that start in the brown or grey phases. These may lay their home base and one other token. Companies started earlier may not lay an a second token in addition to their home base in their first operating turn.
18US No, except for a Land Grant company that may be required to place two tokens if it creates a Junction Town and then connects to a qualifying city, which requires conversion to a 10-share company, which in turn requires it to place its doubling token.
2038 You cannot lay two bases or refuels except by using the special powers of privates; you can lay two claims (at a higher cost) and the Asteroid League can lay three.
Crisis You are restricted to one normal placement and one 'speculation' placement on every turn, even the first.
Poseidon Yes. On all hexes with white circles the ship touched in the turn.
Railroad Barons, Rolling Stock Not applicable.

6.3 - Where can you lay a station marker?

1829 It is laid by moving a survey party in the normal way to a city, and then changing its role.
1830 Cardgame On the large gameboard in one of the token spaces for the company.
1830BC Waterworks may be built on any land other than that owned by player-owned privates; permission of the owner is required if land in player hands.
1831 The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train. (Exception for C&O's second home base.)
1837, and in the first edition of 1835, the newly-laid station marker must be connected by track to one belonging to that company; but this track may include one (arguably, more than one) sharp angle that would prevent a train from running over it: "Ein Fahrtrichtungswechsel ist hierbei erlaubt". For 1837 the designer's intention was to allow no more than one backtrack.
1841 As well as the default rule below, the route must be from one of the laying company's existing non-mountain station markers, and must not cross an active border (not even twice).
1846 The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train, except for the B&O and PRR, which do not require any connection to lay a token in their reserved city spots.
1853 The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train, and must be within the company's 'patch'.
1853 v2 The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train, and must be within the company's 'patch'. After the first '5' train is bought, companies owning at least one '5' or '6' train may place a station marker at any station that they can reach from a home base using one of their trains. A company placing a station marker outside its 'patch' must include that station in one of its routes in the same operating round.
1859 The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train, which can be beyond cities fully occupied by other company tokens.
1881 The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train. An S-Bahn token on a minor hub station does not block routes of tramway companies. Tramway company tokens do not block routes of he S-Bahn company.
18EZ Level 1 Not applicable (no additional station markers).
18Ireland The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train using broad gauge track.
18Scan As well as the default rule below, station markers may be placed in off-board hexes with a free token space.
2038 The newly-laid base, refuel, or claim must be reachable from one of the company's bases by a spaceship that it owns.
Crisis On a newly laid yellow station tile if this may be laid somewhere.
Poseidon On all hexes with white circles the ship touched in the turn.
Railroad Barons, olling Stock Not applicable.
Rest The newly-laid station marker must be reachable from one of the laying company's existing station markers by an arbitrarily large train.

6.4 - When is a company's first station marker laid?

1761 At the start of phase 2 the home stations of all public companies are placed on the map.
1800, 1822, 1822CA, 1824, 1824 v2, 1829, 1830, 1830Lummerland, 1830NL, 1831, 1832, 1834, 1837SX, 1844, 1848, 1850, 1853, 1853 v2, 1854, 1856, 1862, 1862EA, 1862EA v2,     1869 USA West, 1870, 1876 v2, 1876-30, 1876-30 v2, 1889, 1893, 1895, 1899, 18AL, 18BL, 18C2C, 18Chesapeake, 18CZ, 18Dixie, 18EC, 18EZ All Levels, 18GA, 18GA v2, 18JP-T, 18Kaas, 18Mex, 18MS, 18NK, 18NL, 18Rhl Rhineland, 18Ruhr, 18SA, 18SS, 18SY, 18TN, Steam Over Holland When it first operates.
1812, 1826, 1829 Mainline, 1837, 1838 Rheinland, 1841, 1849v4, 1851, 1858 1860, 1861, 1868, 1873, 1876-35, 1876-35 v2, 1883, 1898, 18Africa, 18Ardennes, 18GB, 18GL, 18Ireland, 18Lilliput, 18Neb, 18NW, 18NYC, 18Scan When it is floated.
1817, 18USA A company's home station is placed when the President's certificate is put up for auction.
1825, 1847, 1847AE The token is placed on the home base at the start of the operating round in which it will first run.
1830 Cardgame When the company is chosen for the first time when a Build a Station card is played.
1830BC Not applicable.
1835 When it is floated, except for the Badische, which places its home station when it first operates.
1841, 1846, 1849v4, 1898, 18EU, 18IN, 18VA When its president's certificate is bought.
1857, 1859, 1879, 18FL, 18PA, 18US, 18West, 2038 At the start of the game.
1865 Sardinia All base station tokens start the game on the map. For absorbed companies re-entering the game the home base is placed when the President's certificate is purchased.
1867 For public companies, when they are floated. For minor companies, the token is placed on a valid empty city circle on the map when the minor is put up for auction.
1869 The Golden Spike Contradictory. The sections on home bases and floating the company state that the token is placed at the start of the company's first operating turn, while the section of placing station markers says that the home bases were placed when the company was started.
1880 The token is placed on the home base at the end of the stock round in which the Director owns the qualifying number of shares. The qualifying number of shares depends on the phase. From Phase A1 (the start of the game) it is 20%, from B1 it is 30%, from B3 it is 40% and from C2 it is 60%.
1881 It is recommended that base tokens for the tramway companies are placed upside down on their starting hexes at the beginning of the game. The rules do not say when these are flipped over, but it is assumed this happens when the tramway companies float, because the rules do state that the base tokens for the S-Bahn main company and its three subnets are placed when the S-Bahn floats.
1891 Contradictory. As per the 1856 rules, which 1891 is based on, when it first operates. However, the rules on starting a company have an italicised section that states that the token is placed in the starting city when the presidency is purchased.
18?? When it first operates, except for any company started by the Grand Junction Investors private, which places its home station marker in Grand Junction when the private is bought.
18CLE It is placed face down when the President's certificate is bought and turned face up when it first operates.
18GM A company's home station marker is placed when the president's certificate is purchased, but imposes no restrictions (other than reserving the space) until the company operates for the first time.
18NY When it first operates. By the written rules, specifically in the Buy and Place Station Marker step of the turn, although to do so makes it impossible to lay any tiles that rely on a route in the company's first operating turn.
18OE For minors, when floated. Tokens for regionals start on the map.
Poseidon It is pre-printed on the map.
Railroad Barons, Rolling Stock Not applicable.

Section 7 - Trains Run

7.1 - Can you run into a city completely filled by rival station markers?

1827 Jr. Yes; but the company must then pay out half (rounded down) of the city value to the owner of one of the station-markers.
1829, 1873 No.
1830 Cardgame, 1830BC, Railroad Barons, Rolling Stock Not applicable.
1831 Yes; but the company must pay current construction cost of those station-markers to owning company once per set of ORs.
1865 Sardinia Not applicable. Revenue is generated from traffic chips and train points.
1899 Yes, except for the station marker in Inner Mongolia, and the one in Port Arthur if approached across the sea.
18Rhl Rhineland Yes; except for the station markers in Minden, Münster and Roermond, which block the associated off-board hexes.
Rest Yes.

7.2 - Can you do a run that passes through a city completely filled by rival station markers?

1830 Cardgame, 1830BC, Railroad Barons, Rolling Stock Not applicable.
1831 Yes; but the company must pay current construction cost of those station-markers to owning company once per set of ORs.
1859 Yes, by paying 10 to one of the companies with a token in the city. If one of those tokens belongs to a company not yet floated, the company running through may choose to pay the cost to that company, and make the payment to the bank.
1860 One train may pass through a city completely filled by rival station markers.
1862EA, 1862EA v2 Not as standard, but several freight trains running end-to-end may run so that one of the train's runs stops at such a city and another starts again on the other side.
1865 Sardinia Not applicable. Revenue is generated from traffic chips and train points.
1870, 18NK A destination marker can be placed in a hex completely filled by rival station markers, and then allows runs through that hex.
1873 Only on concession routes, but the city counts as 0 in that case.
1881 No, except that S-Bahn tokens on minor hub stations do not block routes for tramway companies, and tramways company tokens do not block routes for the S-Bahn company.
18SS, 2038, Poseidon Yes.
18US Only if the company's or System's doubling token is in the city.
18West Only if it has a Bypass token in the city.
Crisis Only if it has a speculation token on the same tile.
Rest No.

