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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 3-361. It was last modified on January 16th 2019. The list is maintained by Keith Thomasson. Mail me if you have any comments or concerns about the list.

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Recent changes

January 16th 2019 Added 1761
January 4th 2019 Added 1822CA
January 3rd 2019 Added 1822MRS (Medium Regional Scenario)
December 23rd 2018 Added 1817, 1822, 1822+, 1830 Cardgame, 1830 v2, 1830 v3, 1834, 1847AE, 1857, 1859, 1867, 1868, 1869 The Golden Spike, 1869 USA West, 1879, 1881, 1891, 18??, 18Africa, 18BL, 18CLE, 18GA v2, 18GB, 18GM, 18Hexx, 18Ireland, 18Kaas, 18NK, 18NW, 18OE, 18SA, 18SS, 18SY, 18USA and Railroad Barons
Various sundry corrections
August 23rd 2018 Corrections for 1831, 1837 and 1846
February 25th 2018 Added 18CZ
December 11th 2017 Corrected starting cash for 1835 with 5 players
June 21st 2016 Added 1893, 18Dixie, 18MS, 18NYC and 18PA
February 22nd 2015 Amendments to 1812
December 4th 2014 Amendment to Steam Over Holland
March 14th 2014 Added 1858, 1873 and Rolling Stock
March 9th 2014 Amendment to 1812
February 16th 2014 Amendments to 1862EA, with thanks to Eric Brosius
January 7th 2014 Added 1812, 1862EA, 1865 Sardinia, 1880, 18Ruhr and Poseidon
January 3rd 2014 Updated 1835 in section 2.11 to match the original German rules (stock round ends when all players decline to make a purchase, priority goes to the left of the last player to make a purchase).
March 21st 2013 Updates for 1889, courtesy of Mike Shaver
December 3rd 2012 Updates for 1800, mainly for 3-player version
November 15th 2012 Changes to 5.3 (1860)
October 13th 2012 Changes to 2.10 (1844) and 7.3 (1824)
August 30th 2012 Added 1832 to section 13.1
February 2nd 2012 Added game end condition for 1854
January 30th 2011 18Ardennes and 18Neb added.

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TopContents

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Games

TopThe 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
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. Only listed where it differs from 1830
1830NL Netherlands. Only listed where it differs from 1830
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
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 Trinidad - two miniatures, one using 1830 rules, one using 1835 rules - only listed where it differs from either of those games
1876v2 Trinidad - unrelated to the above - only listed where it differs from 1830
1879 US Pacific Northwest
1880 China
1881 Berlin
1889 Japan
1891 Hiroshima
1893 Cologne
1895 Namibia
1898 France
1899 Northern China and Korea - only listed where it differs from 1830
18?? Fictional 1870 variant
18Africa Africa
18AL Alabama - only listed where it differs from 18GA
18Ardennes Ardennes
18BL Bergisches Land
18C2C USA coast to coast
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
18Ireland Ireland
18Kaas The Netherlands
18Mex Mexico
18MS Mississippi
18MW The US Midwest
18Neb Nebraska
18NK Nagaokakyo City
18NL Netherlands
18NW North Western USA
18NY New York State
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:

1883 Northern Italy
18Lilliput

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Glossary

Topblock
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.

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Section 1 - First Share Dealing Round

Top1.1 - How much cash do players start with?

  2 3 4 5 6 7 8 9 10 Comments
1761   300 225 180 160      
1800 520 520        
1812 195 195 195        
1817   420 315 252 210 180      
1822   700 525 420 350 300      
1822CA   700 525 420 350 300       Standard game
  700 525 420 350       Eastern and Western Scenarios
1822MRS   500 375 300 250 215       Medium Regional Scenario
1824   820 680 560 460        
1825 1200 830 630 504           Unit 1
1200 800 600       Unit 2
750           Unit 3
  840 630 504 420 360       Unit 1 and Unit 2
  840 630 504       Unit 2 and Unit 3
    630 504 420 360 315 280   Unit 1, Unit 2 and Unit3
1826 900 600 450 360 300          
1827Jr   600 450 360            
1829   840 630 504 420 360 315 280    
1829 Mainline 335 700 615 530 450 370       For the solo game, 500
1830 v1 1200 800 600 480 400          
1830 v2 1200 800 600 480 400 350      
1830 v3 1200 800 600 480 400      
1830 Cardgame   60 60 60 60      
1830BC   600 450 360 300          
1831   800 800 800 800 800 800 800 800  
1832 1050 700 525 420 350 300        
1200 800 600 480 300 343       Additional capital is used when playing the The Southern Bank variant and private
1834   700 550 430      
1835   600 475 390 340 310        
1837   730 555 450 380 330        
1837SX     400 380 360 350        
1838 Rheinland   540 420 360      
1841   1120 840 672 560 480 420      
1842   600 460 370 320          
1844   800 620 510 440 400        
1846   400 400 400            
1847   490 370 300           Basic game and expert game
1847AE   500 390 320      
1848   840 630 510 430          
1849v1 840 560 420              
1849v3   600 450 360           5 players must use the 6-company scenario
1849v4   500 375 300           3 or 5 players must use the appropriate scenario
1850 1050 700 525 420 350          
1851   500 430 400            
1853   730 570 570 510         Both versions
1854   860 650 525 450          
1856   500 375 300 250          
1857   800 600 480 400          
1858   500 375 300 250        
1859   800 600 480          
1860 1000 670 500        
1861   420 315 252 210        
1862     600 500 440 400        
1862EA 1200 800 600 480 400 345 300      
1865 Sardinia 360 330 300          
1867   420 315 252 210        
1868   700 550 430          
1869 The Golden Spike 900 670 500 400 335 290 250    
1869 USA West 1750 1167 850 700 584 500 438    
1870 1050 700 525 420 350          
1873 2100 1400 1050 840            
1876   520 390 310 260 220       Both versions
1876v2   500 425 360 300          
1879   680 510 408          
1880   600 480 400 340 300        
1881   720 620 520 420       Base game
  750 650 550 450       Alternatively (offered but not explained)
1889 420 420 420 390 390          
1891   500 375 300 250      
1893 900 600 450          
1895   560            
1898   1680 1120 672 560          
18?? 1050 700 525 420 350          
18Africa 782 694 606 518 430 342      
18AL   600 500 400            
18Ardennes   700 575 420            
18BL 1000 700 525 425 370      
18C2C 3600 2400 1800 1440 1200 1029 900     Long game
2400 1600 1200 960 800 686 600     Short game
18CLE   700 550 500 450      
18CZ   380 300 250 210      
280           Bohemia Variant (2 players)
500 450         Moravia-Silesia Variant (2 or 3 players)
18Dixie   700 525 425 375          
18EC   800 600 480 400          
18EU 750 450 350 300 250          
18EZ 170 170 170 170 170         Level 1
600 400 300 240 200         Level 2
900 600 450 360 300         Level 3
18FL 300 300 300            
18GA   600 450 360            
18GA v2   600 450 360      
18GB 375 330 330 320 305      
18GL 1200 800 600 480 400          
18GM 1200 800 600 480 400 350 300 270  
18Ireland   330 250 200 160      
18Kaas 1200 800 600 480 400          
18Mex   625 500 450            
18MW   650 550 450            
18Neb 650 450 350              
18NK   900 675 540      
18NL   800 600 480 400          
18MS 900 625 525              
18NW 1200 800 600 480 400      
18NY 900 600 450 360 300          
18OE   1800 1350 1080 900 775       With concessions
  1735 1300 1040 870 745       Without concessions
18PA   500 400 350      
18Rhl Rhineland   600 450 360 300      
18Ruhr   650 530 410 360      
18SA   700 530 430 360      
18Scan 900 600 450      
18SS   600 450 360 300      
18SY-G 1050 700 525 420 350 350       The English translation says 300 for 7 players, but the stock market sheet clearly shows 350 for 6-7 players
18SY-O 630 420 315 252 210 180      
18TN   600 450 360            
18US 200 200 200 200 200          
18USA 630 420 315 300 250 225      
18VA 600 400 300 240            
18West 750 500 375 300 250          
2038   600 450 360 300          
Crisis 720 480 360 288 240 205 180 160    
Poseidon 780 580 440 400        
Railroad Barons 200          
Rolling Stock   30 30 30            
Steam Over Holland 600 400 300 240            

Top1.2 - Does the price of a private company drop by 5 for no sale in the first round?

1761, 1822, 1822CA, 1824, 1830 v2, 1835, 1837SX, 1838 Rheinland, 1847, 1847AE, 1848, 1858, 1880, 18Africa, 18CZ, 18Dixie, 18MS, 18PA, 18Ruhr, 18Scan, 2038, Poseidon, Railroad Barons No.
1800, 1827Jr, 1829, 1830 v1, 1830 v3, 1830BC, 1832, 1834, 1844, 1849v4, 1850, 1854, 1856, 1859, 1862, 1868, 1869 The Golden Spike, 1870, 1891, 1895, 18BL, 18CLE, 18EC, 18EZ Level 3, 18GA, 18GA v2, 18GM, 18Ireland, 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, 1865 Sardinia, 1879, 1881, 1898, 18Ardennes, 18EU, 18EZ Levels 1 and 2, 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.
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.

Top1.3 - Can you sell company shares in the first round?

1812, 1817, 1822, 1822CA, 1824, 1826, 1837SX, 1841, 1849, 1851, 1861, 1865 Sardinia, 1867, 1898, 18FL, 18GL, 18Neb, 18NW, 18PA, 18VA, Steam Over Holland No: a company's shares may only be sold once it has operated.
1830BC, 1831, 1846, 18CLE, Crisis, Posedion, 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 £5 less than you paid for them.
1860, 18GB Yes, for half the current market price.
1862EA 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.
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.

Top1.4 - Can you make advance bids?

1761, 1812, 1824, 1825, 1829, 1835, 1837, 1837SX, 1838 Rheinland, 1844, 1842, 1847, 1847AE, 1848, 1851, 1857, 1858, 1860, 1861, 1867, 1873, 1895, 18Africa, 18Ardennes, 18Dixie, 18EU, 18MS, 18Ruhr, 18West (v2.3 retuned), Poseidon, Railroad Barons, Rolling Stock, Steam Over Holland No.
1800, 1827Jr, 1830, 1830BC, 1832, 1834, 1849v4, 1850, 1854, 1856, 1859, 1862, 1868, 1870, 1889, 1891, 18C2C, 18CLE, 18EC, 18EZ Level 3, 18GA, 18GA v2, 18Kaas, 18Mex, 18NK, 18NL, 18Rhl Rhineland, 18SS, 18SY, 18TN Yes, at 5 or more over par 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 Yes, at face value of the item or a multiple of 5 over any other bid.
1826, 1869 USA West, 1880, 18BL, 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, 1865 Sardinia, 1879, 1881, 1893, 18CZ (Standard game and Bohemia Variant), 18EZ Levels 1 and 2, 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, 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.
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.

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Section 2 - Subsequent Share Dealing Rounds

Top2.1 - Is there a specific order to buying and selling on your turn?

1761, 1812, 1817, 1822, 1822CA, 1824, 1826, 1827 Jr., 1831, 1841, 1842, 1844, 1846, 1847, 1847AE, 1848, 1849, 1851, 1854, 1858, 1860, 1861, 1862, 1862EA, 1865 Sardinia, 1867, 1869 USA West, 1873, 1880, 1893, 1895, 1898, 18Ardennes, 18BL, 18CZ, 18EU, 18FL, 18GB, 18GL, 18Ireland, 18Neb, 18NW, 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, 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.
1832, 1834, 1837SX, 1850, 1856, 1857, 1859, 1868, 1869 The Golden Spike, 1870, 1879, 1889, 1891, 18??, 18C2C, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GM, 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.'
1876v2 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.

Top2.2 - 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, 1832, 1850, 1868, 1870, 1879, 18??, 18C2C, 18MW 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.

Top2.3 - When can you first sell shares in a company?

1761, 1812, 1817, 1822, 1822CA, 1824, 1826, 1827 Jr., 1837, 1837SX, 1838 Rheinland, 1841, 1847, 1847AE, 1849, 1851, 1853, 1853 v2, 1858, 1861, 1865 Sardinia, 1867, 1893, 1895, 1898, 18Ardennes, 18BL, 18Dixie, 18EU, 18FL, 18GL, 18Neb, 18NW, 18Rhl Rhineland, 18Ruhr, 18Scan, 18US, 18USA, 18VA, Steam Over Holland After it has operated.
1800, 1825, 1829, 1829 Mainline, 1830, 1830BC, 1832, 1834, 1848, 1850, 1856, 1857, 1859, 1862, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1879, 1880, 1881, 1889, 1891, 18??, 18Africa, 18C2C, 18CZ, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GM, 18Kaas, 18Mex, 18MS, 18MW, 18NK, 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, 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 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).
18Ireland From the second regular stock round onwards. Note that the initial stock round is followed by the first regular stock round.
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.

Top2.4 - Does the bank pool have a per-company share limit?

1761, 1800, 1817, 1825, 1829, 1829 Mainline, 1830BC, 1853, 1853 v2, 1854, 1860, 1862EA, 1869 USA West, 1873, 1881, 18AFrica, 18GB, 18SA, 18USA, Poseidon, Rolling Stock No.
1812, 1822, 1822CA, 1826, 1827 Jr., 1830, 1832, 1834, 1837, 1844, 1842, 1847AE, 1848, 1850, 1851, 1856, 1857, 1858, 1859, 1861, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1870, 1879, 1889, 1895, 18??, 18Ardennes, 18BL, 18C2C, 18CLE, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GM, 18Ireland, 18Kaas, 18Mex, 18MS, 18MW, 18Neb, 18NK, 18NL, 18NW, 18Rhl Rhineland, 18Ruhr, 18SS, 18SY, 18TN, 2038, Steam Over Holland 50%.
1824 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, 18PA No. There is no bank pool.
1831 5 certificates.
1835, 1838 Rheinland, 1847 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.
1876v2 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.]

Top2.5 - 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.

Players 2 3 4 5 6 7 8 9 10 Comments
1761   15 11 9 7       0-2 10-share companies in play
  18 13 11 9       3-5 10-share companies in play
  21 16 13 11       6-8 10-share companies in play
1800 7           §§
1812 15 10 10      
1817   21 16 13 11 9      
1822   26 20 16 13 11       §§
1822CA   26 20 16 13 11       §§ Standard game
  18 14 11 9       §§ Eastern and Western Scenarios
1822MRS   18 14 11 9 8       §§ Medium Regional Scenario
1824   21 16 13 11      
1825             It depends which set your rules come from - shares worth less than 50 do not count towards the limit
1826 28 20 16 13 11         §§
1827Jr   14 11 9            
1829   18 18 17 14 12 10 9   Shares worth less than 30 do not count towards the limit
When using the optional Furness Railway on the Northern Board, increase the share limit by one
1829 Mainline   24 18 15 12 10       When playing with nine companies
28 19 14       When playing with seven companies
1830 v1 28 20 16 13 11         §§
1830 v2 28 20 16 13 11         §§
1830 v3 28 20 16 13 11 11       §§
1830 Cardgame   15 11 9 8      
1830BC   30 30 30 30         Excludes privates, includes last-seller shares in bank pool
1830NL 29 21 17 15 13         §§
1831   20 20 18 18 16 16 14 14  
1832 28 20 16 13 11 9       At the start
24 17 14 11 9 7       9 companies available/in play
21 15 12 9 8 6       8 companies available/in play
17 12 10 8 6 5       7 companies available/in play
14 10 8 6 5 4       6 or fewer companies available/in play
1834   13 10 8       §§
1835   19 15 12 11 9       Add 1 for each company 80%+ held.
1837   28 21 17 14 12        
1837SX             Varies according to the number of players, the numbers of small corporations absorbed into the KSStEB and the number of large corporations in play.
1838 Rheinland   14 11 9       Add 1 for each company 80%+ held.
1841   21 16 13 11 10 9      
1842   13 11 10 9         §§ Add 1 if you have 2+ shares each in 3+ different companies
1844   24 18 15 13 11       Only certificates in companies having more than one share count towards the limit
1846       11           7 companies available/in play
    12 10           6 companies available/in play
  14 10 8           5 companies available/in play
  11 8 6           4 or fewer companies available/in play
1847   11 9             Variant 5 (5 companies) 
  13 10 8       Variant 6 (6 companies)
1847AE   16 12 9      
1848               In 3- or 4-player games, the limit for a director of a company that goes into receivership is reduced by an additional 2 certificates
              In 5- or 6-player games, the limit for a director of a company that goes into receivership is reduced by an additional 1 certificate
  20 17 14 12         No companies in receivership
  18 15 13 11         1 company in receivership
  16 13 12 10         2 companies in receivership 
  14 11 10 9         3 companies in receivership
  12 10 9 8         4 companies in receivership
  10 9 8 7         5 or more companies in receivership 
1849 18 12 9             First release
1849v3&4   12 9             5-company scenario
1849v3   14 11 9           6-company scenario
1849v4     11 9           6-company scenario
1850 24 17 14 11 9         At the start
21 15 12 9 8         When fewer than 9 companies remain in the game 
1851   15 12 10            
1853   21 16 13 11         Both versions - shares worth 40 or less do not count towards the limit
1854 (32 + 5 * (number of majors that have split)) / (number of players), rounded down
1856   20 16 13 11         §§ After sale of first 6 train, depends on the number of companies closed. 5% CGR shares count half
1857   20 16 13 11       §§
1858   21 16 13 11      
1859   15 12 10       §§
1860 32 21 16       After the sale of the first '8' train, players may hold any number of certificates
1861   21 16 13 11      
1862     22 18 15 13       Depends on the number of companies closed, and on the number of players remaining active
1862EA 25 18 13 11 10 9 8     At the start of the stock round following the sale of the first H train, the certificate limit becomes equal to the highest number of shares (not certificates) held by any one player at that point.
1865 Sardinia 36 24 18         Normal game
27 18           Short game
              Dragons (foreign investors)
Phase 2 Phase 3-4 Phases 5-7
6 10 16
1867   21 16 13 11      
1868   13 10 8         §§
1869 The Golden Spike 30 30 25 20 16 14 12 11   §§ 12 companies in play
28 28 22 18 15 12 11 10   §§ 11 companies in play
25 25 20 16 14 11 10 9   §§ 10 companies in play
22 22 18 15 12 10 9 8   §§ 9 companies in play
1869 USA West 39 27 21 17 14 21 11     §§
40 28 22 18 16 13 12     §§ When playing with the optional Illinois Central
1870 28 20 16 13 11         At the start
24 17 14 11 9         When fewer than 10 companies remain in the game 
1873                   There are no certificate limits
1876v2   13 10 8 7         ##
1879   16 12 10         §§
1880   20 16 14 12 11       §§
1881   21 18 15 12       §§
1889 25 19 14 12 11       §§
1891   20 16 13 11       §§ After sale of first 6 train, depends on the number of companies closed. 5% JNR shares count half
1893 18 12 9      
1895   13        
1898   31 21 16 13 11        
1899   20 16 13 11         §§
18?? 28 20 16 13 11         At the start
24 17 14 11 9         When fewer than 10 companies remain in the game 
18Africa 28 24 18 15 12 10       With all initial companies in play
23 21 16 13 11 9       When one company has been elimianted
19 18 14 11 9 8       When two companies have been eliminated
18AL   15 12 10            
18Ardennes   11 8 6           §§ 0-1 ten-share companies in play
  12 9 7           §§ 2 ten-share companies in play
  13 10 8           §§ 3 ten-share companies in play
  14 11 9           §§ 4 ten-share companies in play
  15 12 10           §§ 5-6 ten-share companies in play
18BL 28 20 16 13 11      
18C2C 96 64 48 38 32 27 24     §§ 32 companies in play
93 62 47 37 31 27 23     §§ 31 companies in play
90 60 45 36 30 26 23     §§ 30 companies in play
87 58 44 35 29 25 22     §§ 29 companies in play
84 56 42 34 28 24 21     §§ 28 companies in play
81 54 41 32 27 23 20     §§ 27 companies in play
78 52 39 31 26 22 20     §§ 26 companies in play
75 50 38 30 25 21 19     §§ 25 companies in play
72 48 36 29 24 21 18     §§ 24 companies in play
69 46 35 28 23 20 17     §§ 23 companies in play
66 44 33 26 22 19 17     §§ 22 companies in play
63 42 32 25 21 18 16     §§ 21 companies in play
60 40 30 24 20 17 15     §§ 20 companies in play
57 38 29 23 19 16 14     §§ 19 companies in play
54 36 27 22 18 15 14     §§ 18 companies in play
51 34 26 20 17 15 13     §§ 17 companies in play
48 32 24 19 16 14 12     §§ 16 companies in play
18CLE   21 18 15 12       §§ In 3/4 player games, for each company merging into the RTA the certificate limit is reduced by 1
            In 5/6 player games, for each two companies merging into the RTA the certificate limit is reduced by 1
18CZ   14 12 10 9      
14           Bohemia Variant (2 players)
15 13         Moravia-Silesia Variant (2 or 3 players)
18Dixie   20 15 12 11         §§ Before the formation of the SCL or ICG
  19 14 11 10         §§ After the formation of the SCL or ICG
18EC   21 17 14 12         §§
18EU 28 20 16 13            
18EZ - - - - -         Level 1 (no shares or player cash at this level)
25 16 12 10 8         Level 2
30 20 15 12 10         Level 3
18FL 21 15 12            
18GA   15 12 10            
18GA v2   15 12 10            
18GB 19 14 14 14 12      
18GL 28 20 16 13 11         §§
18GM     25 20 16 14 12 11   §§ 12 companies in play
    22 18 15 12 11 10   §§ 11 companies in play
  25 20 16 14 11 10 9   §§ 10 companies in play
  22 18 15 12 10 9 8   §§ 9 companies in play
25 20 16 13 11 9 8     §§ 8 companies in play
22 18 14 11 10 8       §§ 7 companies in play
20 15 12 10 8       §§ 6 companies in play
18 12 10 8       §§ 5 companies in play
15 10         §§ 4 companies in play
18Ireland   16 12 10 8       §§
18Kaas 28 20 16 13 11         §§
18Mex   19 14 11           §§
18MS 20 14 10       §§
18MW   20 16 13            
18Neb 26 17 13             The certificate limit can change during the game if one or more players becomes bankrupt
18NK   20 16 13      
18NL   22 18 14 12         §§
18NW 24 20 17 14 12       §§ No companies in receivership - private company certificates are not counted
21 18 15 13 11       §§ 1 company in receivership - private company certificates are not counted
19 16 13 12 10       §§ 2 companies in receivership - private company certificates are not counted
17 14 11 10 9       §§ 3 companies in receivership - private company certificates are not counted
15 12 10 9 8       §§ 4 companies in receivership - private company certificates are not counted
12 10 9 8 7       §§ 5 or more companies in receivership - private company certificates are not counted
18NY 28 20 16 13 11        
18OE   48 36 29 24 20      
18PA   11 8 6       0-1 10-share companies
  12 9 7       2 10-share companies
  13 10 8       3 10-share companies
  14 11 9       4 10-share companies
  15 12 10       5 10-share companies
  16 13 11       6 10-share companies
  17 14 12       7 10-share companies
18Rhl Rhineland   20 15 12 10      
18Ruhr   27 10 16 13      
18SA   26 20 16 14       §§
18Scan 18 12 9      
18SS   - - - -       There is no certificate limit
18SY-G 29 29 16 13 11 11      
18SY-O - - - - - -       There is no certificate limit
18TN   16 12 10            
18US 19 13 10 8 7          
18USA 32 21 16 16 13 11      
18VA 27 18 13 10            
18West 28 20 16 13 11          
2038   22 16 13 11         Full game
  17 13 10 9         Short game
Crisis - - - - - - - -   There is no certificate limit
Poseidon 21 18 15 13        
Railroad Barons 9           Does not include Investor cards
Rolling Stock                   There are no certificate limits
Steam Over Holland 12 12 12 12         Rules included with the game
18 16 14 12       Second version of the rules, downloadable from BoardGameGeek