7.3 - Unusual rules about running

1761 2+ and 3+ trains can include any number of villages which add to the value of the route. For 4, 5 and 6 trains, villages may be skipped.
1812 Villages can be skipped. G-trains must run to a port and must have a mine on the route. If a company runs more than one G-train, each G-train must include a different mine on its route. A North-South bonus is payable if a train's route runs from a red off-board area marked N to a red off-board area marked S.
1822 Local trains operate within a single city, although they may also run to a single small station. Trains with Pullmans attached count any number of small stations in addition to their limit of cities.  E (Electric) trains may run on the same track as other trains, only stop at station tokens of the owning company and skip all other stations, and then double the total. The English Channel crossing hex does not count against the run of a train, nor does it earn revenue, but if not tokened by a company it provides access to France while there is an empty token space.
1822CA Local trains operate within a single city, although they may also run to a single small station. Trains with Pullmans attached count up to twice the number of small stations in addition to their limit of cities. E (Electric) trains may run on the same track as other trains, only stop at station tokens of the owning company and skip all other stations, and then double the total. Trains with a grain private company attached count all stations except the small stations colocated with grain elevators, with count for income but not as stops.
1824, 1824 v2 Only G (goods) trains can visit coal mines, which act as a terminus. The number on these train cards is the number of cities that the train may travel through. These trains may include any number of villages in their route. Income from coal mines is paid to the company treasury.
1826 Some trains have run limits determined by counting hexes, not stations. Some trains ignore villages. Some trains count double revenue.
1827 Jr. Run limits are determined by counting hexes, not stations. Winding mountain track counts double.
1829 Mainline Visit and get paid for villages without restriction, excluding Express trains. Some stations have a variable value that depends on other stations on the same route. The value of these stations is the highest value station elsewhere on the route, adjusted by the modifier for the variable station. If more than one variable station is included on a route, the lower value variable station is calculated first. If this then becomes the highest value station on the route, the next variable station is calculated from that value, and so on.
1830BC The single 'train' for all players is three separate floods of water coming down the rivers. Waterworks allow the owning player to divert the path of the water.
1831 Has passenger and freight trains (and mixed trains up to 5). Also, train purchase comes before running, so trains bought from the bank may be used on their turn of purchase. (Trains bought from other companies may not.)
1832 A route can only include the West Virginia Coal Fields if the operating company has a West Virginia Cola Fields token. The first time Miami is used in a run prior to the first '5' train being sold, it counts as zero.
1834 2T trains run from one city to another, counting all villages along the way towards their income, with one of the cities having its valued doubled. Trains may only run from one off-board area to another if running from a southern OBH to a northern OBH. If this is done the run gains a bonus of 20.
1837 Coal trains visit and get paid for villages without restriction. Express trains ignore villages.
1837SX A train's number indicates the total track capacity for its route. One hex of single track has a capacity of two, one hex of double track has a capacity of one, off-board locations have various capacities. The total capacity of the track used on the route may not exceed the train's number. 6N trains may not enter grey hexes/tiles or red off-board locations. 16H trains may use only one track of a violet hexes, but may use several violet hexes.
1838 Rheinland Bonuses may be available for including a coal mine and/or a steel mill on a route. Bonuses are given for a route that runs from the off-board hexes in the north west to the south east, or from the north east to the south west.
1841, 1898 Visit and get paid for villages without restriction. Each route must include at least two places other than ports and passes. Each route must visit one of the company's own city-based tokens; those in mountain passes don't count for this.
1842 At least one of a set of routes must include the company's starting place. Some tiles bear two values for the stations. The higher values are used if the company has a station marker on the tile.
1844 The H trains count hexes not stations. Unlike H trains in other games, they include the hex where they start.
1846 A route cannot run from one east off-board region to any other east off-board region. N/M trains can visit M cities and choose N of them to count as revenue, provided at least one of these contains one of the company's tokens. A route that connects an east off-board region to a west off-board region and counts both earns a bonus.
1847 At least one of a set of routes must include the company's home station. Single train routes connecting selected off-board areas and/or cities gain a bonus.
1847AE Single train routes connecting selected off-board areas and/or cities gain a bonus.
1848 Gauge change markers are placed on hex edges where the gauge of track changes. These markers count towards the length of a route as if they were value 0 cities. Plus-trains (e.g. 4+) can include one gauge change marker in addition to the usual length of its route. Visit and get paid for villages and small harbours without restriction. "e trains (The Ghan) do not count towards a company's train limit, nor does owning one satisfy the requirement for a company to own a train. A company may only own one 2E train. 2E trains cannot be traded between companies. A bonus is paid when the route of one train includes more than one K-city, the value of which increases with the number of K-cities in the run.
1849, 1895 Routes are determined by counting hexes, not stations.
1850 A route can only include the Mesabi Mining Range if the operating company has a Mesabi Range token. If an eligible company has a token placed in an edge area (a red off-board area with an appropriate token space), that area couints double for that company.
1851 Red-to-red routes pay an extra 10 per stop (including 10 each for the two red OBHs).
1853, 1853 v2, 18EU, 18GA, 18Mex, Steam Over Holland Visit and get paid for villages without restriction.
1854 '+' trains visit and get paid for villages without restriction.
1858 M-trains run on narrow and duel gauge only; all others run on broad and dual gauge only. H-trains may run that many hexes (centre to centre); M-trains run that may large cities plus any number of small stations; E-trains must skip small stations; D-trains run as E-trains and double revenue. Ports and France count as large cities, not villages.
1859 Trains may run through blocked cities by paying a fee to the company owning one of the blocking tokens.
1860 All runs must intersect with each other, forming a coherent network, with at least one train visiting the company's home base. Halts may be bypassed or included as desired.
1861, 1867 Villages can be skipped.
1862 Some trains can skip cities. Some routes have destination bonuses.
1862EA, 1862EA v2 All runs must intersect with each other, forming a coherent network, with at least one train visiting the company's home base. There are three types of trains - Freight, Local and Express - each with their own rules about running. The company is required to own a permit for each type of train it uses. A train may not run to the London off-board area unless the company has placed a token in London.
1865 Sardinia Revenue is generated from traffic chips and train points. Traffic chips are gained by companies from routes along which they have tokens, while traffic points come from the trains they own.
1869 The Golden Spike Some tiles have plus numbers on them representing classification yards. A train that includes one of these tiles and has a token on the tile receives a classification yard bonus, allowing it to extend the train's run by the plus amount (+1, +2 or +3).
1869 USA West Most companies have specific bonus routes that they can run for additional revenue.
1870, 18NK Companies can make connection runs and place destination markers that double the value of the city if at the end of a route.
1873 There are very special rules for routes and revenue calculation covered by rules 4.4.3 and 4.4.4 (1˝ pages of text).
1879 Company starting locations have no value. If a company uses its starting location as part of a route, the value of the highest income town or city on the route is doubled.
1881 The various S-Bahn subnets may not use track that another subnet has used in the same operating round. Bonus markers are placed around the edge of the map at the start of the game. The first tramway company to connect these marked hexes with a station in the city centre (marked with a red border) receives a bonus of 100. The bonus marker is then removed.
1883 2G trains can use routes already used by other trains.
1889 Off-board area has a higher value for D-trains only.
1895 Routes are determined by counting hexes, not stations. Mines pay directly to the company treasury and do not count to the revenue total.
1899 The Inner Mongolia off-board area increases in value with respect to the number of connections to the area a company can make. In addition, if a token is placed in this area, no other company may use it.
18?? Companies can make connection runs to off-board areas and place destination markers that double the value of the city if at the end of a route. Villages may be ignored, except for Oreburg.
18Africa Bonuses may be gained from a conecssion allocated to a company, and from running the Cape to Cairo and Dakar to Dar es Salaam transcontinental routes.
18AL Destination bonus when token placed on destination city. 4D trains count OBHs double.
18Ardennes 4D trains may reuse track used by a company's other train. If a train run an East-West and/or North-South Trans-Europ Express route, it gains a bonus of 30 for each station token on the route. This is doubled if both East-West and North-South routes are run at the same time.
18BL Rail buses (trams) may only include one city in their route, and may not run routes to red off-board areas. The grey pre-printed hex (P12) of the EHG (Eisenhüttengesellschaft, private #4) may only be used on a route if the company possesses an appropriate Access Token.
18C2C Companies can make connection runs and place destination markers that double the value of the city if at the end of a route. Companies can also gain a one-time transcontinental bonus that moves their stock marker one space to the right on the stock market. They do this by running a train from any city on the west coast to any city east of the Mississippi river.
18CLE A route can include any number of villages, but may only include a number of cities up to the train number. Routes should start and stop at cities, but may stop at a village if the route can only include one city.
18CZ None.
18Dixie, 18MS Non-permanent trains may skip villages.
18EC A company in possession of a mail contract may run a Mail Train in addition to its other trains.
18EZ All Levels None.
18FL Trains other than the '3E' visit and get paid for villages without restriction. Hotels on oe of these routes pay a bonus. '3E' trains ignore villages and hotels completely.
18GB 4X, 5X and 6X trains must skip villages; they also gain a bonus for the distance between the start and end hexes of their route.
18GL Routes are determined by counting hexes, not stations. One of the three ferry lines may be active. An active ferry line can be used freely by the company with the ferry token, or by paying that company 50.
18GM Any value-added tokens on the route must be scored.
18IN an Interurban Traction (T) train can run for a total of three hexes and can use track used by another train in the same round.
18Ireland Trains may only run on broad gauge track. Narrow gauge track adds the value of small stations that are exclusively on narrow gauge track to the first broad gauge station they are connected to.
18Kaas The Ruhrgebied (J18 and K19) has no value by itself, it doubles the value of all other towns on the route, but counts as a town for route length. Alternative rules for this area are that it increases the value of all other towns on the route by 20 or 30.
18Neb If a train's route includes both an East and West off-board area the total value of one stop on the route is doubled.
18NW A train that runs between one of the eastern off-board locations and Alaska, Vancouver, Seattle or Portland adds 50 to the beginning and end locations.
18NY A company is not required to run for maximum possible earnings. Connection Bonus tokens may be claimed for routes that include the relevant hexes. Coal token may also be claimed. These tokens add 10 to the revenue for each subsequent round while the company owns them.
18NYC The Seacaucus Junction off-board location can only be run to if a Line either owns the PATH private or purchases a PATH token. The PATH private will not always be in play. If it is not, PATH tokens can be bought from the bank.
18OE Trains may be local or express trains. There are public and private ports, the latter requiring a token in the adjacent city. Trains may use these ports to make sea crossings.
18PA Four companies have tokens that double the value of their specified destinations. Bonus tokens may be purchased that add 40 to a company's overall revenue for running toor through Scranton (G12).
18Rhl Rhineland Bonuses may be available for including a coal mine and/or a steel mill on a route. Bonuses are given for a route that runs from the off-board hexes in the north west to the south east, or from the north east to the west.
18SA Trains may run through the off-board area of Patagonia. There are passenger trains and freight tokens and trains. A city fully tokened by one type of token may only be run to by the same type of train.
18Scan Express and high-speed trains ignore villages. You can only run to off-board hexes with a token space if the company occupies that space with one of its station markers.
18SS Tokens of other companies do not block or restrict a company's runs in any way. 8 trains may use track that other trains also use.
18SY -x trains can include an unlimited number of villages in their runs.
18TN None.
18US A train may run through a city fully occupied by blocking tokens if the company's or System's doubling token is in the city. An Express train that runs a coast-to-coast route applies a doubling bonus to any single city on its route. If the chosen city is already doubled by a x2 token, it is quadrupled. Freight trains earn the value of cities and junction towns that contain the company's or system's tokens. Freight bonuses that vary according to the phase are paid to companies that own classic trains (2, 3 or 4) or freight trains (2G, 3G or 4G).
18USA A train may only pass through each Rural Junction and each tile with a resource token once.
18VA The three different kinds of off-board area add various bonuses.
18West A train may run through a city fully occupied by blocking tokens if the company has a Bypass token in the city. Visit and get paid for villages without restriction (except 4D trains). Land Grant companies add grants to the revenue total for yellow tiles placed on certain hexes on the map. A train that runs a coast-to-coast route applies a doubling bonus to any single city on its route. If the chosen city is already doubled by a x2 token, it is quadrupled.
2038 The 'train' is a spaceship. Each mine may only be worked once per OR.
Crisis Routes are affected by signals, speculation tokens, etc.
Poseidon The nation's ship gains revenue from each temple and trading post owned by the netion that is visited. If the ship is not sent out a fixed sum, depending on the phase, is paid into the nation's coffers.
Railroad Barons Revenue is calculated from the Railroad Corporations (trains) owned, route network token income and bonuses given by Investors.
Rolling Stock Revenue is calculated from the income of subsidiary companies (i.e. private companies the public company has bought), plus their synergies, minus the cost of ownership.