Top2.6 - What are the player certificate limits for shares in one company?

1761, 1826, 1827 Jr., 1834, 1837SX, 1846, 1849, 1851, 1857, 1859, 1861, 1867, 1868, 1879, 1881, 1893, 18CLE, 18EC, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GL, 18Kaas, 18Mex, 18NL, 18NW, 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.
1825, 1829, 1829 Mainline, 1830 Cardgame, 1830BC, 1835, 1838 Rheinland, 1847, 1847AE, 1860, 1862EA, 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, 1889, 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.
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.
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.

Top2.7 - 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, 1835, 1838 Rheinland, 1844, 1847, 1847AE, 1848, 1862, 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, 1834, 1837SX, 1841, 1849, 1851, 1857, 1859, 1868, 1869 USA West, 1879, 1880, 1889, 1898, 18BL, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GL, 18GM, 18Ireland, 18Kaas, 18Mex, 18MS, 18MW, 18Neb, 18NL, 18NW, 18NY, 18OE, 18PA, 18Scan, 18SY, 18TN, 18VA, Crisis Yes, 1 row per share.
1822CA Yes, 1 row per share if sold by the Director, or 1 row 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 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 for each share 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.
18NK Yes, one row per complete 20% sold.
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.

Top2.8 - 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, 1865 Sardinia, 1873, 18Africa, 18FL, 18GB, 18Ruhr, 18US, 18West, Poseidon, Railroad Barons, Steam Over Holland No.
1800, 1822CA, 1824, 1830, 1831, 1834, 1835, 1837SX, 1838 Rheinland, 1842, 1846, 1847, 1847AE, 1848, 1851, 1854, 1856, 1857, 1859, 1862, 1867, 1868, 1869 USA West, 1879, 1880, 1881, 1889, 1891, 1893, 1895, 18BL, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GL, 18Ireland, 18Kaas, 18Mex, 18MS, 18NL, 18OE, 18PA, 18Rhl Rhineland, 18Scan, 18SS, 18SY, 18TN, 18VA, 2038 Yes.
1817, 18USA Yes, for 5-share and 10-share companies.
1822, 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).
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.

Top2.9 - Can you buy a certificate and immediately sell a certificate in the same company?

1761, 1812, 1817, 1822, 1822CA, 1824, 1826, 1827 Jr., 1829 Mainline, 1831, 1841, 1842, 1844, 1846, 1847, 1847AE, 1848, 1849, 1851, 1854, 1858, 1860, 1861, 1862, 1862EA, 1865 Sardinia, 1867, 1869 USA West, 1873, 1880, 1893, 1895, 1898, 18Africa, 18Ardennes, 18BL, 18CZ, 18EU, 18FL, 18GB, 18GL, 18Ireland, 18Neb, 18NW, 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, 1829, 1830, 1830BC, 1832, 1834, 1835, 1837, 1837SX, 1850, 1857, 1859, 1868, 1870, 1879, 1881, 1889, 18??, 18C2C, 18CLE, 18Dixie, 18EC, 18GA, 18GA v2, 18Kaas, 18Mex, 18MS, 18MW, 18NK, 18NL, 18NY, 18SY, 18TN, Poseidon Yes.
1825, 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.

Top2.10 - 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 Private companies may only be bought by the H or R companies.
1825, 1827 Jr., 1829, 1829 Mainline, 1830 Cardgame, 1835, 1837, 1847 Basic Game, 1853, 1853 v2, 1854, 1860, 1869 USA West, 1873, 1879, 1880, 1893, 1895, 18Ardennes, 18BL, 18Dixie, 18EC, 18EZ Level 2, 18FL, 18GB, 18MS, 18Neb, 18NL, 18Rhl Rhineland, 18Scan, 18SY-O, 18VA, Poseido, Rolling Stock No.
1826, 18EU Their own, in ORs.
1830, 1830BC, 1834, 1838 Rheinland, 1844, 1848, 1856, 1857, 1859, 1868, 1889, 1891, 18CLE, 18EZ Level 3, 18GA, 18GA v2, 18GM, 18Kaas, 18Mex, 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 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).
18MW, 18NY Their own, in SRs.
18NK Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold.
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.
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.

Top2.11 - What ends a share dealing round?

1761, 1800, 1817, 1824, 1826, 1830, 1831, 1832, 1834, 1837SX, 1838 Rheinland, 1841, 1846, 1847AE, 1848, 1849, 1850, 1851, 1854, 1856, 1858, 1859, 1860, 1861, 1862, 1862EA, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1879, 1880, 1889, 1891, 1893, 1895, 1898, 18??, 18Ardennes, 18BL, 18C2C, 18CLE, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GL, 18GM, 18Ireland, 18Kaas, 18Mex, 18MS, 18MW, 18NK, 18NL, 18NW, 18NY, 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, 1835, 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.
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.
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.)

Top2.12 - 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.

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Section 3 - Company Flotation

Top3.1 - 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, 1827 Jr., 1829, 1830, 1831, 1832, 1834, 1837SX, 1844, 1848, 1850, 1854, 1856, 1862, 1862EA, 1869 USA West, 1870, 1889, 1893, 1895, 18??, 18BL, 18C2C, 18CZ, 18Dixie, 18EC, 18EZ All Levels, 18GA, 18GA v2, 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, 1898, 18AFrica, 18Ardennes, 18EU, 18GB, 18GL, 18Ireland, 18MW, 18Neb, 18NW, 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).

Top3.2 - How many shares must be sold for a company to float?

1761, 1827 Jr., 1829, 1830, 1832, 1834, 1837SX, 1848, 1850, 1859, 1862, 1865 Sardinia, 1868, 1869 The Golden Spike, 1869 USA West, 1873, 1879, 1895, 18C2C, 18EC, 18GA, 18GA v2, 18GM, 18Kaas, 18MS, 18MW, 18NL, 18SS, 18SY-G 60%.
1800, 1826, 1835, 1837, 1838 Rheinland, 1842, 1844, 1847, 1847AE, 1851, 1854, 1857, 1860, 1862EA, 1889, 1893, 18BL, 18CZ, 18EU, 18EZ Levels 2 and 3, 18GL, 18Mex, 18PA, 18Rhl Rhineland, 18Ruhr, Railroad Barons, Rolling Stock 50%.
1812, 1846, 1849, 1861, 1867, 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 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).
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.

Top3.3 - Does a company get full capitalisation upon floating?

1761, 1824, 1827 Jr., 1829, 1830, 1832, 1834, 1837, 1842, 1848, 1850, 1853, 1853 v2, 1857, 1859, 1860, 1862, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1873, 1879, 1881, 1889, 1893, 18??, 18C2C, 18CLE, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 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, 1895, 1898, 18Africa, 18Ardennes, 18BL, 18GL, 18Ireland, 18NW, 18OE, 18SA, 18USA, Crisis, Poseidon Only for shares sold.
1822, 1822CA Only for shares sold until phase 6, then fully capitalised when floated.
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.)
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 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.

Top3.4 - 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.
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, 1881, 18Africa Companies have fixed par prices.
1827 Jr, 2038, 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 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.
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.

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Section 4 - Operations

Top4.1 - 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 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, 18Kaas 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.
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.

Top4.2 - 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, 1830 v2, 1830 v3, 1831, 1832, 1837SX, 1847AE, 1850, 1858, 1860, 1861, 1862EA, 1865 Sardinia, 1867, 1869 The Golden Spike, 1869 USA West, 1873, 1881, 1889, 1893, 18Africa, 18Ardennes, 18BL, 18CZ, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GB, 18GL, 18GM, 18Ireland, 18Mex, 18MS, 18Neb, 18NL, 18NW, 18NY, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18Scan, 18TN, 18US, 18USA, 18VA, 18West, 2038, Poseidon New arrivals are placed below existing tokens.
1800, 1830 v1, 1834, 1835, 1838 Rheinland, 1846, 1847, 1848, 1856, 1857, 1859, 1862, 1868, 1870, 1879, 1880, 1891, 1895, 18??, 18C2C, 18CLE, 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.

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Section 5 - Tile Lays

Top5.1 - 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, 1824, 1829 Mainline, 1834, 1838 Rheinland, 1844, 1850, 1851, 1853, 1853 v2, 1854, 1857, 1860, 1861, 1862, 1868, 1879, 1889, 1891, 1893, 1895, 18Africa, 18C2C, 18Dixie, 18GA, 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)
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 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).
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)
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)
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.
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)
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)

Top5.2 - 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, 1829, 1837, 1844, 1849, 1854, 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, 1856, 1857, 1859, 1869 USA West, 1889, 1891, 18EC, 18GA, 18GA v2, 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 £50 to lay two tiles, companies 2 to 5 must pay £20 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 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.
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, 18NK, 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.
18Mex Yes, for major companies only.
18MS, 18NW Yes, a second yellow tile in its first OR.
18NY Yes, either two tile lays or one tile lay and one upgrade, subject to sufficient funds being available.
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.

Top5.3 - 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.
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.
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 Permissive (rule.7.6.1).
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.
1876v2 Permissive ('.. use the 1830 rulebook').
1879 As for 1830.
1880 Permissive.
1881 Restrictive (rule 7.2.1.2).
1889 Semi-restrictive.
1891 Semi-restrictive.
1893 Semi-restrictive.
1895 Permissive.
1898 Permissive (final sentence of section 'Lay or Upgrade Track').
18?? Semi-restrictive (page 20 of the 1870 rules).
18Africa Restrictive.
18Ardennes Semi-restrictive.
18BL Restrictive.
18C2C Semi-restrictive (last but one paragraph of section 4.7.1).
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.
18Ireland Semi-restrictive.
18Kaas As for 1830.
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.
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.

Top5.4 - Do villages upgrade?

1761, 1800, 1812, 1822, 1822CA, 1826, 1835, 1838 Rheinland, 1842, 1844, 1847, 1847AE, 1861, 1865 Sardinia, 1867, 1869 USA West, 1880, 1881, 18Ardennes, 18BL, 18CLE, 18CZ, 18Dixie, 18FL, 18GA, 18GA v2, 18GB, 18Ireland, 18Mex, 18MS, 18NK, 18NL, 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, 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, 1834, 1848, 1857, 1859, 1879, 1889, 18EC, 18Kaas, 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 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.

Red line

Section 6 - Station Markers

Top6.1 - 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 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, according to 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 For Chartered Companies, £60 each for 3 tokens. For Non-chartered Companies, £40 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.
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.
18Ireland 0, then 20, 50.
18Mex 0, 40, 60, 80.
18MW 0, then 40+10*crow distance from the original marker.
18NW 0, then 20*hex distance from the nearest token. Distance is measured by 'a crow without a passport'.
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.

Top6.2 - 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, 1825, 1826, 1829, 1829 Mainline, 1830, 1830 Cardgame, 1832, 1837, 1837SX, 1847 Basic Game, 1847AE, 1848, 1850, 1851, 1854, 1856, 1857, 1858, 1859, 1860, 1861, 1862, 1862EA, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1873, 1879, 1880, 1881, 1889, 1891, 1893, 1895, 18??, 18Africa, 18Ardennes, 18BL, 18C2C, 18CLE, 18CZ, 18Dixie, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GA, 18GA v2, 18GB, 18GL, 18GM, 18Ireland, 18Kaas, 18Mex, 18MS, 18Neb, 18NK, 18NL, 18NW, 18NY, 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.

Top6.3 - 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.

Top6.4 - 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, 1829, 1830, 1831, 1832, 1834, 1837SX, 1844, 1848, 1850, 1853, 1853 v2, 1854, 1856, 1862, 1862EA, 1869 USA West, 1870, 1889, 1893, 1895, 18BL, 18C2C, 18CZ, 18Dixie, 18EC, 18EZ All Levels, 18GA, 18GA v2, 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, 1898, 18Africa, 18Ardennes, 18GB, 18GL, 18Ireland, 18Neb, 18NW, 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, 18VA When its president's certificate is bought.
1857, 1859, 1879, 18FL, 18PA, 18US, 18West 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.
2038 From the start of the game.
Poseidon It is pre-printed on the map.
Railroad Barons, Rolling Stock Not applicable.

Red line

Section 7 - Trains Run

Top7.1 - 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.

Top7.2 - 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 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.

Top7.3 - 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 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 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 (1½ 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.
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.
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.
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.
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.

Top7.4 - 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, 1822, 1822CA, 1826, 1827 Jr., 1829 Mainline, 1837SX, 1842, 1846, 1861 v2, 1867, 1873, 1881, 18Ardennes, 18Dixie, 18EU, 18FL, 18MS, 18Neb, 18NY, 18OE, 18Scan, 18SS, 18TN, 18USA, 18West, Poseidon No.
1800, 1830, 1832, 1834, 1841, 1844, 1847, 1847AE, 1848, 1850, 1851, 1856, 1857, 1859, 1862, 1868, 1870, 1879, 1880, 1889, 1891, 1895, 1898, 18??, 18Africa, 18BL, 18C2C, 18CZ, 18EC, 18GM, 18Ireland, 18Kaas, 18Mex, 18NL, 18NW, 18PA, 18Rhl Rhineland, 18Ruhr, 18SY, Steam Over Holland Yes.
1824, 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, 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).
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.

Top7.5 - 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 Non-permanent freight trains must run end-to-end as a single freight run.
Rest No.

Top7.6 - 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, 1830, 1832, 1842, 1850, 1857, 1859, 1862, 1865 Sardinia, 1869 The Golden Spike, 1869 USA West, 1870, 1879, 1889, 1893, 18Africa, 18EC, 18EZ All Levels, 18Ireland, 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, 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 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 contribute to the run, but do not count towards the 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.
18Neb Regular trains are N+n, counting N cities and n villages. Express trains may skip any stations, while 4D trains ignore villages entirely.
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.

Top7.7 - 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, 1834, 1841, 1849, 1851, 1857, 1859, 1861, 1867, 1868, 1869 USA West, 1879, 18CLE, 18Dixie, 18GB, 18Ireland, 18Kaas, 18OE, 18SS, 18SY Yes. Players are not required to point out a higher revenue total than that claimed.
1817, 1825, 1826, 1829, 1830BC, 1846, 1858, 1865 Sardinia, 1889, 18Ardennes, 18CZ, 18EU, 18FL, 18GL, 18Neb, 18NW, 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, 18EC, 18NL, 18NY, 2038 No.
1827Jr, 1831, 1848, 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.

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Section 8 - Payment of Earnings

Top8.1 - 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, 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 £150. For Public Companies, only if the dividend paid out equals or exceeds the current share price.
1817, 18FL One place if a dividend greater than or equal to the current share price, two places if greater than or equal to 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, 1829, 1830, 1834, 1835, 1837SX, 1838 Rheinland, 1842, 1847, 1847AE, 1848, 1853, 1854, 1856, 1857, 1859, 1862, 1865 Sardinia, 1868, 1869 USA West, 1879, 1880, 1881, 1889, 1891, 1893, 1895, 18Dixie, 18EC, 18EZ Level 2, 18GA, 18GA v2, 18GM, 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 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 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.
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.
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.

Top8.2 - What dividend payments go into the company's treasury?

1761, 1824, 1825, 1829, 1829 Mainline, 1830BC, 1848, 1853, 1853 v2, 1854, 1860, 1862, 1873, 1880, 1893, 18Africa, 18CZ, 18PA, Crisis, Railroad Barons, Rolling Stock None.
1800, 1812, 1817, 1846, 1861, 1862EA, 1867, 18Ardennes, 18GL, 18Ireland, 18Neb, 18NW, 18NY, 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, 1834, 1835, 1837, 1838 Rheinland, 1844, 1847, 1847AE, 1856, 1857, 1859, 1868, 1869 USA West, 1879, 1881, 1889, 1891, 18BL, 18CLE, 18Dixie, 18EC, 18FL, 18GA, 18GA v2, 18Kaas, 18Mex, 18MS, 18NL, 18SS, 18TN, 18US, 18VA Those for shares in the bank pool.
1830 Cardgame Not applicable (no company treasuries).
1831 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 five 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 4½ 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.

Top8.3 - 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.

Top8.4 - Can a company make a partial payout?

1761, 1817, 1832, 1850, 1861, 1867, 18C2C, 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, 18Neb, 18NW, 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 Pre-Staatsbahnen companies pay half their income to their owners and half to their treasury.
1825, 1829, 1829 Mainline, 1830, 1830 Cardgame, 1830BC, 1834, 1835, 1837SX, 1838 Rheinland, 1841, 1842, 1844, 1847, 1847AE, 1848, 1849v4, 1853, 1853 v2, 1854, 1856, 1857, 1859, 1860, 1862, 1862EA, 1865 Sardinia, 1868, 1869 USA West, 1879, 1880, 1881, 1889, 1891, 1893, 1895, 18Africa, 18Ardennes, 18CLE, 18CZ, 18Dixie, 18EC, 18EZ Levels 1 and 2, 18FL, 18GA, 18GA v2, 18GB, 18Ireland, 18Kaas, 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, 18NK 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 4½ 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.

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Section 9 - Purchasing Trains

Top9.1 - 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, 1889, 18??, 18Africa, 18Ardennes, 18C2C, 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, 1893, 1898, 18EC, 18NL, 18Rhl Rhineland, 18SY-G, 18West Once a 3 train has been bought, minimum price 1.
1824, 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, 1834, 1857, 1859, 1868, 1879, 18Kaas Yes, minimum price 1 if they have the same President, unrestricted otherwise. (Most people play minimum price 1 always.)
1830 v2, 1830 v3 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 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.
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. 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.
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.
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.

Top9.2 - 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 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, 1826, 1830BC, 1835, 1837, 1838 Rheinland, 1846, 1847, 1880, 1895, 18Ardennes, 18BL, 18CZ, 18EU, 18FL, 18GL, 18Ireland, 18Mex, 18MW, 18OE, 18PA, 18SA, 18TN, 18VA, 2038, Poseidon Yes.
1827 Jr., 1830, 1832, 1834, 1841, 1847AE, 1849, 1850, 1851, 1854, 1856, 1857, 1859, 1862, 1868, 1869 The Golden Spike, 1870, 1879, 1889, 1891, 1893, 1898, 18??, 18C2C, 18CLE, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18GM, 18Kaas, 18Mex, 18Neb, 18NL, 18NW, 18NK, 18NY, 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 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.
1876v2 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.

Top9.3 - 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 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, £180 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.
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.

Top9.4 - 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.
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.
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.
1834 As for 1830.
1835 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 A train from the bank. The rules do not say whether this includes the bank pool.
1848, 1862EA, 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.
1857 As for 1830.
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.
1859 As for 1830.
1860, 18GB
Not applicable.  The 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.
1868 As for 1830.
1869 The Golden Spike, 1870, 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.
1879 As for 1830.
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.
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.
18Ireland Any train from the bank or bank pool, or a train from another company.
18Kaas As for 1830.
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.
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.
18SS As for 1830.
18SY As for 1830.
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.

Top9.5 - Must a minor company buy a train if it does not have one?

1761, 1835, 1837, 1844, 1853 v2, 1854, 1893, 18Ardennes, 18EU, 18EZ Level 3, 18NY, 18Scan No.
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, 1841, 1861, 1867, 1898 Yes.
1824 Yes. Minor companies in 1824 are the Coal Railways and the pre-Staatsbahnen companies.
1865 Sardinia If it has one or more traffic chips.
1880 No. Consider Foreign Investors to be minor companies in 1880. They lease a train from the bank rather than buying one.
18Neb Yes, if it has a route. Local Companies may only own rusted trains, which are permanent for these companies.
18OE It must buy its reserved 2+2 train in its first operating turn, unless Train Phase 4 has begun.
2038 No, but after the Asteroid League is formed, if it does not have one or buy one, it must merge into the Asteroid League. The President may not contribute money.
Rest Not applicable.

Top9.6 - Can trains of the final type be purchased as soon as one train of the next-to-last type is purchased?

1812, 1830 v1, 1830 v2, 1834, 1837SX, 1838 Rheinland, 1849, 1853 v2, 1856, 1857, 1859, 1862, 1868, 1879, 1889, 1891, 1893, 18BL, 18EC, 18GM, 18Kaas, 18Neb, 18NW, 18PA, 18Ruhr, 18SY, 18VA, 18West, 2038 Yes.
1824 Only by trading in an '8' train.
1829 Mainline Yes, 4Ts and 2+2s are available once the first 4+4E has been bought.
1830 v3 Yes. This is stated in rule 6.6, but has been omitted from the Phase table on page 27, despite attempts to persuade them to include it.
1854 The Orient Express trains are available as soon as the 6 trains run out.
1858 5D trains become available once the first 7E/6M train has been bought.
1861, 1867 5+5E trains become available once the first 8 train has been bought. 2+2 trains are also available if in play.
1869 USA West 4E trains become available once the first 5 train has been bought. All remaining trains (5E, 7 and 8) become available once the first 6 train has been bought.
1873 Diesel railcars may be bought once the first set of 3 ORs has started in phase 5, which is triggered by buying the first 5 train or 5 machine.
18Africa Once the last 4E train is purchased, all remaining trains become available.
18Dixie, 18MS Yes, indeed, once a 7+3 train is purchased, which is the second-to-last type.
18GB 5X trains become available after the first 4X; 6X trains become available after the first 5X.
18OE Level 8 trains become available once the first four level 7 trains have been purchased.
18Rhl Rhineland 6 trains become available when the first 5 train has been bought. The Rheingold-Express (8 trains) become available when the first 6 train has been bought.
18Scan Yes, 5Es are available when the first 5 is bought, and 4Ds are available when the first 5E is bought.
Rolling Stock Not applicable.
Rest No.

Top9.7 - Can a company buy more than one train from the bank per OR?

1800, 1830 Cardgame, 1830Lummerland, 1850, 1876, 18Africa, 18MS No.
1847AE Yes, but not two trains of the same type from the bank. This does not affect the purchase of additional trains from the bank pool or another company.
1869 USA West Yes, unless the president is providing more than 25% to help the company buy the cheapest train available from the bank or bank pool.
18AL, 18GA, 18Mex, 18TN Not until a 4 train has been bought.
18Dixie Only after the first 6+1 train has been purchased.
18EZ Level 1 Only if the second one is of a new (more expensive) type. Companies may only own one of each type of train in the Level 1 game.
18FL Only if the second one is of a new (more expensive) type. This restriction is lifted once the first '6'/'3E' train has been purchased.
18GA, 18GA v2 Yes, once the first 4T train has been purchased.
18SA In the Yellow phase a company may purchase two 2-trains or one 3-train in an OR. In later phases companies may only purchase one train in an OR.
18Scan, 18VA Only if the second one is of a new (more expensive) type.
Railroad Barons Yes (referring to Railroad Corporations).
Rolling Stock Not applicable.
Rest Yes.

Red line

Section 10 - Private Companies

Top10.1 - Are private companies purchasable between players?

1824 No (referring to Mountain Railways).
1829 Yes, in a public "sale by tender", at any time.
1830, 1834, 1857, 1859, 1868, 18Kaas, 18SS, 18SY Yes, at any agreed price, in the buyer's or seller's turn in a stock round, or during emergency money-raising. (The 1830 computer game does not allow this action, but that appears to be an oversight.)
1830 Cardgame, 1853, 1853 v2, 1862EA, 1881, 18Ardennes, 18EU, 18West Not applicable (no private companies).
1832 Yes, at any agreed price, as the buyer's purchase in a stock round. The London Investment Company can not be sold between players once it has been used to purchase a share.
1837SX, 1869 The Golden Spike, 1869 USA West, 18Dixie, 18MS Yes, at any agreed price, in the buyer's or seller's turn in a stock round.
1841 No private companies, but concessions may be bought at any agreed price during the buyer's stock turn.
1847 Yes, at any agreed price during a stock round, but may only be sold once during a stock round.
1847AE Yes, except for the Saabrucken Private Railway, at any agreed price during a stock round, but quarries may only be sold once during a stock round.
1850, 1856, 1870, 18??, 1891, 18GM, 18NK, 18OE, 18SA Yes, at any agreed price, as the buyer's purchase in a stock round.
1830 Cardgame, 1853, 1853 v2, 1862EA, 18Ardennes, 18EU, 18West Not applicable (no private companies).
1865 Sardinia No (referring to Maritime Companies).
1893 Private company B, the EVA, may be sold between players, in the buyer's or seller's turn in a stock round or an operating round.
18C2C, 18Mex Yes, at any agreed price, in the buyer's or seller's turn in a stock round.
18EC Yes, at any agreed price, in the buyer's or seller's turn in a stock, round, but not in the first stock round, and not the Illinois Central private.
18EZ Level 3 Yes, at any agreed price, at any time.
18GA, 18GA v2, 18TN Yes, at any agreed price, in the buyer's or seller's turn in a stock round - if in the seller's turn, does not count as the buyer's purchase for that turn.
18NL Yes, at any agreed price, in the buyer's or seller's turn in a stock, round, but not in the first stock round, and not the HSM or SZB privates.
18US No (referring to Concessions).
Poseidon No (referring to Special cards).
Rest No.

Top10.2 - Are private companies purchasable by share companies?

1761, 1861, 1867, Steam Over Holland Once a 3 train has been sold; at from 1 to face value.
1800 Once a 3 train has been sold; at face value.
1812 Yes, at from 1 to face value.
1822 Strictly speaking, no, as no purchase takes place. From phase 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.
1822CA Strictly speaking, no, as no purchase takes place. From phase 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.
1825, 1826, 1829, 1829 Mainline, 1835, 1837, 1847 Basic Game, 1851, 1854, 1858, 1860, 1862, 1869 USA West, 1880, 1893, 1895, 18Dixie, 18FL, 18GB, 18GL, 18MW, 18OE, 18Rhl Rhineland, 18Ruhr, 18Scan, 18SY-O No.
1830, 1830BC, 1834, 1856, 1857, 1859, 1868, 1891, 18C2C, 18CLE, 18EC, 18EZ Level 3, 18GM, 18Kaas, 18NK, 18NL, 18SA, 18SS, 18SY-G Once a 3 train has been sold; at from half to twice face value.
1824 No (referring to Mountain Railways).
1827 Jr. Some. One can be bought only by share companies.
1832 Once a 3 train has been sold; at from half to twice face value; the West Virginia Coal Fields may be purchased earlier at from half to face value; the London Investment Company, Central Rail Road and Canal Company and Southern Bank (if in play) may not be purchased by companies.
1837SX Yes, once a 6H train has been sold, at from half to one and a half times face value.
1838 Rheinland, 18Mex Yes, once a 3 train has been sold, most at from half to one and a half times face value.
1842 Yes, in an auction. The private company ceases to exist, and its assets are transferred.
1844 Yes, once a 3 (or 3H) train has been sold, at from 1 to twice face value.
1846 Yes, during phases I or II, at from 1 to face value.
1847 Expert Game Once a 4 train has been sold.
1847AE Once a 4 train has been sold, but only the quarries, not the Saarbrucken Private Railway or the other private companies.
1848 Yes, once a 3/3+ train has been sold, in the price crange shown on the private company certificate.
1849v4 From phase 6 to phase 10.
1850 Once a 3 train has been sold; at from half to twice face value; the Mississippi Bridge Company and the Mesabi Mining Company may be purchased earlier at from half to face value; if the Union Pacific purchases the Credit Mobilier private it can pay up to three times face value.
1865 Sardinia No, but they can given them (referring to Maritime Companies).
1869 The Golden Spike First private only, once a 3 train has been sold, from half to twice face value.
1870 Once a 3 train has been sold; at from half to twice face value; the Mississippi Bridge Company may be purchased earlier by majors on the Mississippi at from half to face value.
1873 A mining share company can buy a private mining company if it has an empty slot availabvle, at from 1 to twice face value if bought from players, or at face value if bought from the bank.
1889 Once a 3 train has been sold; at from half to twice face value, except Uno-Takamatsu Ferry after 5 train.
18?? Yes. 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 Yes, from the bank pool at face value.
18AL, 18GA, 18GA v2, 18VA Once a 3 train has been sold; at from half to one and a half times face value.
18BL Yes, from half to twice face value. Privates #3 (Müngstener Brückengesellschaft) and #4 (Eisenhüttengesellschaft) may be bought in from the start of the game, while privates #1, #2 and #5 can be bought in once the first 3/SB3 train has been purchased.
18CZ Moravia-Silesia Variant only: the MW may be sold to a company for between 1K and the current Local Railways price.
18Ireland Yes, once a 4H train has been sold, at from half to twice face value.
18MS Yes, From OR3 onwards, at from half to one and a half times face value.
18Neb Yes, once a 3 train has been sold, most at from half to one and a half times face value; the Morison Bridging Company may be bought for face value during phase 2; the Credit Mobilier may not be purchased for more than its face value; The UP private may not be bought by a company.
18NW No, private companies are transferred to public companies with no compensation.
18NY Once a 4H train has been sold, from half to twice face value, first four private companies only.
18PA Yes (privates 4-9).
18TN Once a 3 train has been sold. May also be bought at face value in the first OR of the game.
18US There are no private companies, but Western Concessions may be bought once in play.
2038 Once a phase II spaceship has been sold; at from 1 to face value.
Poseidon No (referring to Special cards).
Railroad Barons Investors can be assigned to the holding companies.
Rolling Stock As soon as share companies exist in the price range shown on the private company certificate, and always at maximum price if bought from the foreign investor. Private companies may be bought from players, the foreign investor, or other share companies.
Rest Not applicable.

Top10.3 - Does a private company prevent builds in its home hex(es) while it is owned by a player?

1761, 1817, 1822, 1822CA, 1826, 1829 Mainline, 1830 Cardgame, 1831, 1834, 1841, 1847, 1847AE, 1851, 1853, 1853 v2, 1859, 1860, 1862EA, 1865 Sardinia, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1879, 1880, 1881, 1895, 1898, 18??, 18Africa, 18AL, 18Ardennes, 18Dixie, 18EZ Levels 1 and 2, 18GM, 18Mex, 18MS, 18NK, 18NW, 18OE, 18Ruhr, 18SA, 18Scan, 18SS, 18SY, 18USA, 18VA, 18West, 2038, Crisis, Railroad Barons, Rolling Stock Not applicable.
1800, 1812, 1825, 1827 Jr., 1830Lummerland, 1835, 1837SX, 1838 Rheinland, 1842, 1844, 1848, 1854, 1873, 1893, 18CZ, 18EZ Level 3, 18FL, 18MW, 18NY, 18PA, 18TN, Steam Over Holland No.
1824 No (referring to Mountain Railways).
1829, 1830, 1830BC, 1832, 1846, 1850, 1856, 1857, 1858, 1889, 1891, 18C2C, 18CLE, 18EC, 18Kaas, 18NL Yes.
1837 No. But it allows a company owned by the same director to build there free. Others have to pay.
1849v1&3 No (for the S.C.E., the only one that has a home hex).
1849v4 Yes (for the S.C.E., the only one that has a home hex).
1861, 1867, 18Neb Yes, but only in Phase 2.
18BL Yes, for the Solinger Kleinbahn.
18GA, 18GA v2 Yes, except for the Waycross and Southern.
18GB Yes, until the first 4+2 train is purchased or removed, or until the private company is closed.
18GL Yes, unless the owner grants permission.
18Ireland Yes, for the Dalkey Atmospheric Railway (DAR). Also for the Drumglass Colliery Railway (DCR) if it is in play.
18Rhl Rhineland Yes, for the PWB only, until the first 5 train is bought.
18US No (referring to Concessions).
Poseidon P1 (Troja), P2 (Knossos) and P3 (Mykene) prevent nations from establishing trading posts in their home hexes.

Top10.4 - Does using a private company's special property close it?

1761 Yes, for Stagecoach private companies.
1800 No, except D&SL.
1812 No, except for the SEW.
1817, 1837, 1846, 1847 Expert Game, 1854, 1880, 18??, 18Africa, 18CZ, 18GA, 18GA v2, 18Rhl Rhineland, 18TN, 18USA, 2038, Railroad Barons No.
1825, 1827 Jr., 1829, 1829 Mainline, 1830 Cardgame, 1831, 1841, 1842, 1847 Basic Game, 1849v1&3, 1851, 1853, 1853 v2, 1858, 1861, 1862EA, 1865 Sardinia, 1867, 1873, 1879, 1881, 1895, 1898, 18Ardennes, 18EZ Levels 1 and 2, 18PA, 18US, 18West, Crisis, Rolling Stock Not applicable.
1822 With the exception of private company #15, which must close at the start of phase 7 but may be closed earlier, private companies are not forced to close. However, some are removed from play when taken by a minor or major company, when they give the acquiring company their associated token(s) or assets.
1822CA With the exception of private companies #8 and #9, which must close at the start of phase 7 but may be closed earlier, private companies are not forced to close. However, some are removed from play when taken by a minor or major company, when they give the acquiring company their associated token(s) or assets.
1824 Yes (referring to ability to exchange Mountain Railways for a share in one of the Regional Railways).
1826, 1862, 18OE, 18VA Yes.
1830, 18Kaas Only the M&H, and the B&O when it buys its first train.
1830BC Barahshum, Calah, and Der; and the First Akkadians when Akkad buys its first digging team.
1832 Only the Central Rail Road and Canal Company, when the CoG buys its first train.
1834 Yes, for the second to fifth private companies. The ACC also closes if a track connection is established between Antwerp and Liege.
1835
Yes, except that OB can do one of its two track-lays without closing.
1837SX Only the AZE, CAAE, CKE, RHSM, and the VG if used to build a free viaduct.
1838 Rheinland Only the Trajektanstalt when used by a player, or the Duisburger when used by a company.
1844 Only the P4, and it then pays 80 to its owner.
1847AE Yes, for privates 4, 5 and 6. The Saarbrucken Private Railway closes when the Saarbrucken Eisenbahn has bought its first train.
1848 Only the NAR when it buys its first train.
1849v4 Only the CNM and the SMS.
1856 Only W&S and GLSC are closed.
1857 Yes, for the SDCC, SZLC and SSTC.
1859
Yes, for the GPCC and MRC, and when the CTR buys its first train.
1860 Yes, apart from the Fishbourne Ferry Company, which never closes.
1868 Yes, for the first four private companies.
1869 The Golden Spike The Baby Burlington privates may be closed voluntarily to active their associated CB&Q shares.
1869 USA West No, but the LA-New York Steamship Co. closes when the Central Pacific first collects revenue.
1870 No, except for making a closed port.
1889 No, except Dougo Railway.
1891 Only the TBHC closes.
1893 Yes, for private company A, the FdSD.
18AL No, except for New Decatur Yards.
18BL Privates #2 (Deilthaler Eisenbahngesellschaft) and #3 (Müngstener Brückengesellschaft) close when their special property is used. Private #5 (Düsseldorfer Eisenbahnbedarfs-Gesselschaft) closes when the rail bus (tram) trailer generates income for the first time.
18C2C No, except M&H, and B&O/SP when they buys their first trains.
18CLE In most cases, yes. The CP&AR closes when the CPE pays its first dividend. The C&BSR closes when the CSC buys its first train.
18Dixie Yes, except for the DFPS, which closes at the start of phase 6.
18EC Only the C&A, and the IC when it buys its first train.
18EZ Level 3 Only the Harriot Milton Hotel and the Metropolis Rapid Transit Authority.
18FL Yes. The FECCTC closes when the FEC buys its first train.
18GB Yes. More specifically, the ability may be used any time after the company has been closed.
18GL, 18MW Some, as stated on the private certificate.
18GM Yes, for privates #2, #3 and #5. A company owning private #4 may voluntarily close the company. Tycoons are retired (closed) when used.
18Ireland Only the BoW and the D&KR.
18Mex Only the MNR when the NdM buys its first train.
18MS Only the M&O when the owning company buys a discounted train.
18Neb No, except for the Morison Bridging Company when it uses its second discount token, the Armour and Company if the Closed cattle token in placed, or when the Canadian Pacific Railroad or Credit Mobilier are be exchanged for company shares.
18NK Only the A-OO and B-MKO privates.
18NL Only the DV, and the HSM and SZB when they buy their first trains.
18NW Some, as noted in the rules.
18NY P1, P2 and P3, yes. P6 closes when the D&H buys a train.
18Ruhr The two Pfederbahn private companies close if used to establish a railway link for a private Montan Company.
18SA The FN closes when the ENFER buys its first train.
18Scan The Mine when the bonus token is bought, and the SJ when the DSB buys its first train.
18SS Privates A, B and C close when their special properties are used. Privates D, E and F close when the Yuu, Ai and Ha Railways respectively purchase their first trains.
18SY Privates A, B, C and D.
Poseidon Yes, except for P4 (Poseidon).
Steam Over Holland Only the SWA, KKvI and RW.