7.4 - Can one train run to two stations on the same tile?

It may be worth pointing out that off-board areas are generally considered to be single destinations, even when there are multiple entry points to an area, and when off-board areas consist of more than one hex. 18PA would appear to be the only game that allows you to run to two entry points of the same off-board area with a single train.

1761, 1812, 1817, 1826, 1827 Jr., 1829 Mainline, 1837SX, 1842, 1846, 1861 v2, 1867, 1873, 1876 v2, 1881, 1883, 1889, 18AL, 18Ardennes, 18Dixie, 18EU, 18FL, 18IN, 18Lilliput, 18MS, 18Neb, 18NY, 18NYC, 18OE, 18Scan, 18SS, 18TN, 18USA, 18West, Poseidon No.
1800, 1830, 1830Lummerland, 1830NL, 1832, 1834, 1841, 1844, 1847, 1847AE, 1848, 1850, 1851, 1856, 1857, 1859, 1862, 1868, 1870, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1880, 1891, 1895, 1898, 1899, 18??, 18Africa, 18BL, 18C2C, 18Chesapeake,  18EC, 18GM, 18Ireland, 18JP-T, 18Kaas, 18Mex, 18NL, 18NW, 18PA, 18Rhl Rhineland, 18Ruhr, 18SY, Steam Over Holland Yes.
1822, 1822CA, 1824, 1824 v2, 1853, 1853 v2 You may not run to two large stations on the same tile. Small stations are not restricted.
1825, 1829 No, but if using Tank engines (3T, 4T) available in extension kits, these can call at two villages on the same hex or tile.
1830 Cardgame, 1830BC, 1849, 1862EA, 1862EA v2, 1865 Sardinia, 1869 USA West, 1893, 18CLE, 18EZ All Levels, 18GL, 18MW, 18NK, 18NY, 18SA, 18VA, Crisis, Railroad Barons, Rolling Stock Not applicable.
1831 No, but there are exceptions for the Delaware large city and commuter runs.
1835 Yes, except Berlin.
1837 Yes, but not two stations in Vienna. In the case of Buda and Pest, the entire run may be on one hex.
1838 Rheinland Yes, but not Duisburg, Düsseldorf or Köln when running a bonus route connecting opposite corners of the map.
1854 Yes. But not Wien, Zürich, or Sankt Pölten. Those three locations are specifically listed in the rules as not allowing one train to visit twice. As Zurich is an off-board location, it makes sense for Bozen and Budapest to be treated in the same way, in line with the way that most 18xx games treat off-board areas.
1858 Not usually, but they can run to two small stations on the same tile.
1860 Yes, but you may not revisit the same hex twice.
1861 v1 Not covered by the rules, but a clarification from JKLM Games states that you cannot visit the same station hex, station tile or off-board area twice with the same train. Off-board areas means, for example, that all the red hexes that form the off-board area of Poland are counted as one area.
1869 The Golden Spike No, except for San Franscisco before it is upgraded to grey.
1898 Only YY-tiles (which start as two villages).
18CZ Yes, for the green OO tiles, but is not permitted for the city of Praha.
18GA, 18GA v2 Yes; even three.
18GB Yes, but it does not receive income from the second station.
18US Yes, but only when the two cities are separate from each other.
2038 Two mines, yes.