Top10.5 - When do private companies close?

1761 Stagecoach private companies close when used, or when a rail connection exists between the two named cities. The Foss Dyke Canal private company closes when the first 5 train is purchased.
1800, 1830, 1832, 1835, 1837, 1838 Rheinland, 1848, 1851, 1859, 1862, 1868, 1869 The Golden Spike, 18??, 18EC, 18EZ Levels 3, 18FL, 18GA, 18GA v2, 18GM, 18Kaas, 18MW, 18NL, 18Rhl Rhineland, 18Scan, 18TN, Steam Over Holland First 5 train.
1812 First 5 train, except for private companies #11 and #12, which are permanent.
1817, 1825, 1829 Mainline, 18Africa, 18USA, 18VA, Railroad Barons Never.
1822 With the exception of private company #15, which must close at the start of phase 7 but may be closed earlier, private companies are not forced to close. However, some are removed from play when taken by a minor or major company, when they give the acquiring company the associated token(s) or assets.
1822CA With the exception of private companies #8 and #9, which must close at the start of phase 7 but may be closed earlier, private companies are not forced to close. However, some are removed from play when taken by a minor or major company, when they give the acquiring company the associated token(s) or assets.
1824 When exchanged for a share in one of the Regional Railways (referring to Mountain Railways).
1826 First 10H train, but the mail +1 and train limit +1 tokens last until an E train is sold.
1827 Jr. Various: see appendix 5.
1829 At the start of phase four. In the standard game this is when the first 7 train is bought. When playing with the additional trains from kit MSK2 this is when the first 6 train is bought. If using the optional PC rule, private companies in the bank pool close when a tile is laid on their home hex (or either hex for the L&M).
1830 Cardgame, 1831, 1849v1&3, 1853, 1853 v2, 1862EA, 1879, 1881, 18Ardennes, 18EZ Levels 1 and 2, 18US, 18West, Crisis Not applicable.
1830BC, 1841, 1898 First 4 train.
1837SX, 1895, 18GL First 10H train.
1842 Auctioned off at start of next OR after sale of first 5 train.
1844 First 5 train or 5H train.
1846 Phase III.
1847, 1869 USA West, 18MS, 18NW, 18SS First 6 train.
1847AE Purchase of the 6E train.
1849v4 First 12 train.
1850 Some or all close when the first 5 train is bought, some may survive until the first 6 train is bought.
1854 Moutain railways close on first 5 train. Local railways may close, merge, or continue.
1856 First 5 train, but the bridge and tunnel tokens are permanent, and the port token lasts until the first 6 train.
1857 Yes, but some only close if owned by players, while some only close if owned by companies.
1858 Either after the earnings phase of a share company, or during the final exchange round. In all cases they are exchanged for face value in cash from the bank.
1860 When exchanged for 10% shares in their associated companies, or when the Fishbourne Ferry Company is purchased.
1861, 1867 Never - they are nationalised when the first 6 train is bought and become part of the Russian State Railway.
1862 At any time when their owners choose to close them.
1865 Sardinia First 5 train if in player hands, never once transferred to a public company.
1870 First 5 train, but the port and cattle tokens last to the first 6 train.
1873 When they are not bought in the initial auction round, or when an owning player chooses to close them. Closed mining private companies can later be bought and thereby revived by mining share companies.
1880 Never. However, they stop paying their fixed income once the first 4 train is bought.
1889 First 5 train, except player's Uno-Takamatsu Ferry. Its revenue becomes 50, but may not be sold thereafter.
1891 First 5 train, but the Yamaguchi Prefectural Tramline and Chugoku Railway tokens are permanent.
1893 For the FsSD, when exchanged for RB certificates, or when forced to do this after the first 5 train is bought. For the EVA, when the first 6 train is bought. For the HdSK, when the merger of the HGK takes place.
18BL First 5/SB5 train/rail bus (tram).
18C2C First 5 train, but the cattle, coal, fish, gold, labor, lumber and port tokens last until the first 6 train. Engineer tokens stay active until the end of the game.
18CLE First 6 train, except for the ANS, which remains open if not closed by use of its special property.
18CZ Moravis-Silesia Variant only: the 3E train is discarded once used, and the MW is closed when purchased by another company.
18Dixie First 6+1 train.
18GB The owning player may choose to close the company at any time after the end of the first stock round. In addition, a private company closes if any company builds track in its home hex, which is only possible after the first 4+2 train has been purchased or removed.
18Ireland First 8H train.
18Mex First 5 train, except for the SR, which closes when the fifth 3 train is bought.
18Neb When the first 5/7 train is bought.
18NK First 5 train, but the BTS token lasts to the first 6 train.
18NY First 12H train.
18OE When its special ability is used, or the owning player closes it during a stock round.
18PA When converted to the NYC (privates 1-3) or acquired by a company (privates 4-9).
18Ruhr The BME closes when the first 4 train is sold. The other private companies close if still open when the first 5 train is sold.
18SA First 6 train, but if the SFP is owned by a company it stays open until the end of the game.
18SY-G First 5-x train.
18SY-O  First 6-x train.
2038 Phase V.
Poseidon When their special powers are used, except for P4 (Poseidon).
Rolling Stock When the owner chooses to close them.

Top10.6 - Can you buy and sell private companies in other ways?

1825, 1829 Mainline, 1860 You can sell them to the bank in a stock round for 30 less than face value. Once they are in the bank pool, they can be bought in a stock round for face value.
1829 If using the optional PC rule, you can sell them to the bank in a stock round for 30 less than face value. Once they are in the bank pool, they can be bought in a stock round for face value.
1858 You can exchange a private for a share in stock rounds and the final exchange round.
18Africa Private companies may be sold by players into the bank pool at face value.
Rolling Stock Throughout the game, new private companies appear and are sold in auctions.
Rest No.

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Section 11 - Directorship/Presidency of a Share Company

Top11.1 - Can you sell the Director's certificate into the bank pool?

1824 No. Note that there is no bank pool as such, so this refers to the bank in general.
1825, 1829, 1853, 1853 v2, 1860, 1862EA, 18GB Yes, and is then operated by official receiver if no other player becomes the Director.
1826, 18EU Yes, after a bankruptcy; but it must then be immediately transferred to a player using the normal change of presidency rules, or the company is permanently closed.
1835, 1837, 1838 Rheinland, 1842, 1847 Yes, after a bankruptcy.
1841 No, but one can end up there after a bankruptcy, a merger, or the Ferdinandean secession, and is then "freezed".
1869 USA West Yes, if the player selling shares is the only player that owns shares in the company. It may also end up in the pool if two or more players hold the same number of shares and more than the current president, or it is not possible to exchange shares with another player following a share sale.
1873, Crisis No, but it can get there in receivership.
18EZ Level 1 Not Applicable (no share dealing).
18MS Yes.
18Ardennes, 18Scan, 18US, 18West No, but it can end up there after a bankruptcy.
Rolling Stock Yes, but it will be immediately exchanged for an ordinary share certificate with the new President.
Rest No.

Top11.2 - Can you exchange the Director's certificate for regular shares from another player when you sell shares to the bank pool?

1824 No. Note that there is no bank pool as such, so this refers to the bank in general.
1830 Cardgame, 1830BC Not applicable.
1832 Yes. If the new president of a System has any vice-president's certificates, they must be included in the exchange.
1841, 1898 For a historic company, only after a 4-train has been bought (presidencies are protected by ownership of concessions).
1869 USA West Yes, but only if there is a single player holding the most shares who is also capable of exchanging shares with the current president.
1881 Yes, but the other player must hold at least 30% of the company.
18EZ Level 1 Not Applicable (no share dealing).
Poseidon Yes, although this happens at the end of the merchant round, and the player who holds more merchants than the current King may decline the option to take control of the nation.
Rolling Stock Not required.
Rest Yes.

Top11.3 - After a sale of shares forces a change in Director, who gets it in case of a tie?

1829 Whoever has held the most stock for longest.
1829 Mainline, 1893, Steam Over Holland Not stated. For convenience of play, treat as stated under 'Rest'.
1830 Cardgame Not applicable. Shares may not be sold at any time.
1841 Next qualifying human shareholder on seller's left, then companies in order of share value, highest first.
1842 It is offered to the tying players in turn, starting on the seller's left. If the others all refuse, the last one round must accept.
1844, 1873, Rolling Stock Next qualifying player in SR order.
1853, 1853 v2 Whoever has held at least one share in that company for longest.
1869 USA West Nobody, the certificate goes into the bank pool until one of the tied players (or another player) holds the most shares in the company.
1898 If a player sells shares: as 1841. If a corporation sells shares: players in seating order, starting with the priority deal, then companies in order of share value, highest first.
18EZ Level 1 Not Applicable (no share dealing).
Crisis The last qualifying player (not in receivership) in round order.
Poseidon Next qualifying player on seller's left, although they may decline the option to take control of the nation.
Rest Next qualifying player on seller's left.

Red line

Top

Section 12 - Game Phases

Top

1761
Condition/Train Phase Effects
- A Yellow tiles, minor companies may perform one tile action, off-board areas may not be used
16 boats B Green tiles
28 boats C Railway private company and public company shares available, companies may perform up to two tile operations
1st public company 2 Train limit 3/4 for 5-/10-share companies, use green values for off-board areas
3 3 Privates may be bought by companies
4 4 Brown tiles, 2 trains become obsolete, train limit 2/3 for 5-/10-share companies, companies may perform up to three tile operations, use brown values for off-board areas
5 5 -
6 6 Grey tiles, 3 trains become obsolete, train limit 1/2 for 5-/10-share companies

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1800
Train Phase Effects
- 1 Yellow tiles
2 2 Train limit 2, lowest OBH
3 3 Green tiles, 2 ORs, privates may be bought by companies
4 4 2 trains rust, middle OBH
5 5 Brown tiles, 3 ORs, all E trains available, privates close
E 6 3 train rusts, grey tiles, train limit 3

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1812
Train Phase Effects
2/1G 2 Train limit 2/-, yellow tiles, use yellow value for OBH/mines/N-S bonuses, 2 ORs
3/2G 3 Train limit 2/4, green tiles, use green value for OBH/mines/N-S bonuses, minor companies may merge or convert
4/3+2G 4 Train limit 1/3, 2/1G trains rust, brown tiles, use brown value for OBH/mines/N-S bonuses, minor companies can no longer be started
5/4+2G 5 Train limit -/2, 3/2G trains rust, use grey value for OBH/mines/N-S bonuses, private companies close (except for #11 and #12), train trade-ins are allowed, 3D/2+2G trains available immediately
3D/2+2G 6 -

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1817
Train Phase Effects
2 2 Yellow tiles, train limit 4, new companies may only be started as 2-share companies, use yellow values for grey and off-board areas
3 3 Green tiles, new companies may be strarted as 2-share or 5-share companies, use green values for grey and off-board areas
4 4 2 trains rust, train limit 3, 2+ trains may not be bought or sold and will be discarded without compensation after running trains, new companies can only be started as 5-share companies
5 5 Brown tiles, new companies may be started as 5-share or 10-share companies, use brown values for grey and off-board areas
6 6 3 trains rust, train limit 2, new companies may only be started as 10-share companies
7 7 Grey tiles, use grey values for grey and off-board areas
8 8 4 trains rust, short selling is no longer permitted

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1822
Train Phase Effects
L/2 1 Train limit for minors/majors is 2/-, minor companies start with a share price of 50, yellow tiles, trains may only be bought from the bank, use yellow values for off-board areas, 1 OR
2 2 Train limit for minors/majors is 2/4. minor companies start with a share price of bid/2 rounded down to nearest starting value, concessions may be converted to director's certificates, major companies may acquire minor companies, 2 ORs
3 3 L trains rust, green tiles, major companies may lay 2 yellow tiles or upgrade 1 tile, trains may be bought from other companies, use green values for off-board areas
4 4 2 trains rust, train limit for minors/majors is 1/3
5 5 Brown tiles, train limit for minors/majors is 1/2, unconverted concession are removed from play, major companies require 50% to float, major companies may acquire unfloated minor companies direct from the bidding boxes, use brown values for off-board areas
6 6 3 trains rust, major companies receive full capitalisation on floating
7/E 7 4 trains rust, grey tiles, use grey values for off-board areas

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1822CA
Train Phase Effects
L/2 1 Train limit for minors/majors is 2/-, minor companies start with a share price of 50, yellow tiles, trains may only be bought from the bank, use yellow values for off-board areas, 1 OR
2 2 Train limit for minors/majors is 2/4. minor companies start with a share price of bid/2 rounded down to nearest starting value, concessions may be converted to director's certificates, major companies may acquire minor companies, 2 ORs
3 3 L trains rust, green tiles, major companies may lay 2 yellow tiles or upgrade 1 tile, trains may be bought from other companies, use green values for off-board areas
4 4 2 trains rust, train limit for minors/majors is 1/3
5 5 Brown tiles, train limit for minors/majors is 1/2, unconverted concession are removed from play, major companies require 50% to float, major companies may acquire unfloated minor companies direct from the bidding boxes, use brown values for off-board areas
6 6 3 trains rust, major companies receive full capitalisation on floating
7/E 7 4 trains rust, grey tiles, remove privates #8 and #9 from the game, use grey values for off-board areas

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1824
Train Phase Effects
- 1 Yellow tiles
2 2 1g trains available, lower mine values, at the end of each set of operating rounds, a 'normal' (non-goods) train is sold abroad
3 3 Green tiles, 2 ORs, 2g trains available, Mountain Railways and Coal Railways may be exchanged, companies can buy trains from each other
4 4 2 trains rust, 3g trains available (1g trains rust when the first 3g or later is bought), Mountain Railways must be exchanged, train limit 3 for Regional Railways, 4 for the Staatsbahnen, the Suedbahn is founded at the end of the current operating round
5 5 Brown tiles, Coal Railways must be exchanged, higher mine values, the Ungarische Staatsbahn is founded at the end of the current operating round
6 6 3 trains rust, 4g trains available (2g trains rust when the first 4g or later is bought), 3 ORs, train limit 2 for Regional Railways and 3 for the Staatsbahnen, the k&k Staatsbahn is founded at the end of the current operating round
8 7 Grey tiles, 4 trains rust, 5g trains available (3g trains rust when the first 5g is bought)
10 8 5 trains rust

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1825
Train Phase Effects
2 One Train limit 4, yellow tiles, 1 OR
3 Two Green tiles, 2 ORs
4 - -
5 Three Brown tiles, 2 trains rust, train limit 3, 3 ORs
6 Four Grey tiles, no train limit
7 - 3 trains rust

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1826
Train Phase Effects
2H 2H Train limit 4, 1 OR, top OBH
4H 4H Green tiles, 2 ORs, top OBH
6H 6H 2H trains rust, train limit 3, trains can be bought across, top OBH
10H 10H Brown tiles, 4H trains rust, train limit 2, 3 ORs, second OBH
E E 6H trains rust, third OBH
TGV TGV Grey tiles, bottom OBH

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1827Jr
Train Phase Effects
1H 1H Train limit 4, 1 OR
2H 2H Green tiles, 2 ORs, privates may be bought by share companies, more share companies available, more privates available
3H 3H 1H trains rust, train limit 3, bonds available, another private available
4H 4H 2H trains rust, prestige items available, another private available
5H 5H Brown tiles, 3 ORs, high value for OBHs, another private available
P8H P8H 3H trains rust
F7H F7H 4H trains rust, 5H trains require maintenance

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1829
Train Phase Effects
2 One Train limit 4, 1 OR
3 Two Green tiles, 2 ORs
4 - -
5 Three Brown tiles, 2 trains rust, train limit 3, 3 ORs
7 Four Grey tiles, 3 trains rust, train limit 2, 4 ORs

Top

1829 Mainline
There are no phases as such.
Tiles must be promoted in the standard sequence yellow-green-russet-grey, and trains purchased in the order stated.
Trains do not become obsolete.
There are always three operating rounds between stock rounds.

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1830
Train Phase Effects
2 Yellow Train limit 4, 1 OR, lower values for OBHs
3 Green Green tiles, privates may be bought by companies, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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1830 Cardgame
Train Phase Effects
2 Yellow Train limit 4, initial six companies available, company prices and income set
3 Green Train limit 3, final two companies available, company prices and income adjusted
4 Blue 2 trains rust, company prices and income adjusted
5 Brown Train limit 2, company prices and income adjusted
6 Red 3 trains rust, company prices and income adjusted
8 Purple 4 trains rust, company prices and income adjusted

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1830BC
Train Phase Effects
1+1 1 Harvest 20, 6 water per river
2 2 Harvest 20, 6 water per river
3 3 Harvest 25, 6 water per river, 1+1s rust, indies may be bought by companies
4 4 Harvest 25, 7 water per river, 2s rust, indies close
M 5 Harvest 30, 8 water per river, 3s rust

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1831
Train Phase Effects
2 One Yellow tiles, train limit 5, 1 OR
3 Two Green tiles, corporations may have station and rail yard in same city
4 Three Blue tiles, train limit 4, 2 ORs, 2 certificate block buys allowed
5 Four 2 trains rust, train limit 3, station token cost and payout increase
6 Five 3 trains rust
7 Six Red tiles, 4 trains rust, 4 ORs, 4 certificate block buys allowed
9 Seven 5 trains rust, train limit 2, station token cost and payout increase
12 Eight Mergers cease
15 Nine 6 trains rust

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1832
Train Phase Effects
2 Two Yellow tiles, train limit 4, 1 OR, West Virginia Coal Fields may be bought by companies for from half to face value, first value for OBHs and the West Virginia Coal Fields
3 Three Green tiles, 2 ORs, other privates may be bought by companies, Key West token may be placed
4 Four Train limit 3, 2 trains rust, eligible companies may merge
5 Five Brown tiles, privates other than the Southern Bank (if in play) close, train limit 2, 3 ORs, second value for OBHs and the West Virginia Coal Fields
6 Six Train limit 2, 3 trains rust, port and cotton tokens removed, last chance for mergers
8 Eight 4 trains rust, third value for OBHs and the West Virginia Coal Fields, Key West token removed
10 Ten -
12 Twelve 5 trains rust

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1834
Train Phase Effects
2 Yellow Train limit 4, 1 OR, Antwerp hex pays 20, lower values for OBHs and ports
3 Green Green tiles, privates may be bought by companies, 2 ORs, Antwerp hex pays 30
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs and ports, privates close
6 Silver Silver tile, 3 trains rust, train limit 1, 2T trains available immediately
2T - 2T trains satisfy the requirement for a company to own a train, but do not count towards the train limit

Top

1835
Train Phase Effects
2 1 Train limit 4 for majors, 2 for minors, two tile lays by majors
2+2 - -
3 2 Green tiles, transfer of trains, 2 ORs, one tile lay per company, mid value for OBHs, trains may be bought from other companies
3+3 - -
4 - 2 trains rust, train limit 3 for majors, 1 for minors, Prussian may start
4+4 - 2+2 trains rust, Prussian must start
5 3 Brown tiles, train limit 2 for majors, 3 for the Prussian, high value for OBHs, 3 ORs, all minors must fold into Prussian, all privates close
5+5 - -
6 - 3 trains rust
6+6 - 3+3 trains rust

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1837
Train Phase Effects
2 1 Train limit 4 for majors, 2 for minors
3 2 Green tiles, transfer of trains, 2 ORs, Bosnia-Herzegovina open, passes may be built without help of mountain railways, train limit 3 for majors, trains may be bought from other companies
Original edition German rules: 2G trains available
Original edition English translations: 2G trains available (once 1Gs have sold out) (from phase table - not mentioned in the rules)
All-Aboard Games edition: 2G trains available (even if 1G trains have not been sold)
3+1 - Train limit 1 for non-Hungarian minors and for coal companies
4 - 2 trains rust, Italy secedes, Bozen upgraded to green, Sudbahn launched, K+K may be launched, train limit for Sudbahn and K+K is 4
Original edition German rules: 3G trains available
Original edition English translations: 3G trains available (once 1Gs and 2Gs have sold out)
All-Aboard Games edition: 3G trains available (even if 1G and 2G trains have not been sold)
3G - 1G trains rust
4E - Hungarian may launch - its train limit is 4
4+1 - K+K must launch
5 3 Brown tiles, train limit 2 (3 for fused companies), 3 ORs, 3 trains rust, Hungarian must launch, private companies close, coal companies fused into majors
Original edition German rules: 4G trains available
Original edition English translations: 4G trains available (once 3Gs have sold out)
All-Aboard Games edition: 4G trains available (even if 3G trains have not been sold)
4G - 2G trains rust
5+2 - 3+1 trains rust

Top

1837SX
Train Phase Effects
- 1 Train limit 4, yellow tiles, new corporations start as 'small' corporations
4H 2 Lowest value for OBHs
6H 3 Green tiles, 2 ORs, privates may be bought by companies
8H 4 4H trains rust, train limit 3
10H 5 Brown tiles, 'small' corporations may be exchanged for shares in the KSStBE, train limit 3 for KSStBE and 2 for other corporations, new coporations start as 'large' corporations, 3 ORs, privates closed, middle value for OBHs
12H 6 6H trains rust, private company tokens removed, train limit 1 for 'small' corporations
16H 7 Grey tiles, 8H trains rust, 6N trains available, highest value for OBHs
6N 8 Secondary Railway tokens owned by companies are removed from the game

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1838 Rheinland
Train Phase Effects
2 1 Train limit 4, two tile lays
2+2 - -
3 2 Green tiles, transfer of trains, 2 ORs, mid value for OBHs, trains may be bought from other companies
3+3 - -
4 - 2 trains rust, train limit 3
4+4 - 2+2 trains rust
5 3 Brown tiles, train limit 2, high value for OBHs, 3 ORs, privates close
5+5 - -
6 - 3 trains rust
6+6 - 3+3 trains rust, Specialisation trains available
Specialisation - 4 trains rust

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1841
Train Phase Effects
2 2 Train limit 4 for majors, two for minors
3 3 Green tiles, 2 ORs, two track-lays per major, track-lays across borders, non-historic companies may start
4 4 2 trains rust, borders change, IRSSF split, Tuscan merge, mid values for OBHs, train limit 3 for majors, 2 for minors
5 5 3 trains rust, borders change again, brown tiles, 3 ORs, one track-lay per major
6 6 High values for OBHs, train limit 2 for majors, 1 for minors
7 7 4 trains rust
8 8 5 trains rust

[ Note the wonderfully simple naming of the phases in 1841. I hope other designers will adopt this system.]

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1842
Train Phase Effects
1 Yellow Train limit 4, 1 OR
2 - -
3 Green 1 trains rust, train limit 5, green tiles, 2 ORs, privates may be bought by companies, trains may be bought from other companies
4 - 2 trains rust
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs
6 - 3 trains rust
7 - 4 trains rust

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1844
Train Phase Effects
2/2H Yellow Train limit 4, 1 OR
3/3H Green 2 trains become 2Hs, green tiles, 2 ORs, privates may be bought by companies, trains may be bought from other companies, special properties of privates may be used
4/4H - 2H trains rust, 3 trains become 3Hs, train limit 3
5/5H Brown Brown tiles, train limit 2, 3 ORs, SBB forms at end of current OR
6 - 3H trains rust, 4 trains become 4Hs, companies that have not floated will be fully capitalised without need to destinate
7 - 4H trains rust, 5 trains become 5Hs, grey tiles available

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1846
Train Phase Effects
2 I Train limit 4, 2 ORs, privates may be bought by companies
3/5 or 4 II Green tiles
4/6 or 5 III 2 trains phased out, brown tiles, train limit 3, higher values for OBHs, privates close (except Mail Contract if owned by a corporation), markers remain
7/8 or 6 IV 2 train removed, 3/5 and 4 trains phased out, grey tiles, train limit 2, private company markers removed

Top

1847
Train Phase Effects
3 Yellow Yellow tiles, train limit 4, two tile lays, lowest value for off-board areas, 1 OR
3+3 - -
4 Green Green tiles, train limit 3, trains may be bought from companies, one tile lay per company, middle value for off-board areas, 2 ORs
Expert game: quarries may be bought by companies
4+4 - 3 trains rust
5 - -
5+5 - 3+3 trains rust
6 Brown Brown tiles, train limit 2, highest value for off-board areas, quarries close, 3 ORs
Expert game: Rammelsbach quarry is not closed
6+6 - 4 trains rust

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1847AE
Train Phase Effects
3 Yellow Yellow tiles, train limit 3, two tile lays, lowest value for off-board areas, 1 OR
3+3 - Trains may be bought from companies, entitled private companies may be exchanged with investor certificates
4 Green Green tiles, one tile lay per company (two for any company in their first operating round), middle value for off-board areas, quarries may be bought by companies, 2 ORs
4+4 - 3 trains rust
5 Brown Brown tiles, train limit 2, highest value for off-board areas, 3 ORs
5+5 - 3+3 trains rust, entitled private companies must be exchanged with investor certificates
6E - Quarries close, except for the Rammelsbach quarry
6+6 - 4 trains rust

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1848
Train Phase Effects
2/2+ 2 Yellow tiles, lay one tile, train limit 4, 1 OR
3/3+ 3 Green tiles, lay two yellow tiles, 2 ORs, privates may be bought by companies, companies may buy trains from each other, loans may be taken out, Bank of England minimum dividend of 10
4/4+ 4 2 trains rust, train limit 3
5/5+ 5 Brown tiles, train limit 2, 3 ORs, private companies close, 2E (The Ghan) trains available, Bank of England minimum dividend of 20
6/6+ 6 3 trains rust, COM can operate without needing a link from Adelaide to Sydney
8/D 8 Grey tiles, 4 trains rust, Bank of England minimum dividend of 30

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1849
Train Phase Effects
4 4 Train limit 4, companies may start at 68 or 100
6 6 Green tiles, 2 ORs, companies may also start at 144, (v4 only, privates may be bought by companies)
8 8 4 trains rust, mid value for OBHs, train limit 3
10 10 6 trains rust, red tiles, train limit 2, 3 ORs, companies may also start at 216
12 12 Earthquake, high value for OBHs (v4 only, privates eliminated, and if playing the electric variant, electric tokens and trains are available)
16 16 8 trains rust, R6 trains available immediately, share prices may enter the final section of the stock market
R6 - -

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1850
Train Phase Effects
2 Two Train limit 4, 1 OR, Mississippi Bridge Company and Mesabi Mining Company may be bought by companies for from half to face value, first value for OBHs and the Mesabi Mining Company
3 Three Green tiles, 2 ORs, all privates may be bought by companies
4 Four Train limit 3, 2 trains rust
5 Five Brown tiles, privates close unless special tile lays have not been used, surviving privates may not be bought by companies, train limit 2, 3 ORs, second value for OBHs and the Mesabi Mining Company
6 Six Train limit 2, 3 trains rust, all remaining privates close
8 Eight Grey tiles, 4 trains rust, third value for OBHs and the Mesabi Mining Company
10 Ten -
12 Twelve 5 trains rust

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1851
Train Phase Effects
2 Two Train limit 4, 1 OR, reds and specials use small values, one yellow
3 Three Two yellows/one green, 2 ORs
4 Four Train limit 3, reds and specials use middle value, 2 trains rust
5 Five Brown tiles, privates close, train limit 2, 3 ORs
6 Six 3 trains rust, reds and specials use high values
8 Eight 4 trains rust, grey tile

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1853v2
Train Phase Effects
2 1 Train limit 4, 1 OR*
3 2 Green tiles, 2 ORs*, 2M trains available
4 3 Brown tiles, 3 ORs*, train limit 3, 2 trains rust, 3M trains available
5 4 Grey tiles, train limit 2, 3 trains and 2M trains rust, 4M trains available
6 - -

* or one extra if the holder of the elephant so decides

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1853v2
Train Phase Effects
2 2 Train limit 4, 1 OR*
3 3 Green tiles, 2 ORs*, 2M trains available
4 4 Brown tiles, 3 ORs*, train limit 3, 2 trains and 1M trains rust, 3M trains available
5 5 Grey tiles, train limit 2, 3 trains and 2M trains rust, 4M trains available
6 - -

* or one extra if the holder of the elephant so decides

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1854
Train Phase Effects
2 2 Train limit 4 for majors, 2 for locals, 1+ trains available
3 3 Green tiles, 2 ORs, 2+ trains then 3+ trains available, green values for OBJs
4 4 1+ trains and 2 trains rust, train limit 3 for majors, 1 for locals
5 5 Brown tiles, 2+ trains rust, train limit 2 for majors and major locals, brown tiles, 3 ORs, brown values for OBHs, mountains close, locals may close, merge or continue
6 6 3 trains and 3+ trains rust
8 8 Grey tiles, 4 trains rust, grey values for OBHs
rusted 4 - Rusted 2 trains rust again

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1856
Train Phase Effects
2 One Yellow tiles train limit 4, use lowest value for off-board areas
3 Two Green tiles, privates may be bought by companies, 2 ORs
4 Three 2 trains rust, train limit 3
5 Four Brown tiles, train limit 2, privates close, use middle value for off-board areas, 3 ORs
6 Five Grey tiles, 3 trains rust, repay loans, CGR starts, villages can go, port token dies, diesels available
D Six 4 trains rust, use highest value for off-board areas

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1857
Train Phase Effects
2 Yellow Train limit 4, 1 OR, lower values for OBHs and ports
3 Green Green tiles, privates may be bought by companies, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs and ports, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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1858
Train Phase Effects
2H 2 Train limit 4/3, first 17 private companies available, 2 ORs, yellow broad tiles, use yellow off-board value
4H/2M 3 Green and yellow narrow tiles, all private companies available, use green off-board value
6H/3M 4 2H trains wounded, train limit 3/2
5E/4M 5 Brown tiles, train limit 2, all companies convert to 10-share, private companies close at end of OR, use brown off-board value
6E/5M 6 2H trains rust, 4H/2M trains wounded
7E/6M 7 Grey tiles, 4H/2M trains rust, 6H/3M trains wounded, 5D trains available, 6H/3M trains rust when fifth 7E/6M/5D bought

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1859
Train Phase Effects
2 Yellow Train limit 4, 1 OR, token cost 40, lower values for OBHs and ports
3 Green Green tiles, privates may be bought by companies, 2 ORs, token cost 70
4 - 2 trains rust, train limit 5
5 Brown Brown tiles, train limit 2, 3 ORs, token cost 100, higher values for OBHs and ports, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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1860
Train Phase Effects
2+1 2 Train limit 4, use yellow off-board value
3+2 3 Green tiles, companies can redeem shares, 2 ORs, use green off-board value
4+2 4 2+1 trains rust, train limit 3
5+3 5 Brown tiles, 3 ORs, use brown off-board value
6+3 6 3+2 trains rust, train limit 2, Fishbourne Shipping Company available
7+4 7 4+2 trains rust
8+4 8 5+3 trains rust, sales do not affect share prices, certificate limit abolished
9+5 9 Southern Railway forms, no more track or base building after next stock round
Game End British Rail is formed, end-game starts, 4 ORs between which companies are closed

The Game End phase begins when all player controlled companies have at least one train.

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1861
Train Phase Effects
2 2 Train limit 4/2, first ten minor companies available, use yellow off-board value, 2 ORs
3 3 Green tiles, all minor companies available, track may be built on private company hexes, companies may buy privates, minor companies may merge or convert, use green off-board value
4 4 2 trains rust, train limit 3/1, public companies may be started, Russian State Railway starts operating
5 5 Brown tiles, minor companies can no longer be started, use brown off-board value
6 6 Grey tiles, 3 trains rust, train limit 2/1, private companies nationalised, use grey off-board value
7 7 -
8 8 4 trains rust, 5+5E trains become available, all remaining minor companies nationalised

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1862
Train Phase Effects
2 One Train limit 4
3 Two Green tiles, companies can redeem shares, 2 ORs
4 Three 2 trains rust, train limit 3
5 Four Brown tiles, privates close, 3 ORs, use right value for OBHs, bonus values rise, debt interest drops, train limit 2
6 Five 3 trains rust, diesels available, debt interest drops, grey tiles
8 Six 4 trains rust
10 Seven -

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1862EA
Train Phase Effects
A A Yellow tiles, train limit 3 of each type, 1 OR, A-B off-board values
B B Green tiles, 2 ORs
C C Un-warrantied A trains rust, C-D off-board values
D D Russet tiles, 3 ORs
E E Unwarrantied B trains rust, train limit 2 of each type, E-H off-board values
F F Un-warrantied C trains rust
G G Un-warrantied D trains rust, train limit 3 in total
H H Game end is triggered, sale of shares no longer causes share prices to fall

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1865 Sardinia
Train Phase Effects
- 1 Assign Maritime Companies, 2ORs
PH2 2 Yellow tiles, train limit 4, all companies start as Minor, starting values 60 to 100 available, Minor companies can convert to Major, Maritime Companies can be transferred
PH3 3 Green tiles, train limit 3, starting values from 60 to 130 available
PH4 4 PH2 trains rust
PH5 5 Brown tiles, all companies start as Major, starting values from 60 to 150 available, Maritime Companies in player hands close
PH6 6 PH3 trains rust, train limit 2
PH7 7 Grey tiles, PH4 trains rust

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1867
Train Phase Effects
2 2 Train limit 4/2, first ten minor companies available, use yellow off-board value, 2 ORs
3 3 Green tiles, all minor companies available, track may be built on private company hexes, companies may buy privates, minor companies may merge or convert, use green off-board value
4 4 2 trains rust, train limit 3/1, public companies may be started, Canadian National Railway starts operating
5 5 Brown tiles, minor companies can no longer be started, use brown off-board value
6 6 3 trains rust, train limit 2/1, private companies nationalised, use grey off-board value
7 7 Grey tiles
8 8 4 trains rust, 5+5E and 2+2 trains become available, all remaining minor companies nationalised, companies may upgrade trains

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1868
Train Phase Effects
2 Yellow Train limit 4, 1 OR, lower values for OBHs and ports
3 Green Green tiles, privates may be bought by companies, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs and ports, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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1869 The Golden Spike
Train Phase Effects
2 1 Yellow tiles, train limit 4, Palace cars available, lower value for off-board areas, bonds redeemable at 50%, 1 OR
3 2 Green tiles, 2 and 3 trains may be refurbished, trains may be bought from companies, 2 ORs
The Second Railroad Convention is held following the operating round in which the third 3 train is purchased
4 3 2 trains rust, train limit 3, 3 trains may be refurbished, 3R trains do not rust until the purchase of the last 4 train, bonds redeemable at 70%
5 4 Russet tiles, train limit 2, private companies close, higher value for off-board areas, bonds redeemable at 90%, 3 ORs
The UP and KP, and the SP and CP, are merged at the start of the next stock round
6 5 3 trains rust, 4R trains do not rust until the second 6 train is purchased, pubic companies may merge, bonds redeemable at 100%
7 6 Grey tiles, 4 trains rust, bonds are worthless - public companies still holding bonds must pay them off at 100%
8 7 Palace cars rust, public companies may no longer merge, except that if no stock round occurred during phases 5 and 6, players may merge companies in the next stock round

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1869 USA West
Train Phase Effects
2 Yellow Yellow tiles, train limit 4, 1 OR
3 Green Green tiles, trains may be bought from companies, 2 ORs
4 - 2 trains rust, train limit 3
5 - 4E trains available, 3 ORs
4E - -
6 Brown Brown tiles, 3 trains rust, train limit 2, privates close, all other train available, the Great Merger takes place if not already done
7 - -
5E - -
7 - -
8 - -
Diesel - 4 trains rust

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1870
Train Phase Effects
2 One Yellow tiles, train limit 4, use lowest value for off-board areas
3 Two Green tiles, privates may be bought by companies, 2 ORs
4 Three 2 trains rust, train limit 3
5 Four Brown tiles, privates close, 3 ORs, use middle value for off-board areas, train limit 2
6 Five Grey tiles, 3 trains rust, port and cattle tokens go
8 Six 4 trains rust, use bottom value for off-board areas
10 Seven -
12 Eight 5 trains rust

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1873
Train Phase Effects
- 1 Yellow tiles, 1 OR, concessions active: HBE, GHE
2 2 2-switchers available, concessions possible: NWE, SHE, KEZ
3 3 Green tiles, 2 ORs, maintenance for 1 machines and trains, 3-switchers available, concessions active: NWE, SHE, KEZ, concessions possible: WBE, QLB
4 4 Maintenance for 2 machines and trains, 4-switchers available, concessions active: WBE, QLB
5 5 Brown tiles, 3 ORs, 5-switchers available
D D Grey tiles, maintenance for 2 machines and trains

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1876v2
Train Phase Effects
Yellow Train limit 4
Yellow -
Green Green tiles, 1½ trains rust, privates may be bought by companies, 2 ORs
Green 2½ trains rust, train limit 3
Brown Brown tiles, privates close, train limit 2, 3 ORS
Brown 3½ trains rust, diesels available
D Grey Grey tiles, 4½ trains rust