7.5 - Is double-heading allowed?

1825 Yes. Two 2 trains may be used as a 3 train.
1827 Jr. Yes. Two n trains may be used as a 2n train.
1829 Yes. An n train and an m train may be used as an n+1 train.
1830 Cardgame, 1830BC, Railroad Barons, Rolling Stock Not applicable.
1862EA, 1862EA v2 Non-permanent freight trains must run end-to-end as a single freight run.
18OE Yes, a major company may combine two or more non-permanent trains into one larger train.
Rest No.

7.6 - Rules about villages

[By 'villages' this means the places which are shown on maps as small black rectangles or filled circles. The word 'city' is only used for places with one or more circles for the placement of station markers. This avoids the ambiguities found in some rulesets.]

In 1830 and some other games, villages are a nuisance. They count towards the station count of a train, but add little to revenue. In such games it is almost always better to build a line through an empty field than through a village, if other things are equal and diesels are not in operation. While this is not a problem for gameplay, some people feel that it makes an unsatisfactory simulation. This may be why various authors have found various ways of changing it.

1761 2+ and 3+ trains can include any number of villages which add to the value of the route. For 4, 5 and 6 trains, villages may be skipped.
1800, 1824, 1824 v2, 1830, 1830Lummerland, 1830NL, 1832, 1842, 1850, 1857, 1859, 1862, 1865 Sardinia, 1869 The Golden Spike, 1869 USA West, 1870, 1876 v2, 1876-30, 1876-30 v2, 1879, 1883, 1889, 1893, 1899, 18Africa, 18Chesapeake, 18EC, 18EZ All Levels, 18Ireland, 18JP-T, 18Kaas, 18NK, 18NL, 18NY, 18PA, 18Ruhr, 18TN No special rule.
1812, 1861, 1867 Villages can be skipped on all routes.
1817, 1830BC, 1831, 1837SX, 1846, 1851, 1868, 18C2C, 18SA, 18SS, 18USA, 2038, Crisis, Poseidon There are no villages.
1822 Trains with Pullmans attached count any number of villages in addition to their standard limit of cities. E trains only stop at cities with company tokens and skip all other stations.
1822CA Trains with Pullmans attached count up to twice the number of small stations in addition to their limit of cities. E trains only stop at cities with company tokens and skip all other stations.  Trains with a grain private company attached count all stations except the small stations colocated with grain elevators, with count for income but not as stops.
1825, 1829 A run may not start nor end in a village. Double-heading (see item 7.5) reduces the severity of this restriction. Some trains included in extension kits allow runs to start or end in a village.
1826 H trains count hexes not stations. E and TGV trains ignore villages.
1827Jr, 1849, 1895 Trains count hexes not stations.
1829 Mainline Most trains may not start or end their routes at a village. The 4T trains may start or end their route at any station.
1830 Cardgame, Railroad Barons, Rolling Stock Not applicable.
1834 2T trains include all villages between two cities toward their income.
1835, 1838 Rheinland, 1847, 1847AE, 1876-35, 1876-35 v2, 18OE As well as N trains that visit up to N stations, there are N+n trains that visit up to n villages as well as up to N stations.
1837 As for 1835 and 1847, but N+n trains are rarer. Also, for coal trains villages contribute to the run, but do not count towards the station count; and express trains ignore villages.
1841, 1848, 1853, 1853v2, 1898, 18EU, 18AL, 18CLE, 18GA, 18GA v2, 18Mex, 18West Villages contribute to the run, but do not count towards the station count. In 1841 this rule is in §4.3.1.
1854 Villages on the local map contribute to the run, but do not count towards the station count. Double villages on the main map can be upgraded to cities, and so can 'large' villages from the brown phase.
1856, 1891, 18GM, 18MW Villages may eventually be upgraded to cities or 'downgraded' to empty fields.
1858 H-trains and M-trains count villages, and may start/end their runs at them. E-trains and D-trains must ignore villages.
1860 Trains have a separate small station (village) allowance that can be used to visit villages or halts. Villages initially have halts, which provide a company subsidy but no revenue, and may be upgraded later to small stations.
1862EA, 1862EA v2 Freight and Express trains ignore small stations.
1873 What the 1873 rules call villages are what other 18xx games call towns or cities. There are no classic villages in 1873.
1880 As well as N trains that visit up to N stations, there are N+n trains that visit up to n villages as well as up to N stations. There are also E trains that can skip as many stations as desired as long as at least one city space containsone of the company's tokens.
18?? Villages other than Oreburg can be ignored.
18Ardennes For regular trains, villages contribute to the run, but do not count towards the station count. 4D trains ignore them completely.
18BL Rail buses (trams) may visit many villages but only one city. If the rail bus has a trailer, the value of the villages will be doubled, except for the village on the pre-printed hex P12. Some village tiles have a revenue value of 15. If the total revenue ends in a 5, the total is rounded down to the nearest 10.
18CZ For E trains, villages may be skipped, and if skipped do not contribute to the total revenue or station count.
18Dixie, 18MS May be skipped by non-permanent trains.
18FL For trains other than the '3E', villages contribute to the run, but do not count towards the station count. '3E' trains ignore villages completely. Hotels may be placed on villages.
18GB As well as N trains that visit up to N stations, there are N+n trains that visit up to n villages as well as up to N stations. 4X, 5X and 6X trains must skip villages.
18GL H trains count hexes not stations. E trains ignore villages. Diesels can visit an unlimited number of cities, villages and off-board locations.
18Lilliput Villages contribute to the run, but do not count towards the station count. The same is tru for the harbours.
18Neb Regular trains are N+n, counting N cities and n villages. Express trains may skip any stations, while 4D trains ignore villages entirely.
18NYC Villages do not count towards the train limit, but are counted for revenue.
18Rhl Rhineland For most trains, villages contribute to the run, but do not count towards the station count. For 8 trains (Rheingold-Express) villages do not contribute to the run or count towards the station count.
18Scan Express and high-speed trains ignore villages.
18SY -x trains can include an unlimited number of villages in their runs.
18US When plain yellow track tiles are upgraded to villages (junction towns) the company must place a token on the hex. If it cannot place the token it cannot do the upgrade.
18VA Not villages, but coal mines. Only goods trains, aka freight trains, may score them. Other trains may pass through them and ignore them.
Steam Over Holland A run may not start nor end in a village. Villages contribute to the run, but do not count towards the station count. '3E' trains ignore villages completely.

7.7 - Must the maximum possible revenue be claimed?

The answers in this section are based on statements in the rules about whether the maximum possible revenue must be declared, which in some rules is referred to as making the 'best possible use' of a company's trains. Unless otherwise stated, any player may demonstrate a better revenue total than that proposed by the Director/President, which must then be taken. As only those people playing the game should be bound by the rules, it is up to individual groups of players to decide whether non-playing observers should be entitled to do the same.