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1879
Train Phase Effects
2 Yellow Train limit 4, 1 OR, lower value for the grey city (Spokane)
3 Green Green tiles, privates may be bought by companies, 2 ORs, middle value for the grey city (Spokane)
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher value for the grey city (Spokane), privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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1880
Train Phase Effects
2 A1 Yellow tiles, train limit 4, companies open with 20%, 50% capitalisation, only 5 shares available. yellow off-board value
2+2 A2 -
3 B1 Green tiles, companies open with 30%, 100% capitalisation for companies that have 50% shares in play, all 10 shares available, companies may lay two yellow tiles, green off-board value
3+3 B2 Train limit 3
4 B3 2 trains rust, companies open with 40%, Communist Takeover occurs (no share price movement, no sales of shares by Directors, private companies cease paying income, Foreigh Investors become inactive)
4+4 C1 2+2 trains rust, brown tiles
6 C2 3 trains rust, companies open with 60% restored 2 trains available, Shanghair Stock Exchange re-opens (normal share trading, normal share price movement)
6E C3 3+3 trains rust, train limit 2
8 D1 4 trains rust, grey tiles, cost of station markers doubled. When the second 8 train is sold the last stock round occurs, each company operates 3 more times, and the game ends
8E D2 4+4 trains rust
10 D3 -

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1881
Train Phase Effects
2 Yellow Yellow tiles, companies may lay two tiles per OR, tramcar limit 4, tramcars can be bought from other companies, 1 OR
3 Green Green tiles, companies may lay one tile per OR, S-Bahn certificates available, S4 trains available, 2 ORs
4 Brown Brown tiles, 2 tramcars rust, tramcar limit 3, S7 trains available, 3 ORs
5 Grey Grey tiles, 3 tramcars rust, train limit 2, S4 trains rust, S9 trains available
6 - No effect

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1889
Train Phase Effects
2 2 Yellow tiles, train limit 4, 1 OR, left off-board value
3 3 Green tiles, 2 ORs, privates may be sold
4 4 2 trains rust, train limit 3
5 5 Brown tiles, train limit 2, 3 ORs, middle off-board value, privates (except player's Uno-Takamatsu Ferry) are closed
6 6 3 trains rust, D-trains available immediately
D 7 4 trains rust, right off-board value for D-trains, middle off-board value for 5/6 trains

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1891
Train Phase Effects
2 One Yellow tiles train limit 4, lowest value for off-board areas
3 Two Green tiles, privates may be bought by companies, 2 ORs
4 Three 2 trains and 2+2 trains rust, train limit 3
5 Four Brown tiles, train limit 2, privates close, use middle value for off-board areas, 3 ORs
6 Five Grey tiles, 3 trains rust, repay loans, JNR starts, villages can go, diesels available
D Six 4 trains rust, use highest value for off-board areas

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1893
Train Phase Effects
2 2 Yellow tiles, train limit major 3/minor 2, lowest off-board value, Rhine may not be crossed
3 3 Green tiles, companies may buy trains from other companies, middle off-board value, Rhine may be crossed
4 4 2 trains rust, AGV shares may be bought, AGV can be started
5 5 Brown tiles, train limit major 2/minor 1, AGV must be started, HGK shares may be bought, HGK can be started, FsSD must be exchanged, highest off-board value
6 6 3 trains rust, 8+x trains available, HGK must be started, EVA closes
8+x 8+x 4 trains rust

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1895
Train Phase Effects
2H Yellow Train limit 3, 1 OR, use yellow off-board value
3H - 2 ORs
4H Green Green tiles, 2H trains rust, use green off-board value
5H - -
6H - 3H trains rust
8H - 4H trains rust, two yellow tiles may be laid one one turn
10H Brown Brown tiles, 5H trains rust, train limit 2, 3 ORs, private company closes, use brown off-board value
12H - 6H trains rust
16H - 8H trains rust

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1898
Train Phase Effects
1 - Start of the game, concessions phase
2 2 Train limit 4 for majors, 2 for minors
3 3 Green tiles, 2 ORs, two track-lays per major, non-historic companies may start
4 4 2 trains rust, TDF split, Rhône Valley merge, second values for OBHs, train limit 3 for majors, 2 for minors, 2 track-lays per minor
5 5 3 trains rust, brown tiles, 3 ORs
6 6 Third values for OBHs, train limit 2 for majors, 1 for minors
7 7 4 trains rust, grey tiles, 4 ORs
8 8 Highest values for OBHs, 5 trains rust

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18??
Train Phase Effects
2 One Yellow tiles, train limit 4, use lowest value for off-board areas, privates may be bought for half face value
3 Two Green tiles, privates may be bought from half to double face value, 2 ORs
4 Three 2 trains rust, train limit 3
5 Four Brown tiles, privates close, 3 ORs, use middle value for off-board areas, train limit 2
6 Five 3 trains rust
8 Six Grey tiles, 4 trains rust, use bottom value for off-board areas
10 Seven -
12 Eight 5 trains rust

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18Africa
Train Phase Effects
2 1 Train limit 2, 2 ORs
3 2 -
4E 3 Counts the best four cities/villages on a route and omits any others
Once the last 4E is purchased, all remaining trains are available
Veldt Star - Runs like a 3 train but doubles the total
Empire Freight - Counts three cities plus villages between and beyond and doubles the total
Empire Express - Runs like a 3 train but triples the total
Pan Africa Grand Tour - Counts four cities plus villages between and beyond and triples the total

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18AL
Train Phase Effects
2 2 Train limit 4, 1 OR
3 3 Green tiles, privates may be bought by companies, 2 ORs
4 4 2 trains rust, train limit 3, companies may buy multiple trains per turn
5 5 Brown tiles, train limit 2, 3ORs, higher values for OBHs, privates close
6 6 3 trains rust
7 7 4 trains wounded
4D 4D Grey tiles

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18Ardennes
Train Phase Effects
2 2 Public company train limit 4, 2 ORs
3 3 Green tiles
4 4 2 trains rust, public company train limit 3
5 5 Brown tiles, public company train limit 2
6/4D 6 3 trains rust

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18BL
Train Phase Effects
2 Yellow Yellow tiles, train limit 4, yellow values for off-board and grey areas, 1 OR
3/SB3 Green Green tiles, rail bus (tram) trailer type BW-A available, green values for off-board and grey areas, 2 ORs
4/SB4 - 2 trains obsolete, train limit 3
5/SB5 Brown Brown tiles, rail bus (tram) type BW-A obsolete, type BW-B available, private companies close, brown values for off-board and grey areas, 3 ORs
6/SB6 Grey Grey tiles, 2 trains/SB3 rail buses obsolete, train limit 2, 3+3 trains may be purchased, grey values for off-board and grey areas
3+3 - 4 trains/SB4 rail buses obsolete

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18C2C
Train Phase Effects
2 2 Train limit 4, 1 OR
3 3 Green tiles, privates may be bought by companies, 2 ORs
4 4 2 trains rust, merger companies may now be formed, train limit 3 (3 per train shell where relevant), engineer and labor tokens available for purchase if the Colorado Engineers and Central Pacific privates not yet sold to a company
5 5 Brown tiles, train limit 2 (2 per train shell where relevant), 3 ORs, use '5' value for OBHs, privates close
6 6 3 trains rust, grey tiles, the Amtrak company forms, remove cattle, coal, fish, gold, labor, lumber and port tokens
8 8 4 trains rust,  the Conrail company forms, use '8' value for OBHs (use '5' value if '8' value not present)
10 10 Use '10' value for OBHs
12 12 5 trains rust

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18CLE
The phase numbers used in this table come from the phase table (4.4.3) in the rules. Sections 4.1 and 4.4 of the rules uses different, contradictory phase numbering. This is from version 1.7 of the rules.
Train Phase Effects
2 2 Yellow tiles, companies can lay 2 yellow tiles, use yellow value for off-board areas, train limit 4, 1 OR
3 3 Green tiles, companies can only lay or upgrade 1 tile, use green value for off-board areas, privates can be bought by companies, 2 ORs
4 4 2 trains rust, train limit 3
5 5 Brown tiles, use brown value for off-board areas, 3 ORs
6 6 3 trains rust, privates close except for the ANS, train limit 2
8 8 Grey tiles, brown tiles in play automatically upgraded to grey, brown tiles no longer available, use grey values for off-board areas, 4 trains rust
10 10 5 trains rust
12 6D 6 trains rust

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18CZ
Train Phase Effects
a a Yellow tiles, use yellow value for red hexes, train limit 3
b b Medium companies available, may buy local railways, companies may buy trains from other companies
c c -
d d Green tiles, use green value for red hexes, large companies available
e e 2 trains rust if a 4 train is sold, train limit for small companies reduced to 2
f f 2+2 trains rust if a 4+4 train is sold, train limit for medium companies reduced to 2
g g Brown tiles, use brown value for red hexes, 3 trains rust (and 2 trains if not happened) if a 5 train is sold
h h 3+3 trains rust (and 2+2 trains if not happened) if a 5+5 train is sold, train limit for small companies reduced to 1
i i Grey tiles, use grey value for red hexes, 3E trains rust if a 6 train is sold, train limit for medium companies reduced to 1
j j 4E trains rust (and 3E trains if not happened) if an 8E train is sold, train limit for large companies reduced to 2

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18CZ Moravia-Silesia Variant
Train Phase Effects
a+b a+b Yellow tiles, use yellow value for red hexes, train limit 4
d d Green tiles, use green value for red hexes, companies may buy trains from other companies and may buy private companies
e e 2 trains rust
g g Brown tiles, use brown value for red hexes, private companies close, train limit 3
j j Grey tiles, 3 trains rust, train limit 2

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18Dixie
Train Phase Effects
- 1 Yellow tiles, train limit 4, only 1 new train may be purchased each OR, 2 ORs, yellow off-board values
2 2 -
3 3 Green tiles
4 4 2 trains rust
5 5 -
6+1 6 Brown tiles, 3 trains rust, multiple new trains may be purchased, privates close, brown off-board values
7+3 7 4 trains rust, 2D/4D and 5D trains available
2D/4D 8 Grey tiles, SCL merger may occur if/when a 4D is purchased
5D 9 5 trains rust, ICG merger may occur if the SCL merger has not occurred

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18EC
Train Phase Effects
2 Yellow Yellow tiles, train limit 4, 1 OR, lower value for OBHs, Mail Contracts and Knoxville
3 Green Green tiles, privates may be bought by companies, trains may be bought from other companies, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs, Mail Contracts and Knoxville, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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18EU
Train Phase Effects
2 2 Train limit 4 for majors, 2 for minors
3 3 Green tiles, Pullmans available
4 4 2 trains rust, train limit 3 for majors, 1 for minors
5 5 Brown tiles, train limit 2 for majors, 1 for minors, minors will close by next SR, higher values for OBHs
6 6 3 trains rust
8 8 Grey tiles, 4 trains rust

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18EZ Level 1
Train Phase Effects
2 2 Train limit 1 of each type of train
3 3 Green tiles
4 4 -
5 5 Brown tiles, 2 trains rust

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18EZ Level 2
Train Phase Effects
2 2 Train limit 3
3 3 Green tiles
4 4 2 trains rust
5 5 Brown tiles
6 6 3 trains rust, train limit 2

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18EZ Level 3
Train Phase Effects
2 2 Train limits major 3/minor 2
3 3 Green tiles, privates may be bought by major companies
4 4 2 trains rust, Black Line shares available
5 5 Brown tiles, private companies close, Black Line opens, system train limit 4
6 6 3 trains rust, train limits system 3/major 2
8 8 Grey tiles, 4 trains rust

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18FL
Train Phase Effects
2 2 Train limit 2 for five-shares companies, top value for OBHs
3 3 Green tiles, train limit 2 for five-shares companies, 4 for ten-shares companies, five-share companies may become ten-share companies
4 4 2 trains rust, train limit 1 for five-shares companies, 3 for ten-shares companies
5 5 Brown tiles, train limit 2 for ten-shares companies, remaiing five-share companies become ten-share companies, privates close, port token removed, bottom value for OBHs
6/3E 6/3E Grey tiles, 3 trains rust, Key West Extension is destroyed (but may be rebuilt)

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18GA
Train Phase Effects
2 2 Train limit 4, companies may only buy one train from the bank per turn, lower value for off-board areas, 1 OR
3 3 Green tiles, privates may be bought by companies, 2 ORs
4 4 2 trains rust, train limit 3, companies may buy multiple trains from the bank per turn
5 5 Brown tiles, train limit 2, higher values for off-board areas, privates close, 3 ORs
6 6 3 trains rust
8 8 4 trains rust

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18GA v2
Train Phase Effects
2 2 Train limit 4, companies may only buy one train from the bank per turn, lower value for off-board areas, 1 OR
3 3 Green tiles, privates may be bought by companies, 2 ORs
4 4 2 trains rust, train limit 3, companies may buy multiple trains from the bank per turn
5 5 Brown tiles, train limit 2, higher values for off-board areas, privates close, 3 ORs
6 6 3 trains rust
8 8 4 trains in the bank pool rust, 4 trains owned by companies become obsolete and can run one more time, but cannot be bought by other companies

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18GB
Train Phase Effects
2+1 Yellow Yellow tiles, train limit 4/3, five-share companies, 40% to float, 2 ORs, yellow values for off-board areas
3+1 Green Green tiles, 60% to float
4+2 Blue 2+1 trains rust, train limit 3/2, track may be built on private company home hexes, estuary tiles may be laid, blue values for off-board areas
5+2 Brown Brown tiles, ten-share companies
4X - 3+1 trains rust, train limit 2/2, 5X trains become available
5X - 6X trains become available
6X Grey Grey tiles if 5/6 players, 4+2 trains rust, share sales by non-directors no longer affect the share price, grey values for off-board areas

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18GL
Train Phase Effects
2H 2H Train limit 4, 1 OR, top par value $100
4H 4H Green tiles, 2 ORs, top par value $140
6H 6H 2H trains rust, train limit 3, second values for OBHs, trains may be purchased from other companies
10H 10H 4H trains rust, brown tiles, train limit 2, 3 ORs, third values for OBHs, top par value $200, privates close, CONRAIL may form, double jumps are possible
E E 6H trains rust, tokens removed, CONRAIL may form
D D Grey tiles

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18GM
Train Phase Effects
2 1 Yellow tiles, train limit 4, lowest value for off-board areas, 1 OR
3 2 Green tiles, companies may purchase privates from players and trains from other companies, 2 ORs
4 3 2 trains rust, 3 trains may be refurbished, train limit 3, companies may merge
5 4 Russet tiles, train limit 2, privates close, tycoons no longer may out, second value for off-board areas, 3 ORs
6 5 Grey tiles, 3 trains rust, Unlimited trains become available, tokens removed, new companies start with a 3-share president's certificate and are fully funded on floating
Unlimited 6 4 trains rust third value (if any) for off-board areas

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18Ireland
Train Phase Effects
- 2 Yellow tiles, train limit 2/- for 5/10-share companies, 5-share companies may start, 2 ORs
4H 4 Green tiles, train limit 2/4 for 5/10-share companies, 5-share companies may merge to form 10-share companies, companies may buy privates, use green value on the off-board tile
6H 6 2H trains rust to 1H trains, train limit 2/3 for 5/10-share companies,  10-share companies may start
8H 8 Brown tiles, 4H trains rust to 2H trains, rusted 1H trains rot and are removed, train limit 1/2 for 5/10-share companies, unstarted 5-share companies are removed, privates close, use brown value on the off-board tile
10H 10 6H trains rust to 3H trains, rusted 2H train rot and are removed, companies may trade in existing trains for new ones
D D Grey tiles, rusted 3H trains rot and are removed, use grey value for the off-board tile

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18Kaas
Train Phase Effects
2 Yellow Train limit 4, 1 OR, lower values for OBHs
3 Green Green tiles, privates may be bought by companies, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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18Mex
Train Phase Effects
- 1 Yellow tiles, train limit 3, 1 OR, NdM shares may not be bought, only one train may be bought from the bank, lower values for OBHs
2 2 -
3 3 Green tiles for major companies, 2 ORs, privates (except for the MNR) may be bought by companies
5th 3 Minor companies close and shares are traded in, NdM shares may be bought, NdM train limit 4
4 4 2 trains rust, train limit 2 (NdM 3), more than 1 train may be bought from the bank
5 5 Brown tiles, 3 ORs, private companies close, NdM merger may occur, higher values for OBHs
6 6 3 trains rust
2nd 6 4 trains rust
4D 4D Grey tiles

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18MS
Train Phase Effects
- 1 Yellow tiles, train limit 5, only 1 new train may be purchased each OR, 2 ORs, yellow off-board values
2 2 -
3 3 Triggered by the start of OR3, major companies may buy private companies, green tiles available once the first 3 train is bought
4 4 2 trains rust
5 5 3 trains rust after OR6
6 6 Brown tiles, private companies close, brown off-board values, 4 trains rust after OR8
2D/4D/5D 6 Grey tile available
- 7 Triggered by the end of the OR10 - game over

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18MW
Train Phase Effects
2 2 Train limit 4, 1 OR
3 3 Green tiles, privates may be bought by companies, 2 ORs
4 4 2 trains rust, train limit 3, higher values for OBHs
5 5 Brown tiles, 3 trains rust, privates close, companies may merge
6 6 4 trains rust, train limit 2, villages may be upgraded or abolished, properties of privates cease
8 8 Grey tiles, higher values for OBHs
10 10 5 trains rust
D D 6 trains rust

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18Neb
Train Phase Effects
2+2 2 Train limit 4, 2 ORs
3+3 3 Green tiles, privates may be bought by companies, green values for OBHs
4+4 4 2+2 trains rust, train limit 3
5/7 5 Brown tiles, privates close, brown values for OBHs, Local Companies become available
6/8 6 3+3 trains rust, train limit 2 for ten-share companies, private tokens removed, 4D trains available
4D 4D Grey tiles, 4+4 trains rust

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18NK
Train Phase Effects
2A/2B One Train limit 4, use lowest value for off-board areas
3 Two Green tiles, privates may be bought by companies, 2 ORs
4 Three 2A trains rust, train limit 3
5 Four Brown tiles, 2B trains rust, privates close, 3 ORs, use middle value for off-board areas, train limit 2
6 Five Grey tiles, 3 trains rust, BTS token goes
8 Six 4 trains rust, use highest value for off-board areas

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18NL
Train Phase Effects
2 Yellow Train limit 4, 1 OR, lower value for OBHs
3 Green Green tiles, privates may be bought by companies, trains may be bought from other companies, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, 3 ORs, higher values for OBHs, privates close
6 - 3 trains rust, D trains available immediately
D - 4 trains rust

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18NW
Train Phase Effects
2 2 Yellow tiles, train limit 2/4 for 5/10-share companies, maximum float value 100, privates may be transferred to companies, lowest value for ports and off-board areas, 1 OR
3 3 Green tiles, trains may be bought from other companies, maximum float value 140, 100 loans available, 2 ORs
4 4 2 trains rust, North American Bank shares available
5 5 Brown tiles, train limit 1/3 for 5/10-share companies, maximum float value 200, middle values for ports and off-board areas, minors close, 200 loans available, 3 ORs
6 6 3 trains rust, train limit 2, 5-share companies automatically convert to 10-share companies, privates close
8 8 Grey tiles, 4 trains rust, maximum float value 250, 6D trains available immediately, private tokens removed
6D 6D 5 trains rust

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18NY
Train Phase Effects
2H 2H Train limit major 4/minor 2, 20% sales float companies, 1 OR, lower value for OBHs
4H 4H Green tiles, some privates may be bought by companies, 30% sales float companies, 2 ORs, second value for OBHs
6H 6H 2H trains rust, train limit major 3/minor 1, 40% sales float companies
12H 12H Brown tiles, train limit major 2/minor 1, 50% sales float companies, 3 ORs, privates close, third value for OBHs, NYC Formation Round will occur before the next SR if not already taken place
5DE 5DE 4H trains rust, 60% sales float companies with full capitalisation
D D Grey tiles, 6H trains rust, highest value for OBHs

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18OE
  Railroad Phases Effects
Auction Begins the game and lasts until the entire opening packet of 10 privates, 12 minors and 10 concessions sells out
Concession The first ten float actions of Train Phase 1
Regional/Minor Last until 18 of the 24 regionals and all 12 minors are floated
Major Lasts until the end of the game
Consolidation Interrupts the Major Railroad Phase when Train Phase 5 begins - all minors and regional companies leave the game
Train Train Phases Effects
- 1 Begins with the Concession RR Phase
2+2 2 Begins at the start of the first operating round
Yellow tiles, train limit 2/2/4 for minor/regional/major companies
3/3+3 3 Green tiles, minors may merger with majors during a stock round
4/4+4 4 2 train rust, majors may convert to nationals when this phase begins, train limit 1/1/3/4 for minor/regional/major/national companies, minors may merge with majors and nationals during a stock round, first opportunity for nationals to form, Pullman cars available
5/5+5 5 Brown tiles, the next stock round after this phase begins is the Consolidation Railroad Phase
6/6+6 6 3 train rust, train limit 2/3 for major/national companies, second opportunity for nationals to form
7+7/4D 7 Grey tiles, 8 trains become available after the first four 7 trains have been purchased
8+8/5D 8 4 trains rust, third and final opportunity for nationals to form

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18PA
Train Phase Effects
- 0 Private company auction
- 1 Initial stock round
2 2 Yellow tiles, train limit 2, 2 ORs, yellow off-board value
3 3 Green tiles, station markers worth $10, green off-board values
4 4 2 trains rust, NYC forms, companies may convert to 10-share companies and acquire local companies
5 5 Brown tiles, station markers worth $20, 3D trains available, brown off-board values
3D 3D Grey tiles, 3 train rust, station markers worth $30

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18Rhl Rhineland
Train Phase Effects
2 Yellow Yellow tiles, train limit 4, 1 OR, lower value for OBHs, Montan bonus of 20
3 Green Green tiles, 2 ORs, trains may be bought from other companies
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 2, higher value for OBHs, 3 ORs, privates close, 6 trains available, Montan bonus of 40
6 - 3 trains rust, Rheingold-Express (8 trains) available
8 Grey Grey tiles, 4 trains rust

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18Ruhr
Train Phase Effects
- 2 Yellow tiles, train limit 4, development markers A and B available, switch engine W1 available, 2 ORs, lowest values for OBHs
3 3 Green tiles, development markers C available, switch engine W2 available
4 4 2 trains rust, train limit 3, development markers A become inactive, development markers D available, switch engine W3 available, Montan Round follows 2 ORs, BME private closes
5 5 Brown tiles, train limit 2, development markers B become inactive, development markers E available, higher values for OBHs, remaining privates close
6 6 3 trains rust, switch engines W1 rust, 8 trains available immediately, remaining active pMCs converted to passive pMCs after the next Montan Round
8 8 Grey tiles, 4 trains rust, development markers C become inactive, 3 ORs

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18SA
Train Phase Effects
2 Yellow Yellow tiles, train limit 4, buying limit of two 2 trains or one 3 train in an OR, yellow values for OBHs and Mines, 1 OR
3 Green Green tiles, companies may only buy one train in an OR, privates may be bought by companies, green values for off-board hexes and Mines, 2 ORs
4 - 2 trains rust, train limit 3
5 Brown Brown tiles, train limit 3, buying limt of one train in an OR, brown values for OBHs and Mines, 3 ORs
6 Grey Grey tiles, 3 train rust, gray values for OBHs and Mines, privates close, except for the SFP if owned by a company
8 - 4 trains rust

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18Scan
Train Phase Effects
- 2 Yellow tiles, train limit -/4/2 (for SJ/companies/minors), two shares needed to open a company, incremental company funding, lowest values for OBHs
3/2+2 3 Green tiles, three shares needed to open a company, middle values for OBHs
4/3+3 4 2/1+1 trains rust, train limit -/3/1, four shares needed to open a company
5/4+4 5 Brown tiles, 3/2+2 trains rust, private and minor companies close, SJ eligible to form, train limit 3/2/-, five shares needed to open a company, full company funding, highest values for OBHs
5E 5E 4D trains available immediately
4D 4D 4/3+3 trains rust

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18SS
Train Phase Effects
3 3 Yellow and green tiles, train limit 2, privates may be bought by companies, lowest value for off-board areas, 2 ORs
4 4 -
6 6 Brown tiles, 3 trains rust, privates close, middle value for off-board areas, 3 ORs
8 8 Grey tiles, 4 trains rust, highest  value for off-board areas

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18SY Generalisation
Train Phase Effects
2-x 2-x Yellow tiles, train limit 4, green value for off-board areas, 1 OR
3-x 3-x Green tiles, privates may be bought by companies, 2 ORs
4-x 4-x Train limit 3
5-x 5-x Brown tiles, train limit 2, private companies close, brown value for off-board areas, 3 ORs
6-x 6-x 9W trains may be purchased
9W 9W Grey tiles, cement tokens removed

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18SY Original
Train Phase Effects
3-x 3-x Yellow and green tiles, no train limit, privates may be bought by companies, 2 ORs
4-x 4-x -
6-x 6-x Brown tiles, private companies close, 9W trains may be purchased, 3 ORs
9W 9W Grey tiles, cement tokens removed, 4 ORs

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18TN
Train Phase Effects
- 1 Yellow tiles, train limit 4, lowest values for OBHs
2 2 -
3 3 Green tiles, privates may be bought by companies, 2 ORs
- Occurs when four of the five 3 trains have been purchased - the American Civil War is triggered
4 4 Brown tiles, train limit 3, 2 trains rust, companies can buy more than one train from the bank per round
5 5 Brown tiles, train limit 2, private companies close, highest values for OBHs, 3 ORs
6 6 3 trains rust
- Occurs when both 6 trains have been purchased - 4 trains become obsolete and run once more before rusting
8 8 Grey tiles

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18US
Train Phase Effects
2 2 Yellow and green tiles, train limit 2, 2 ORs
3 3 -
4 4 2 trains rust, conduct the Western Railroad Convention after the pair of operating rounds during which the first 4 train is purchased or discarded
3E/2G 3E/2G Brown tiles, in the first operating round after the Western Railroad Convention, companies may exchange a single 4 train for a 2G train for $250
4E/3G 4E/3G 3 trains rust, 1H/2H trains available, Systems may be formed with a train limit of 4
1H/2H 1H/2H -
5E/4G 5E/4G 4 trains rust, grey tiles

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18USA
Train Phase Effects
2 2 Yellow tiles, train limit 4, new companies may only be started as 2-share companies, use yellow values for grey and off-board areas
3 3 Green tiles, new companies may be strarted as 2-share or 5-share companies, use green values for grey and off-board areas
4 4 2 trains rust, train limit 3, 2+ trains may not be bought or sold and will be discarded without compensation after running trains, new companies can only be started as 5-share companies
5 5 Brown tiles, new tiles on city hexes must be green rather than yellow, during a company's first operating turn it may place or upgrade its home city to brown in addition to normal lay or upgrade actions, when placing or upgrading non-city track a company may pay 10 per level to upgrade to an additional level of track, new companies may be started as 5-share or 10-share companies, Pullman cars may be purchased, use brown values for grey and off-board areas
6 6 3 trains and 3+ trains rust, train limit 2, new companies may only be started as 10-share companies
7 7 Grey tiles, use grey values for grey and off-board areas
8 8 4 trains and 4+ trains rust, short selling is no longer permitted

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18VA
Train Phase Effects
2/1G 2 Yellow tiles, train limit 4/2, lowest values for OBHs, 1 OR
3/2G 3 Green tiles, privates may be bought by companies, 2 ORs, five-share companies may convert
4/3G 4 2/1G trains rust, train limit 3/1
5/4G 5 Brown tiles, train limit 2/1, 3 ORs, highest values for OBHs, 3/2G trains rust, five-share companies must convert
6/5G 6 4D trains available
4D 4D Grey tiles, 4/3G trains rust

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18West
Train Phase Effects
2 2 Yellow tiles, train limit 4/2, lowest values for OBHs, 2 ORs
3 3 Green tiles, privates may be bought by companies, companies may buy trains from other companies
4 4 2 trains rust, train limit 3/2, may perform Mergers and Acquisitions and issue stock
5 5 Brown tiles, may abandon Land Grants, new Land Grant companies start as public companies, middle values for OBHs
6 6 3 trains rust, 4D trains available, new companies start fully funded, no restrictions on treasury stock buying
4D 4D Grey tiles, 4 trains rust, highest values for OBHs

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2038
Train Phase Effects
5/1, 3/2 I Spaceship limit four for corporations, two for independents, companies may only buy new ships and their own claims
6/2, 4/3 II Probe rusts, growth corporations may start, corporations may buy each others' assets, corporations may build bases and fuel stations, and may buy privates from players and claims from independents, corporations and independents may buy ships from other companies
7/3, 5/4 III Phase I ships rust, Asteroid League may form, spaceship limit three for corporation (four for the Asteroid League), one for independents, once the Asteroid League forms, growth corporations may no longer start
8/4, 6/5 IV Asteroid League must form, transshipment hexes count higher value
9/5, 7/6 V Phase II ships rust, independents must join Asteroid League, privates and pilots go, phase VI ships available
9/7 VI Phase III spaceships rust, spaceship limit two for corporations (three for the Asteroid League)

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Crisis
Train Phase Effects
2 2 Train limit 4
3 3 Orange tiles available
4 4 2 trains rust, train limit 3, brown tiles available, no forced tile actions any longer
5 5 3 trains rust, blue tiles available, signals may be replaced, no anti-syndicate laws any longer
E4 E4 Train limit 2o, grey tiles available
E5 E5 4 trains rust
E6 E6 5 trains rust, red tiles available

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Poseidon
Ship Phase Effects
2 1 1 trading post per hex, ship range 1, 100 into coffers if ship does not go out
3 - -
4 2 2 ships rot, 2 trading posts per hex, ship range 2, ships may be purchased from other nations, 200 into coffers if ship does not go out, up to 4 new merchants can be added to the bank pool
5 - -
6 3 3 ships rot, 3 trading posts per hex, ship range 3, 300 into coffers if ship does not go out, up to 6 new merchants can be added to the bank pool
7 - -
E 4 4 ships rot, 4 trading posts per hex, ship range 4, 400 into coffers if ship does not go out

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Railroad Barons
Railroad Phase Effects
A A Level 2 railroads, 2 ORs
B B Level 2 or 3 railroads
C C Level 3 railroads
D D Levels 3 or 4 railroads - if a D category railroad is bought at level 4, level 2 railroads (A and possibly B) rust
E E Level 4 railroads, level 2 railroads (A and possibly B) rust
F F Level 4 or 5 railroads
G G Level 5 railroads
H H Level 6 railroads, level 3 railroads (B, C and possibly D) rust
I/K I/K Level 8 railroads, level 4 railroads (D, E and possibly F) rust

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Rolling Stock
The only effect of game progression is increased cost of ownership

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Steam Over Holland
Train Phase Effects
2 2 Yellow tiles, train limit 4, 2 ORs, lower value for OBHs
3 3 Green tiles, privates may be bought by companies
4 4 2 trains rust, train limit 3
5 5 Brown tiles, 3 trains rust, train limit 2, higher values for OBHs, privates close
6 6 4 trains rust

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Section 13 - End of Game

Top13.1 - Game ends immediately with a bankruptcy?

1761, 1800, 1812, 1825, 1829, 1829 Mainline, 1853, 1853 v2, 1858, 1869 USA West, 18Africa, 18EZ Level 1 No. A company does not have to own a train, so a player is never at risk of bankruptcy.
1817, 18USA No. A player who suffers a cash crisis and is unable to raise the required funds becomes bankrupt and is removed from the game.
1822, 1822CA, 1824 No. The player goes into debt instead.
1826, 1835, 1837, 1838 Rheinland, 1842, 1846, 1847, 1862, 1876v2, 18Ardennes, 18EU, 18FL, 18GL, 18MW, 18Neb, 18NY, 18Rhl Rhineland, 18Scan, 18US, 18VA, 18West Not usually. The bankrupt player's wealth is reduced to zero and they take no further part in the game. If all players but one have gone bankrupt, the game ends with the remaining player as the winner.
1827 Jr., 1831 No. Companies go into receivership rather than gain financial aid from their president.
1830 v1, 1830 v3, 1831, 1832, 1834, 1837SX, 1847AE, 1850, 1851, 1854, 1856, 1857, 1859, 1868, 1870, 1879, 1889, 1891, 1893, 1895, 1898, 18??, 18C2C, 18Dixie, 18EC, 18EZ Levels 2 and 3, 18GA, 18GA v2, 18Kaas, 18Mex, 18NK, 18NL, 18NW, 18SY, 18TN, 2038 Yes.
1830 v2 No. The company gains a bank loan to cover the balance required to buy a train and goes into receivership, and is managed by the president, who must use the company revenue to pay off the loan. When the loan is fully repaid the company comes out of receivership.
1830 Cardgame No. Bankruptcy is not possible.
1830BC Not immediately, but at the end of the next rainy season.
1841 No. Bankrupt is loaned 500 lire to start again. All assets are taken away from him and may be frozen.
1844 No. Bankruptcy is not possible. A player needing to raise cash may borrow it from the bank.
1848 No. Companies take loans or go into receivership rather than gain financial aid from their director.
1849v1&3, 18CZ, 18GM, 18MS, 18OE, 18PA, 18SA No.
1849v4 No. The company goes bankrupt rather than the player. If the player has zero wealth at this point, they can take a loan of L500 or leave the game. If they take the loan, L750 is subtracted from their total at the end of the game.
1860, 18GB No. A company that ends its turn with a route but without a train is insolvent, and remains so until it can buy a train.
1861, 1867 No. If a player cannot provide sufficient funds to buy a train, loans are taken out to achieve this. If this is still not enough, the company is immediately nationalised.
1862EA No. Players cannot go bankrupt because they are enever required to help a company finance a train. If a company goes bankrupt players receive compensation for their shares as long as the company has a positive share price.
1865 Sardinia No. The player is given sufficient State Aid loans to purchase a train and continues playing.
1869 The Golden Spike No. If a player would go bankrupt, they reorganise the company they were trying to buy a train for.
1873, Rolling Stock, Steam Over Holland No. The company goes bankrupt rather than the player.
1880 No. If a player is unable or unwilling to raise the funds to buy a train for a company, the player incurs a 50% interest charge on the remaining debt.
1881, 18BL, 18CLE, 18Ruhr, 18SS No. A bankrupt player leaves the game.
18Ireland Only if all players bar one have become bankrupt.
Crisis Immediately after execution of all supports.
Poseidon Not immediately, but at the end of the next empire round.
Railroad Barons No. A company does not have to own a train (referring to railroad corporations), so a player is never at risk of bankruptcy.

Top13.2 - What happens if the bank runs out of money during an operating round?

1761, 1817, 18USA Nothing. The bank holds 12,000, but is effectively unlimited.
1800, 1812, 1825, 1829, 1829 Mainline, 1831, 1835, 1837, 1837SX, 1838 Rheinland, 1841, 1842, 1847, 1851, 1853, 1853 v2, 1858, 1860, 1898, 18Africa, 18CLE, 18Dixie, 18GA, 18GA v2, 18Mex, 18TN Game ends when the current operating round is completed.
1822CA Game ends when the current set of operating rounds plus one additional operating round is completed.
1830 Cardgame, 1830BC, 1873, 18GB, Crisis, Rolling Stock The bank has unlimited money.
1861, 1867 If this happens before the first 8 train has been bought, the game ends when the current operating round is completed. If the first 8 train has been bought, the game ends after a set of three operating rounds. If the 8 train is bought in the first operating round of a set, complete the round and play two more operating rounds. Otherwise, complete the round, play a stock round and then play three more operating rounds.
1880 Nothing. The bank holds 37,860, but is effectively unlimited.
18CZ Nothing. The bank holds 13,840, but is effectively unlimited.
18EZ Level 1 Bank will issue IOUs if needed - does not technically run out of money.
18MS The game ends after 10 operating rounds.
18OE If prior to the purchase of an 8 train, game ends when the current operating round is completed.
18Ruhr Game ends when the current set of operating rounds is completed. The rules state that this happens when the bank runs out of money from phase 5 onwards. Presumably it is not expected that the bank will run out earlier than this.
Poseidon The game ends after the 11th empire round. The bank is presumably not expected to run out.
Railroad Barons Not stated. The bank holds 16,512 and is probably never expected to run out.
Steam Over Holland The game ends after 15 rounds (5 stock rounds and 10 operating rounds). The bank is presumably not expected to run out.
Rest Game ends when the current set of operating rounds is completed.

Top13.3 - What happens when stock first hits the top end of the market?

1761 Nothing, but the game end is triggered once a company price exceeds the dashed red line, two spaces below the top.
1800, 1812, 1817, 1824, 1826, 1827 Jr., 1829, 1830, 1830BC, 1832, 1834, 1835, 1837, 1844, 1846, 1847, 1847AE, 1850, 1851, 1856, 1857, 1858, 1859, 1861, 1865 Sardinia, 1867, 1868, 1869 The Golden Spike, 1869 USA West, 1879, 1880, 1889, 1891, 1893, 1895, 18Ardennes, 18BL, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GM, 18Kaas, 18MS, 18MW, 18Neb, 18NL, 18NY, 18OE, 18PA, 18Rhl Rhineland, 18Ruhr, 18SA, 18Scan, 18SS, 18SY-G, 18US, 18USA, 18VA, 18West, 2038, Poseidon Nothing.
1822, 1822CA If this happens in an operating round, game ends at the end of that operating round. If this happens in a stock round, game ends at the end of the next operating round.
1825, 1829 Mainline, 1842, 1848, 1849, 1853, 1853 v2, 18SY-O, Steam Over Holland Game ends immediately.
1830 Cardgame, 18EZ Level 1 Not applicable (no stock market).
1831, 18C2C Stock splits, price drops but each share is worth double market value until sold.
1837SX, 1838 Rheinland, 1854, 1860, 1862EA, 1873, 1898, 18Africa, 18Dixie, 18GA, 18GA v2, 18GB, 18Ireland, 18Mex, 18TN, Crisis, Railroad Barons Game ends at the end of the current OR.
1841 Game ends immediately. There is an established variant in which the game ends at the end of the current OR.
1862 Nothing special, but game ends after the set of ORs in which the price exceeds $379.
1870, 18??, 18NK Nothing. But see variation described on p.26 of 1870 rulebook.
1881, 18GL, 18NW Game ends when the current set of ORs in completed.
18CLE If this happens in an operating round, the game ends at the end of the currently operating company's turn. If this happens at the end of a stock round, the game ends immediately.
18CZ When the Game Process marker reaches the end of the Local Railways Share Price chart, the last operating round is played and the game ends.
Rolling Stock Game ends at the end of the current OR, or immediately if it happens during the stock round.

Top13.4 - What happens if the bank runs out of money during a stock round?