1761, 1812, 1822, 1822CA, 1830, 1830Lummerland, 1830NL, 1834, 1841, 1849, 1851, 1857, 1859, 1861, 1867, 1868, 1869 USA West, 1876 v2, 1876-30, 1879, 1883, 18Chesapeake, 18CLE, 18Dixie, 18GB, 18Ireland, 18JP-T, 18Kaas, 18OE, 18SS, 18SY Yes. Players are not required to point out a higher revenue total than that claimed.
1817, 1824 v2, 1825, 1826, 1829, 1830BC, 1846, 1858, 1865 Sardinia, 1889, 18Ardennes, 18CZ, 18EU, 18FL, 18GL, 18IN, 18Lilliput, 18Neb, 18NW, 18NYC, 18PA, 18Scan, 18US, 18USA, 18VA, 18West, Rolling Stock, Steam Over Holland Yes.
1824, 1829 Mainline, 1835, 1837, 1838 Rheinland, 1842, 1847, 1847AE, 1853, 1853 v2, 1854, 1860, 1862, 1862EA, 1862EA v2, 1876-35, 18EC, 18NL, 18NY, 2038 No.
1827Jr, 1831, 1848, 1876-30 v2, 1876-35 v2, 1880, 1881, 1893, 1898, 18Africa, 18BL, 18EZ All Levels, 18MW, 18Rhl Rhineland, 18Ruhr, 18SA, Crisis, Poseidon, Railroad Barons Unknown/not stated.
1830 Cardgame Not applicable.
1832, 1837SX, 1850, 1856, 1869 The Golden Spike, 1870, 1891, 18??, 18AL, 18C2C, 18GA, 18GA v2, 18GM, 18Mex, 18MS, 18NK, 18TN Yes. Stockholders of the operating company may point out a higher revenue total than that claimed, which must then be taken.
1844 Yes. {The rules make no comment, but the designer's FAQ states that the highest paying route must always be used, and that it is not permitted to claim lower paying routes in order to activate mountain railways and tunnel companies}
1873 You must run the maximum possible number of routes, and you must run all routes to their ends. No requirement is present to maximise revenue.
1895 Yes, but a lower revenue may be claimed if the president chooses to run via a mine. In this case the run must be the maximum possible including the mine.
1899 Yes, but a lower revenue may be claimed if a better Mail run can thereby be claimed.

Section 8 - Payment of Earnings

8.1 - Does stock move right for payment of dividends?

1761 Only if ten times the dividend per share equals or exceeds the current share price. For 10-share companies, is ten times the dividend per share equals or exceeds twice the current share price, the price increases by two places.
1800, 1826, 1851, 1858, 1883, 18EU, 18Neb, 18NY, 18OE, 18Rhl Rhineland, 18Ruhr, 18VA, 18West Only if the dividend paid out equals or exceeds the current share price.
1812 For Minor Companies, yes, although the share price may not exceed Ł150. For Public Companies, only if the dividend paid out equals or exceeds the current share price.
1817, 18FL One place if a dividend is eual to or greater than the current share price, two places if equal to or greater than twice the current share price.
1822, 1822CA For Minor companies, yes. For Major Companies, only if the dividend is equal to or greater than the share price. If the dividend is equal to or greater than twice the share price, the share price moves two spaces to the right.
1824, 1824 v2, 1829, 1830, 1830Lummerland, 1830NL, 1834, 1835, 1837SX, 1838 Rheinland, 1842, 1847, 1847AE, 1848, 1853, 1854, 1856, 1857, 1859, 1862, 1865 Sardinia, 1868, 1869 USA West, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1880, 1881, 1889, 1891, 1893, 1895, 1899, 18AL, 18Chesapeake, 18Dixie, 18EC, 18EZ Level 2, 18GA, 18GA v2, 18GM, 18JP-T, 18Lilliput, 18Kaas, 18Mex, 18MS, 18NL, 18PA, 18SS, 18SY, 18TN, Crisis, Poseidon, Railroad Barons Yes.
1825, 1829 Mainline, 18Africa One place if the total dividend is more than half the share price; two to four places if the dividend is equal to or greater than two to four times the share price.
1827 Jr. Complex. See table in rule 3.3.2.
1830 Cardgame Not applicable (no stock market).
1830BC One place per region of that terrain irrigated.
1831 One place if all stakeholders paid; two places if all paid +200%.
1832, 1850, 1869 The Golden Spike, 1870, 18??, 18EZ Level 3, 18NK Yes; and stays put for half payout.
1837 Right for 100% payout, right and down for 50% payout.
1841, 1849, 1898 Only if earnings exceed the current price of a 10% share (20% for minors).
1844 Yes; but regional companies may not move past the thin red line on the stock market.
1846 One column if earnings are at least equal to the current share price, two columns if double, three columns if triple and the current share price is over $150.
1853 v2 One place if the total dividend is less than twice the share price; two to five places if the dividend is equal to or greater than two to five times the share price.
1860, 1862EA, 1862EA v2 One place if the total dividend is equal to or greater than the share price; two to four places if the dividend is equal to or greater than two to four times the share price.
1861 Yes; for Minor companies, upwards instead if moving right of the yellow-shaded sixth column; for Public companies, only if the dividend paid out equals or exceeds the current share price.
1867 Yes; for Minor companies, their share price may not exceed 165; for Public companies, only if the dividend paid out equals or exceeds the current share price.
1873 One place if the total dividend is more than half the share price; two to three places if the dividend is greater than two to three times the share price.
18Ardennes Only if the dividend paid out equals or exceeds the current share price. Minor companies and five-share companies whose dividend equals or exceeds twice the current share price move their tokens up two spaces. For minor companies in the grey zone, any non-zero dividend moves the price up to the 50 space.
18BL For a 100% dividend, yes. For a 75% dividend, only if the total dividend paid is equal to or higher than 150% of the current share price.
18C2C Yes; and stays put for half payout. If in the $500 space it is moved to the $250 space on the top row and is worth double the market value at the end of the game.
18CZ One place for small and medium companies, two places for large companies.
18EZ Level 1 Not Applicable (no share prices).
18GB At least one space for a non-zero dividend; two to four spaces if the dividend is equal to or greater than two to four times the share price.
18GL Only if the dividend paid out equals or exceeds the current share price. Starting in phase 10H, if the dividend equals or exceeds the current share price, the price moves right two columns.
18IN Only if the dividend paid out equals or exceeds the current share price. Starting in phase 6, if the dividend equals or exceeds twice the current share price, the price moves right two columns.
18Ireland Only if the dividend paid out equals or exceeds the current share price. Additionaly, for 5-share companies only, if the dividend is at least twice the current share price, the token moves to the right one aextra space.
18MW Yes; except in blue zone, where 10% payout is needed to move one place, 30% two places.
18NW One column if earnings are at least equal to the current share price, from phase 6 onwards, two columns if double.
18NYC Only if the dividend paid out equals or exceeds the current share price. Starting in phase 3E, if the dividend equals or exceeds twice the current share price, the price moves right two columns.
18SA Yes for a 100% payout, no for a 50% payout.
18Scan One column if earnings are at least equal to the current share price, two columns if double.
18US Only if the dividend paid out equals or exceeds the current share price. From phase 5E/4G, if a 10-share company delcares a dividend that equals or exceeds twice the current market value, it moves two spaces to the right.
18USA One to four steps if the total dividend is 50%, 100%, 150% or 200% of the share price.
2038 One place for half payout, two places for full payout.
Rolling Stock Share price movement is not directly coupled to dividends.
Steam Over Holland Prices move up rather than to the right. Only if the dividend paid out exceeds the current share price. If the dividend exceeds twice the current market value, it moves two spaces.

8.2 - What dividend payments go into the company's treasury?

1761, 1824, 1824 v2, 1825, 1829, 1829 Mainline, 1830BC, 1848, 1853, 1853 v2, 1854, 1860, 1873, 1880, 1883, 1893, 18Africa, 18CZ, 18Lilliput, 18PA, Crisis, Railroad Barons, Rolling Stock None.
1800, 1812, 1817, 1846, 1861, 1862EA, 1862EA v2, 1867, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 18Ardennes, 18GL, 18IN, 18Ireland, 18Neb, 18NW, 18NY, 18NYC, 18OE, 18Scan, 18USA, Steam Over Holland Those for shares in the company treasury.
1822, 1822CA For Minor Companies, 50%. For Major Companies, 50% (rounded up to the nearest 10) if paying a half dividend, or for shares in the company treasury.
1826, 18EU Those for unissued shares. But note that if a company floats after a certain phase it receives 100% capitalisation and unsold shares are issued into the bank pool.
1830, 1830Lummerland, 1834, 1835, 1837, 1838 Rheinland, 1844, 1847, 1847AE, 1856, 1857, 1859, 1868, 1869 USA West, 1876 v2, 1879, 1881, 1889, 1891, 1899, 18AL, 18BL, 18Chesapeake, 18CLE, 18Dixie, 18EC, 18FL, 18GA, 18GA v2, 18JP-T, 18Kaas, 18Mex, 18MS, 18NL, 18SS, 18TN, 18US, 18VA Those for shares in the bank pool.
1830 Cardgame Not applicable (no company treasuries).
1831, 1862 Those for shares in the company treasury. They can only get there through the 'redemption' process.
1832, 1850, 1870, 18??, 18C2C, 18GM, 18NK Those for unissued shares and redeemed shares.
1837SX, 1841, 1849, 1851, 1865 Sardinia, 1895, 1898, 18MW, 18Rhl Rhineland, 18Ruhr Those for unissued shares.
1842 Those for unissued shares; except for the HAV, which receives none.
1858 Those for shares in the company treasury, plus any remainder from calculations.
1869 The Golden Spike Those for unnissed shares and growth shares.
18EZ Levels 2 and 3 Those for unissued shares. Note, however, that an unknown number of early copies state that no payments go into the company treasury.
18GB Those for unissued shares. But note that ten-share companies place shares in the bank pool, which are then considered as issued and do not pay the treasury.
18SA For a 100% payout, those for shares in the bank pool. For a 50% payout, 50% of the dividend, plus possibly 5 if the shareholder dividend was reduced by 5 (e.g. a dividend of 90 would result in a shareholder dividend of 45, making payment of 4˝ per share problematic, so the shareholder dividend would be reduced to 40 and the deducted 5 added to the company treasury).
18SY Those for unsold shares, but if more than 60% remains unsold, only 60% is paid into the treasury.
18West Those for shares in the company treasury. Granger Road companies pay 50% to the treasury.
2038 Those for shares in the bank pool, and those for unissued shares in the Asteroid League and in growth companies.
Poseidon Those for rounds where the ship is not sent out and a fixed sum is paid into the nation's coffers.

8.3 - Does stock move left for withheld earnings?

1827 Jr. Yes. See table in rule 3.3.2.
1830 Cardgame Not applicable (no stock market).
1830BC No; a waterwork of the lowest value is removed instead.
1831 Left one place for withheld or paid preferred stock only, left two places for did not run a train.
1846, 18NY Yes, if there is no payout or payout is less than half its current share price.
1853, 1853 v2 Yes, if shares of the company are in the bank pool.
1865 Sardinia No. It does move left, however, if a zero dividend is declared.
1870, 18??, 18NK Yes, but for a withheld connection run the price does not change.
18EZ Level 1 Not applicable (no share prices).
18TN Yes, except for companies that own one train when the effects of Civil War are applied, in which case the stock price remains the same.
Poseidon, Railroad Barons No.
Rolling Stock Share price movement is not directly coupled to dividends.
Steam Over Holland Prices move down rather than to the left. Yes.
Rest Yes.

8.4 - Can a company make a partial payout?

1761, 1817, 1832, 1850, 1861, 1867, 18C2C, 18NK, 18NY, 18SS, 18USA It may make a 50% payout. Odd units are rounded in favour of the shareholders.
1800, 1812, 1826, 1846, 1851, 1873, 18EU, 18GL, 18IN, 18Neb, 18NW, 18NYC, 18OE It may make a 50% payout. Odd units are rounded in favour of the shareholder. The amount paid out to the shareholders determines whether its share price moves to the right.
1822, 1822CA For Minor Companies, 50% is standard. For Major Companies, a 50% payout is allowed (rounded up to the nearest 10).
1824, 1824 v2 Pre-Staatsbahnen companies pay half their income to their owners and half to their treasury.
1825, 1829, 1829 Mainline, 1830, 1830 Cardgame, 1830BC, 1830Lummerland, 1834, 1835, 1837SX, 1838 Rheinland, 1841, 1842, 1844, 1847, 1847AE, 1848, 1849v4, 1853, 1853 v2, 1854, 1856, 1857, 1859, 1860, 1862, 1862EA, 1862EA v2, 1865 Sardinia, 1868, 1869 USA West, 1876 v2, 1876-30, 1876-30 v2, 1876-35, 1876-35 v2, 1879, 1880, 1881, 1883, 1889, 1891, 1893, 1895, 1899, 18Africa, 18AL, 18Ardennes, 18Chesapeake, 18CLE, 18CZ, 18Dixie, 18EC, 18EZ Levels 1 and 2, 18FL, 18GA, 18GA v2, 18GB, 18Ireland, 18JP-T, 18Kaas, 18Lilliput, 18Mex, 18MS, 18NL, 18PA, 18Rhl Rhineland, 18Ruhr, 18Scan, 18SY, 18TN, 18US, 18VA, 18West, Poseidon, Railroad Barons, Steam Over Holland No.
1831 It may pay preferred 50%, common 25%, withhold 25%, stock price does not move.
1837 It may make a 50% payout.  Amounts are calculated exactly, then odd half-crowns rounded in favour of the bank.
1858, 1869 The Golden Spike, 1870, 18??, 18EZ Level 3, 18GM It may make a 50% payout. Odd units are rounded in favour of the company.
18BL It may make a 75% payout.
18SA It may make a 50% payout if the total dividend is equal to or higher than the current share price. If this makes the payment of dividends for individual 10% share difficult, the shareholder dividend is reduced by 5 and this amount added to the company treasury (e.g. a dividend of 90 would result in a shareholder dividend of 45, making payment of 4˝ per share problematic, so the shareholder dividend would be reduced to 40 and the deducted 5 added to the company treasury).
2038 It may make a 50% payout. Odd units are rounded in favour of the shareholders. If a company does this its share price only moves one step to the right, not two.
Rolling Stock The President freely sets a dividend per share within a range from zero to one third of the share price.

Section 9 - Purchasing Trains

9.1 - Can companies buy trains from one another?

1761, 1812, 1817, 1827 Jr., 1832, 1837SX, 1841, 1849, 1850, 1858, 1861, 1862, 1865 Sardinia, 1867, 1869 The Golden Spike, 1869 USA West, 1870, 1881, 1883, 1889, 18??, 18Africa, 18AL, 18Ardennes, 18C2C, 18Chesapeake, 18CLE, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GM, 18Ireland, 18MS, 18NK, 18PA, 18Ruhr, 18SA, 18SS, 18SY-O, 18TN, 18US, 18USA, 18VA, Steam Over Holland Yes, minimum price 1.
1800, 1830 Cardgame, 1830BC, 18EZ Level 1 No.
1822, 1822CA, 1835, 1837, 1838 Rheinland, 1842, 1851, 1854, 1876-30 v2, 1876-35, 1876-35 v2, 1893, 1898, 18EC, 18NL, 18Rhl Rhineland, 18SY-G, 18West Once a 3 train has been bought, minimum price 1.
1824, 1824 v2, 1848 Yes, once a 3 train has been purchased, minimum price 1 if both companies have the same Director, face value otherwise.
1825 Yes, minimum price 10. For Unit 1 and Unit 2 the smallest company credit note is 10, so the price must be a multiple of 10. When playing with Unit 3 the smallest company credit note is 1, making the price any value of 10 or more.
1829, 1829 Mainline, 1853 Yes, minimum price 10.
1826 Yes, minimum price 1, once a 6H train has been bought. The Etat and SNCF can only trade at face value. Companies with loans can only buy at face value or less, or sell for face value or more.
1830 v1, 1830Lummerland, 1830NL, 1834, 1857, 1859, 1868, 1876 v2, 1876-30, 1879, 1899, 18JP-T, 18Kaas Yes, minimum price 1 if they have the same President, unrestricted otherwise. (Most people play minimum price 1 always.)
1830 v2, 1830 v3, 18Lilliput Yes, minimum price 1.
1831 Yes, minimum price 1, maximum face value.
1844 Yes. But if they have different Presidents, or if one of them is the SBB, then only at face value.
1846 Yes, minimum price 1, but phased-out trains may not be purchased.
1847 Once a 4 train has been bought, minimum price 1.
1847AE Once a 3+3 train has been bought, minimum price 1.
1853 v2 Yes, minimum price 10, but '1M' trains may not be purchased by major companies.
1856 Yes. CGR only buys and sells at face value, and cannot buy non-permanent trains. Other trades, minimum price 1.
1860 Yes, minimum price 10. Note, however, that this is not allowed if the buying company already has a train and the selling company has only one train.
1862EA, 1862EA v2 Yes, at face value only for trains in the currently available band. For older trains, the price is set at half face value.
1873 Yes, minimum price 1, maximum price double face value. Machines cannot be traded. The last standard train of a company cannot be bought. The applicable maintenance cost has to be paid for trains being traded.
1880 Yes, once a 3 tain has been bought, minimum price 1, but only if the two companies have the same Director.
1891 Yes. JNR only buys and sells at face value, and cannot buy non-permanent trains. Other trades, minimum price 1.
1895, 18MW Yes, minimum price 1, but only if the two companies have the same President.
18BL Yes, once the first 3 train or SB3 rail bus has been bought, minimum price 1.
18CZ Yes, once the first b-train has been bought, minimum price 1.
18Dixie Yes, minimum price 1, except for the SCL/IGC, which may only buy or sell trains at face value.
18GB Yes, minimum price 1, maximum price twice face value. Note, however, that this is not allowed if the buying company already has a train and the selling company has only one train.
18GL Yes, minimum price 1, once a 6H has been bought. CONRAIL may only buy and sell at face value. Companies with loans can only buy at face value or less, or sell for face value or more.
18IN Yes, minimum price 1. This applies to trains bought between similar types of companies. All train purchases between minor and major companies is at face value.
18Mex Yes, miimum price 1, except for the NdM, which may only buy or sell trains at face value.
18Neb Yes, minimum price 1, but only if the two companies have the same President, and no more than face value if the President is assisting with the purchase.
18NW Yes, once a 3 train has been purchased, minimum price 1, but only from a company of the same type. For example, 10-share companies may not buy trains from 5-share companies or privates.
18NY Yes, minimum price 1. However, if either company has a loan, trains must be purchased at face value.
18NYC Yes, minimum price 1. However, minor companies may not buy trains from Lines amd vice versa, and the NYCTA may only buy and sell trains at face value.
18OE Once the Major RR Phase has begun, minimum purchase price 1, except for Pullmans, which must be bought for 75.
18Scan Yes, minimum price 1. If the company has no credit the President may use his cash on hand to make the purchase, but may not sell stock to raise more cash.
2038 Yes, once a 6/2,4/3 spaceship has been sold. The Asteroid League's last spaceship cannot be bought from it. Minimum price 1.
Crisis Only by means of 'structure purchases'.
Poseidon Yes, after the first 4 ship is sold.
Railroad Barons Yes, minimum price 1 (referring to Railroad Corporations).
Rolling Stock Not applicable.

9.2 - Must a major share company buy a train if it does not have one?

1761, 1800, 1825, 1829, 1829 Mainline, 1830 Cardgame, 1869 USA West, 18Africa, 18EZ Level 1, 18Lilliput No.
1812 Yes, if it is able to do so. If it cannot buy a train, even by taking out loans, its price on the stock market is moved one space down.
1817, 18USA No, but if it ends its operating turn without a train, it will be liquidated.
1822, 1822CA, 1824, 1824 v2, 1826, 1830BC, 1835, 1837, 1838 Rheinland, 1846, 1847, 1876-35, 1880, 1895, 18Ardennes, 18BL, 18CZ, 18EU, 18FL, 18GL, 18Ireland, 18Mex, 18MW, 18OE, 18PA, 18SA, 18TN, 18VA, 2038, Poseidon Yes.
1827 Jr., 1830, 1830Lummerland, 1832, 1834, 1841, 1847AE, 1849, 1850, 1851, 1854, 1856, 1857, 1859, 1862, 1868, 1869 The Golden Spike, 1870, 1876-30, 1876-30 v2, 1876-35 v2, 1879, 1883, 1889, 1891, 1893, 1898, 1899, 18??, 18AL, 18C2C, 18Chesapeake, 18CLE, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GM, 18IN, 18JP-T, 18Kaas, 18Mex, 18Neb, 18NL, 18NW, 18NK, 18NY, 18NYC, 18Rhl Rhineland, 18Ruhr, 18SS, 18SY, Steam Over Holland If it has a route.
1831 Yes. And systems must have two or three trains, depending on number of companies that merged.
1837SX, 18Dixie, 18MS If it has a route, and there is at least one train in the initial offering or bank pool.
1842 Yes. And if a private company has no train and does not buy one, it will have to be auctioned off at the start of the next OR.
1844 Major companies and regional companies must if they have a route, pre-SBB companies need not.
1848 Yes, if it has a route, even if the company owns a 2E train.
1853, 1853 v2 No; but its Director may choose to make up the balance from his own money if the company has insufficient credit for a train, leaving the company with an empty treasury.
1858 No, but the stock price moves to the left if it does not own a train at the end of an operating round.
1860, 18GB Yes, if it is able to do so. If it cannot buy a train and has a route it is declared insolvent and must lease a train from the bank, retaining dividends, until it is able to buy a train.
1861, 1867 Yes, if it is able to do so. If it cannot buy a train it is nationalised and becomes part of the Russian State Railway.
1862EA, 1862EA v2 Yes, if it is able to do so. If it is unable to buy a train the company goes bankrupt.
1865 Sardinia If it has one or more traffic chips.
1873 Yes. It must buy a standard train when it operates for the first time. The rules ensure that it will never be without a standard train at any later point of the game.
1876 v2 Yes, by a 'forced assisted train purchase'.
1881 Yes, while there are new trains available.
18US A 4-share Eastern company, 10-share company or System must own a train if it has operated in the current round. 5-share Land Grant companies and the DRG are not required to own a train.
18West Yes, if it is a public company. Granger Road and Land Grant companies do not need to own a train.
Crisis If it could run a train (type I companies can run trains as 1 trains).
Railroad Barons No (referring to Railroad Corporations).
Rolling Stock Not applicable.

9.3 - Can trains be sold back to the bank?

1812 Yes, in phases 5 and 6 only, receiving one quarter of its original cost rounded down as a trade-in against the cost of another train from the bank or bank pool. Traded-in trains go into the bank pool.
1824, 1824 v2 No, but one train per company per round can be traded in at 50% of face value for the next most powerful type. Traded in trains are removed from the game.
1829 Mainline Yes, Ł180 is paid by the bank for any train, which is then available from the bank at full price.
1837 No, but if at the train limit, it can pay half a train's cost to put it back in the bank, so long as it then buys a train.
1858 No, but wounded trains may be discarded.
1869 USA West No, but trains may be voluntarily returned to the bank without compensation.
1873 No, but trains may be scrapped for no cost. Scrapped trains are removed from the game.
1893 No, but one train per company per round can be traded in at 50% of face value for the next most powerful type. Traded in trains are placed in the bank pool.
18?? The company owning the Franklin Imports & Exports private may sell two trains per game for 40% of their cost, or one train per game for 60% of its cost.
18Africa Yes, at specified resale values.
18CZ No, but during an Acquisition, trains of the smaller company may be scrapped voluntarily.
18EU No, but Pullmans may be returned to the bank at any time for no recompense.
18Ireland No, but in phases 10 and D, a company may trade in one of its existing trains for a new train, paying the difference between the cost of the two trains.
18Lilliput No, but obsolete trains may be returned voluntarily to the bank and placed in the train pool.
18NY Trains may be voluntarily scrapped for one quarter of their full cost. A company's last train may only be scrapped if the company may then buy a new train without resorting to loans or emergency fund raising.
Poseidon With the purchase of an E ship, other ships can be traded in for half their value against the cost of an E ship.
Railroad Barons No (referring to Railroad Corporations).
Rolling Stock Not applicable.
Rest No.

9.4 - When a company is forced to buy a train and cannot buy one with its own means, what train may it then buy?

1761, 1800, 1817, 1829 Mainline, 1830 Cardgame, 1853, 1853 v2, 1869 USA West, 18Africa, 18EZ Level 1, 18USA A company does not have to own a train.
1812 A company must attempt to buy a train if possible, but if it cannot afford to do so, even by taking out loans, it does not have to do so.
1822, 1822CA The cheapest train from the bank or bank pool. For double-sided trains, the cheaper version must be the one purchased. When buying a train from another company, the director may not contribute any of his own money, so the company must be able to afford this without assistance.
1824 Any available train from the bank or offered by other companies. A clarification from Lonny Orgler states that the company can choose any of these trains - if the company has insufficient money for the chosen train, the Director can add the necessary funds.
1824 v2, 18AL Any available train from the bank or from another company.
1825, 1829 A company does not have to own a train. However, a company in receivership must buy a train as soon as funds permit unless there is no route on which it can run. While not stated, this is assumed to be from the bank.
1826 Any available train from the bank or bank pool, or starting in phase 6H, from another company at an agreed price not exceeding its face value. You may be compelled to take out a loan to assist with the purchase of a train from the bank.
1830 v1 Avalon Hill rules: The cheapest train available in the bank, or a train from another company at an agreed price not exceeding its face value.
1830 v1 Avalon Hill clarification: The cheapest train available in the bank.
1830 v1 Francis Tresham: The cheapest train available in the bank, or a train from another company at an agreed price not exceeding its face value. The President of the selling company makes the deal simultaneously with any necessary share sales (this has been interpreted as meaning that the old and new President must both agree to the deal; and in other ways).
1830 v1 Avalon Hill PC program: As in 1898.
1830 v2 The cheapest train available in the bank or the bank pool. If the company and the president do not have enough available cash between them, the bank pays the difference and the company goes into receivership.
1830 v3 The cheapest train available in the bank, or a train from another company at an agreed price not exceeding its face value.
1830BC, 18VA The cheapest train available in the bank.
1830Lummerland, 1830NL, 1834, 1857, 1859, 1868, 1876 v2, 1876-30, 1879, 1899, 18JP-T, 18Kaas, 18SS, 18SY As for 1830.
1831, 1854, 1862, 18EC, 18NL, 18Ruhr Any available train from the bank or bank pool, or from another company, at an agreed price not exceeding its face value.
1835, 1876-35 Any second-hand train (from the bank pool or another company) or the cheapest new train (only one type can be available at a time). This is what the German rules say. (One English translation says the cheapest train from the bank or bank pool.)
1837 You can buy any available train: you may pay any agreed amount for a train from another company; you may buy any train in the bank pool; you may buy any available new train (there is typically a choice of two).
1838 Rheinland Any second-hand train (from the bank pool or another company) or the cheapest new train (only one type can be available at a time).
1844, 18FL Any train from the bank; or any train from another company wishing to sell, at not more than face value.
1846 A currently available train from the bank. If it can afford one of current types but not the other, or can afford a second hand train, after issuing shares, the President may not add more cash to buy a more expensive train.
1847 As for 1835.
1847AE, 1876-35 v2 A train from the bank. The rules do not say whether this includes the bank pool.
1848, 1862EA, 1862EA v2, Poseidon The next new train from the bank.
1851 The cheapest train from the bank or bank pool. The President of the selling company makes the deal after any necessary share sales.
1858 Any train from the bank or bank pool, not necessarily the cheapest. If the company has funds remaining after the purchase it can use these funds to buy any train from any source.
1860 A company in this situation becomes insolvent. An insolvent company leases the smallest train from the new trains or the bank pool.
1861 v1 Its choice of train from the bank or bank pool that it can afford with company credit plus any loans it is able to take out. This is a clarification from Markus Welborune/Mike Hutton.
1861 v2, 1867 Its choice of train from the bank or bank pool that it can afford with company credit plus any loans it is able to take out.
1865 Sardinia, 1881, 18Dixie, 18MS, 18PA, 18SA Any available train from the bank or the bank pool.
1869 The Golden Spike, 1870, 1876-30 v2, 1883, 18??, 18GA, 18GA v2, 18GM The cheapest train from the bank or bank pool.
1873 There is no fund raising procedure to buy the mandatory train. COmpanies go bankrupt if they cannot buy the train with their own means, followed by receivership.
1880 Any train available from the bank, but not a restored 2 train.
1893, 18Rhl Rhineland The cheapest new train from the bank, or any train from the bank pool.
1895 Any available train from the bank or bank pool, or from another company with the same president for at least 1.
1898 The cheapest train available in the bank, or a train from another company at an agreed price not exceeding its face value. The President of the selling company makes the deal before any necessary share sales.
18Ardennes The next train in the bank. The company may use Emergency Money Raising to buy a more expensive train from the bank even if it can afford a cheaper train that is available from the bank.
18BL The cheapest train or rail bus (tram) in the available boxes, or the cheapest train or rail bus (tram) in the bank pool.
18Chesapeake The cheapest train from the bank or bank pool, or a train from another company for up to face value.
18CLE Not stated. Assumed to be the cheapest train in the bank or bank pool.
18CZ Any available from the bank or bank pool. The Director may not sell shares to raise funds. If more cash is needed than they have, the difference must be borrowed from the bank.
18EZ Levels 2 and 3 The cheapest train from the bank or the bank pool, or from another company for a price below the cheapest bank or bank pool train.
18GB A company in this situation becomes insolvent. An insolvent company leases the smallest train from the new trains.
18IN Any train from the bank or bank pool. However, if it is required to take loans to buy a train, it must then buy the cheapest train from the bank or bank pool.
18Ireland Any train from the bank or bank pool, or a train from another company.
18Lilliput A company does not have to own a train, but if it wants to purchase one the Director can make up the difference from private assets, leaving the company treasury at zero.
18MW The cheapest train available in the bank, or a train from another company with the same President at a price not exceeding face value.
18Neb Any currently available train in the bank, or a train from another company controlled by the same President. The company may use Emergency Money Raising to buy a more expensive train from the bank even if it can afford a cheaper train that is available from the bank.
18NW A company unable to buy a train must take the minimum loan from the North American Bank to buy the cheapest train from the bank or bank pool.
18NY The cheapest train from the bank or bank pool if loans were used or the President contributed funds. If money was rised purely by selling treasury shares, then any train from the bank or bank pool.
18NYC Any train from the bank or bank pool. However, if it is required to take loans to buy a train, it must then buy the cheapest train from the bank or bank pool.
18OE The cheapest, un-rusted train in the the Locomotive Works or the bank pool.
18Scan Any available train from the bank or bank pool, or from another company, at an agreed price not exceeding its face value. However, stock may not be sold to raise additional cash if buying a train from another company.
18US, 18West The next train available from the bank. If more than one type is available, the President may choose which one to buy, even if this then requires him to provide additional funds that would not be required for another available train.
2038 The cheapest spaceship type must be bought from the bank or bank pool. If the President is helping she can freely choose between a Scout and a Tug of the same type.
Crisis The company goes into 'receivership', a complex process.
Railroad Barons A company does not have to own a train (referring to Railroad Corporations).
Rolling Stock Not applicable.
Steam Over Holland The cheapest available train. The president does not have to accept an offer from another president to buy a train from that company.
Rest The cheapest train available in the bank or bank pool. Thus a company may be compelled to buy a used train.