1761, 1817, 18USA Nothing. The bank holds 12,000, but is effectively unlimited.
1800, 1825, 1829, 1829 Mainline, 1837, 1842 Not covered by the rules.
1812 Complete one more operating round. Also applies if the bank runs out of money during a merger round.
1822, 1822CA, 1831, 1835, 1837SX, 1838 Rheinland, 1841, 1847, 1851, 1853, 1853 v2, 1858, 1860, 1861 v2, 1867, 1898, 18C2C, 18Dixie, 18GA, 18GA v2, 18Mex, 18TN Complete one more operating round.
1824, 1826, 1827 Jr., 1830, 1832, 1834, 1844, 1846, 1847AE, 1848, 1849, 1850, 1854, 1856, 1857, 1859, 1862, 1862EA, 1865 Sardinia, 1868, 1869 The Golden Spike, 1869 USA West, 1870, 1879, 1881, 1889, 1891, 1893, 1895, 18??, 18Ardennes, 18BL, 18CLE, 18EC, 18EU, 18EZ Levels 2 and 3, 18FL, 18GL, 18GM, 18Ireland, 18Kaas, 18MW, 18Neb, 18NK, 18NL, 18NW, 18NY, 18PA, 18Rhl Rhineland, 18SA, 18Scan, 18SS, 18SY, 18US, 18VA, 18West, 2038 Complete the next set of operating rounds.
1830 Cardgame, 1830BC, 1873, 18GB, Crisis, Rolling Stock The bank has unlimited money.
1861 v1 Not covered by the rules, but a clarification from JKLM Games states that you complete the stock round and then play three operating rounds.
1880 Nothing. The bank holds 37,860, but is effectively unlimited.
18Africa Nothing. The bank may still be without funds at the start of the subsequent operating round, at which point the game end will be triggered.
18CZ Nothing. The bank holds 13,840, but is effectively unlimited.
18EZ Level 1 Bank will issue IOUs if needed - does not technically run out of money.
18MS The game ends after 10 operating rounds.
18OE If prior to the purchase of an 8 train, complete one more operating round.
18Ruhr The players combine to put 600 Mark into the bank, repeating if necessary to give the bank a positive balance. The rules say nothing about how to handle situations where one or more playes has insufficient funds to contribute to this activity.
Poseidon The game ends after the 11th empire round. The bank is presumably not expected to run out.
Railroad Barons Not stated. The bank holds 16,512 and is probably never expected to run out.
Steam Over Holland The game ends after 15 rounds (5 stock rounds and 10 operating rounds). The bank is presumably not expected to run out.

Red line

Section 14 - Secrecy

Top14.1 - Is a player's cash secret, or open for inspection?

1761, 1817, 1822, 1822CA, 18Africa, 18Ireland, 18USA, Crisis, Rolling Stock Open.
1800, 1829 Mainline, 1830 v1, 1830 Cardgame, 1834, 1835, 1837, 1838 Rheinland, 1847, 1847AE, 1857, 1859, 1862, 1862EA, 1868, 1869 The Golden Spike, 1879, 1881, 1895, 18BL, 18CLE, 18Dixie, 18EC, 18EZ All Levels, 18GA, 18GA v2, 18Kaas, 18MS, 18NL, 18OE, 18Rhl Rhineland, 18Ruhr, 18SA, 18SS, 18SY, Poseidon, Railroad Barons, Steam Over Holland Not stated.
1812, 1824, 1826, 1827, 1830 v2, 1830 v3, 1830BC, 1832, 1837SX, 1841, 1844, 1846, 1848, 1849, 1850, 1851, 1854, 1856, 1858, 1860, 1861, 1865 Sardinia, 1867, 1870, 1873, 1880, 1889, 1891, 18??, 18Ardennes, 18C2C, 18CZ, 18EU, 18FL, 18GB, 18GL, 18Mex, 18MW, 18Neb, 18NK, 18NW, 18NY, 18PA, 18Scan, 18TN, 18US, 18VA, 18West, 2038, 1825, 1842, 1869 USA West, 1893, 1898 Secret.
18GM Secret, but if revealed to one player, must be revealed to all players.

Top14.2 - Is a company's cash secret, or open for inspection?

1761, 1812, 1817, 1822, 1822CA, 1824, 1826, 1827, 1830 v2, 1830 v3, 1830BC, 1832, 1837SX, 1841, 1844, 1846, 1848, 1849, 1851, 1858, 1861, 1865 Sardinia, 1867, 1869 USA West, 1873, 1880, 1893, 1898, 18Africa, 18Ardennes, 18CZ, 18EU, 18FL, 18GA, 18GA v2, 18GB, 18GL, 18GM, 18Ireland, 18Mex, 18MW, 18Neb, 18NW, 18NY, 18PA, 18Scan, 18TN, 18US, 18USA, 18VA, 18West, 2038, Crisis, Rolling Stock Open.
1800, 1829 Mainline, 1835, 1837, 1838 Rheinland, 1847, 1847AE, 1862, 1862EA, 1869 The Golden Spike, 1881, 1895, 18BL, 18CLE, 18Dixie, 18EC, 18EZ All Levels, 18MS, 18NL, 18OE, 18Rhl Rhineland, 18Ruhr, 18SA, Poseidon, Railroad Barons, Steam Over Holland Not stated.
1825, 1830 v1, 1834, 1842, 1850, 1854, 1856, 1857, 1859, 1868, 1870, 1879, 1889, 1891, 18??, 18C2C, 18Kaas, 18NK, 18SS, 18SY Secret.
1830 Cardgame Not applicable (no company treasuries).
1831, 1860 Open to shareholders in the company.

Top14.3 - Is the cash involved in transactions secret, or must it be made public?

1761, 1812, 1817, 1822, 1822CA, 1824, 1825, 1826, 1827, 1830 Cardgame, 1830BC, 1837SX, 1841, 1844, 1849, 1851, 1854, 1858, 1860, 1861, 1862EA, 1865 Sardinia, 1867, 1869 USA West, 1873, 1880, 1889, 1895, 1898, 18Ardennes, 18CZ, 18EC, 18EU, 18FL, 18GA, 18GA v2, 18GB, 18GL, 18Ireland, 18Mex, 18MW, 18Neb, 18NL, 18NW, 18NY, 18PA, 18Rhl Rhineland, 18Ruhr, 18Scan, 18TN, 18US, 18USA, 18VA, 18West, 2038, Crisis, Rolling Stock Public.
1800, 1829 Mainline, 1830 v2, 1830 v3, 1835, 1837, 1838 Rheinland, 1846, 1847, 1847AE, 1848, 1862, 1869 The Golden Spike, 1881, 18Africa, 18BL, 18CLE, 18Dixie, 18GM, 18MS, 18OE, 18SA, Poseidon, Railroad Barons, Steam Over Holland Not stated.
1830 v1, 1834, 1857, 1859, 1868, 1879, 18Kaas, 18SS, 18SY "Most are public".
1832, 1850, 18C2C, 18EZ Level 3 Between-company train purchase prices need not be revealed, private company deals not stated.
1856, 1870, 1891, 18??, 18NK Between-company train purchases secret, other transactions open.
18EZ Level 1 Not applicable (no deals).
18EZ Level 2 Between-company train purchase prices need not be revealed.

Top14.4 - Is the cash in the bank secret, or must it be made public?

1817, 1830 Cardgame, 1830BC, 1873, 1880, 18CZ, 18GB, 18USA, Crisis, Rolling Stock The bank has unlimited money.
1822, 1822CA, 1824, 1826, 1832, 1850, 1858, 1861, 1867, 18MW, 18PA, 2038 Public.
1825, 1869 USA West Secret.
Rest Unspecified. Usually assumed to be public.

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Section 15 - Inventories

Top15.1 - Total cash in game

1761 12,000 (add more if needed - effectively unlimited)
1800 3,720
1812 4,000 for 2 players
6,000 for 3 players
8,000 for 4 players
1817 12,000 (add more if needed - effectively unlimited)
1822 12,000
1822CA 12,000
1824 12,000
1825 Originally intended to be 4,000 for Unit 1, but initial sets were erroneously issued with 2,600; later increased to 5,000; Lawson sets include 6,000
5,000 for Unit 2
4,000 for Unit 3
1826 12,000
1827Jr 11,640
1829 20,000
1829 Mainline 20,000 (approx.)
1830 12,000
1830 Cardgame Not stated, assumed to be unlimited
1830BC Unlimited
1830Lummerland 2,000
1831 10,000 plus 2,000 times number of players for standard bank - add 10,000 for extended game
1832 12,000
1834 7,500
1835 12,000
1837 14,268
1837SX 11,000
1838 Rheinland 9,000
1841 14,640
1842 11,810
1844 12,000
1846 6,500 for three players
7,500 for four players
9,000 for five players
1847 8,000
1847AE 8,000
1848 10,000 plus 2,000 for the Bank of England
1849 7,760 used for game (8,040 supplied in set)
1850 12,000
1851 8,040
1853 12,500 (approx.)
1853 v2 15,000 - the game is supplied with 17,760 and the amount you use can be increased or decreased to change the length of the game
1854 9,672
1856 12,000
1857 9,000
1858 12,000
1859 9,000
1860 10,000
1861 15,000
1862 22,000
1862EA 15,000
1865 Sardinia 8,000 for the normal game
6,000 for the short game
1867 15,000
1868 9,000
1869 The Golden Spike 12,000
1869 USA West 36,000
1870 12,000
1873 Unlimited
1876 4,500
1876v2 9,000
1879 8,000
1880 37,860 (add more if needed - effectively unlimited)
1881 10,320
1889 7,000
1891 12,000
1893 7,200
1895 6,528
1898 15,520
1899 17,000
18?? 12,000
18Africa 14,000
18AL 8,000
18Ardennes 12,000
18BL 10,000
18C2C 48,000 for the standard game, 36,000 for the short game
18CLE 12,000
18CZ 13,840 (add more if needed - effectively unlimited)
18Dixie 12,000
18EC 12,000
18EU 12,000
18EZ 5,870 for Level 1
6,000 for Levels 2 and 3
18FL 8,000
18GA 8,000
18GA v2 8,000
18GB Unlimited
18GL 12,000
18GM 12,000
18Ireland 4,000
18Kaas 12,000
18Mex 9,000
18MS 12,000
18MW 12,000
18Neb 6,000
18NK 12,000
18NL 12,000
18NW 12,000
18NY 12,000
18OE 54,000
18PA 8,000
18Rhl Rhineland 9,000
18Ruhr 13,000
18SA 12,000
18Scan 6,000
18SS 8,000
18SY-G 12,000
18SY-O Unlimited
18TN 8,000
18US 12,000
18USA 12,000 (add more if needed - effectively unlimited)
18VA 8,000
18West 12,000
2038 10,000
Crisis Unlimited
Poseidon 16,512
Railroad Barons 16,512
Rolling Stock Unlimited
Steam Over Holland 5,640 (not stated in the rules, counted from my set)

Top15.2 - Trains available

1761 10 2+s (unlimited), 5 3+s, 4 4s, 3 5s, 8 6s (unlimited)
1800 2-player 2 2s, 1 3, 1 4, 1 5, 2 2Es, 1 3E, 1 2x2E
1800 3-player 3 2s, 2 3s, 1 4, 2 5s, 3 2Es, 2 3Es, 1 2x2E
1812
  2/1G 3/2G 3+1/2+1G 4/3+2G 5/4+2G 3D/2+2GD
2 players 6 3 5 2 6 5 (unlimited)
3 players 6 5 5 3 6 5 (uNlimited)
4 players 6 6 5 4 6 5 (unlimited)
1817 21 2s (unlimited), 4 2+s, 12 3s, 8 4s, 5 5s, 4 6s, 3 7s, 9 8s (unlimited)
1822 22 2/Ls, 9 3s, 6 4s, 3 5s, 3 6s, 16 7/Es
1822CA
Standard game  22 2/Ls, 9 3s, 6 4s, 3 5s, 3 6s, 16 7/Es
Eastern and Western Scenarios 16 2/Ls, 6 3s, 4 4s, 2 5s, 2 6s, 16 7/Es (unlimited)
1822MRS 14 2s, 7 3s, 4 4s, 2 5s, 3 6s, 16 7/Es (unlimited)
1824 9 2s, 7 3s, 4 4s, 3 5s, 3 6s, 2 8s, unlimited 10s, also 6 1Gs, 5 2Gs, 4 3Gs, 3 4Gs, 2 5Gs
1825
  2 3 4 5 6 3T U3 7
Unit 1 6 4 3 4 - - - -
Unit 2 5 3 2 3 2 - - -
Unit 3 5 3 1 2 - 2 2 2
Unit 1 + Unit 2 7 5 4 5 2 - - -
Unit 2 + Unit 3 5 5 4 5 2 2 2 2
Unit 1 + Unit 2 7 6 5 5 2 2 2 2
Extension kit K2 added 3 U3s, 5 3Ts, 2 4Ts, 3 2+2s and 2 4+4Es. Extension kit K3 added 3 6s and 2 7s. When using both of these kits, follow the instructions in K2 concerning the number of trains in play.
1826 8 2Hs, 7 4Hs, 6 6Hs, 2-5 10Hs (depends on number of closed companies), 4 Es, unlimited TGVs
1827Jr 4 1Hs, 5 2Hs, 4 3Hs, 3 4Hs, 2 5Hs, 3 P8Hs, 7 F7Hs ?
1829
Railway Game 2 3 4 5 7
2 players 3 1 1 3 2
3 players 4 2 2 4 3
4 players 6 3 2 5 4
5 players 7 3 4 5 4
  
Business Game 2 3 4 5 7
3 players 7 6 3 3 4
4 players 7 6 4 4 4
5-9 players 7 6 5 5 4
Extension kit MSK1 added 3 3Ts, 2 6s, 2 2+2s and 2 4+4Es. When using this kit, play with one less type '3' and one less type '4' train than usual. Use only three type '5' trains irrespective of the number of players.
1829 Mainline 6 2s, 4 3s, 4 4Es, 4 4+4Es, 2 4Ts, 4 2+2s
1830 v1 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 6 Ds (or according to Francis Tresham, unlimited Ds)
1830 v2 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 6 Ds (unlimited)
1830 v3 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 6 Ds (unlimited)
1830 Cardgame 8 2s, 6 3s, 4 4s, 3 5s, 2 6s, 6 8s
1830BC 10 1+1s, 8 2s, 7 3s, 5 4s, unlimited Ms (minus waterworks built)
1830Lummerland 2 2s, 1 3, 1 4, 1 5, 1 6, 1 D
1830NL 6 2s, 5 3s, 5 4s, 3 5s, 3 6s, 6 Ds (or according to Francis Tresham, unlimited Ds)
1831
  2S 2M 2Y 3S 3M 3Y 4S 4M 4Y 5S 5M 5Y 6S 6Y 7S 7Y 9S 9Y 12S 12Y 15S 15Y
3 players  4 2 1 3 1 1 2 2 1 1 1 1 1 2 2 2 2 2 2 2 2 5
4 players  4 2 2 3 2 1 3 2 1 1 1 2 2 2 2 2 2 2 2 3 3 5
5 players  4 3 1 3 3 1 2 2 2 2 1 2 2 3 2 2 2 2 2 3 4 6
6 players  4 3 2 3 3 2 2 3 2 2 1 2 2 3 2 2 2 3 2 3 4 7
7 players  5 3 2 4 2 2 3 2 2 2 1 3 2 3 2 3 2 3 2 4 4 8
8 players  5 3 2 4 3 2 3 3 2 2 1 3 2 4 2 4 2 4 2 4 4 8 [10?]
9 players  5 4 2 5 3 2 4 3 2 2 2 4 2 4 2 4 2 4 2 4 5 11
10 players  6 4 2 5 4 2 4 3 3 3 2 4 2 5 2 5 2 5 2 5 6 12
1832 7 2s, 6 3s, 4 4s, 3 5s, 3 6s, 3 8s, 2 10s, unlimited 12s
1834 5 2s, 4 3s, 3 4s, 2 5s, 2 6s, 5 2Ts (re-use 2 trains as 2T trains)
1835 9 2s, 4 2+2s, 4 3s, 3 3+3s, 3 4s, 1 4+4, 2 5s, 1 5+5, 2 6s, 4 6+6s
1837 14 2s, 5 3s, 2 3+1s, 4 4s, 1 4E, 1 4+1, 1 4+2, 2 5s, 1 5E, 1 5+2, 1 5+3, 1 5+4, also 10 1Gs, 6 2Gs, 2 3Gs, 3 4Gs
1837SX 9 4Hs, 5 6Hs, 4 8Hs, 3 10Hs, 2 12Hs, 5 16Hs, 4 6Ns
1838 Rheinland 3 2s, 2 2+2s, 2 3s, 2 3+3s, 2 4s, 1 4+4, 1 5, 1 5+5, 1 6, 4 6+6s, 2 Specialisations
1841 8 2s, 6 3s, 4 4s, 3 5s, 2 6s, 2 7s, 7 8s
1842 2 1s, 10 2s, 4 3s, 3 4s, 2 5s, 3 6s, 8 7s ?
1844 13 2/2Hs, 9 3/3Hs, 6 4/4Hs, 4 5/5Hs (and two special 5Hs), 4 6/6Hs, unlimited 8E/8Hs
1846
  2 3/5 or 4 4/6 or 5 7/8 or 6
3 players 5 4 3 Unlimited
4 players 6 5 4 Unlimited
5 players 7 6 5 Unlimited
1847 4 3s, 2 3+3s, 3 4s, 1 4+4, 1 5, 1 5+5, 2 6s, 4 6+6s
1847AE 3 3s, 1 optional 3, 2 3+3s, 2 4s, 1 optional 4, 1 4+4, 2 5s, 1 5+5, 1 6E, 5 6+6s
1848 6 2/2+s, 5 3/3+s, 4 4/4+s, 3 5/5+s, 5 2Es, 2 6/6+s, 5 8/Ds
1849
Scenario 5  4 4Hs, 3 6Hs, 2 8Hs, 2 10hs, 1 12H, 4 16Hs, (6 Es,) 2 R6Hs
Scenario 6  4 4Hs, 4 6Hs, 3 8Hs, 2 10hs, 1 12H, 5 16Hs, (6 Es,) 2 R6Hs
1850 6 2s, 6 3s, 4 4s, 3 5s, 3 6s, 3 8s, 2 10s, unlimited 12s
1851 5 2s, 4 3s, 3 4s, 2 5s, 2 6s, unlimited 8s
1853 6 2s, 5 3s, 2 2Ms, 4 4s, 3 3Ms, 3 5s, 2 4Ms, 2 6s
1853 v2 6 2s, 7 1Ms, 5 3s, 2 2Ms, 4 4s, 3 3Ms, 3 5s, 2 4Ms, 2 6s
A further 1 2, 1 2M and 1 3M to be added to the mix if a minor company has formed by the end of the first stock round
1854 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 5 8s, 5 OEs; 6 1+, 4 2+s, 3 3+s
1856 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, unlimited Ds (alternatively, unlimited 8s)
1857 5 2s, 4 3s, 3 4s, 2 5s, 2 6s, 6 Ds
1858 6 2Hs, 5 4H/2Ms, 4 6H/3Ms, 3 5E/4Ms, 2 6E/5Ms, unlimited 7E/6Ms, unlimited 5Ds
1859 6 2s, 4 3s, 3 4s, 3 5s, 2 6s, 6 Ds
1860 5 2+1s, 4 3+2s, 3 4+2s, 2 5+3s, 2 6+3s, 1 7+4, 1 8+4, unlimited 9+5s
1861 v1 10 2s, 7 3s, 4 4s, 4 5s, 2 6s, 2 7s, 9 8s, 2 5+5Es (not optional, despite being marked as such on the cards), 2 2+2s (optional)
1861 v2 10 2s, 7 3s, 4 4s, 4 5s, 2 6s, 2 7s, 10 (unlimited) 8s, 5 (unlimited) 5+5Es (2 as standard, remainder optional), 5 (unlimited) 2+2s (optional)
1862 7 2s, 6 3s, 5 4s, 4 5s, 1 5E, 3 6s, 1 6E, 2 8s, 1 8E, 1 10, unlimited 10Es
1862EA
Short game 6 As, 5 Bs, 4 Cs, 3 Ds, 3 Es, 2 Fs, 1G, unlimited Hs
Normal game 7 As, 6 Bs, 4 Cs, 3 Ds, 3 Es, 2 Fs, 1G, unlimited Hs
Long game 7 As, 6 Bs, 5 Cs, 4 Ds, 3 Es, 2 Fs, 1G, unlimited Hs
1865 Sardinia
Normal game  6 PH2s, 5 PH3s, 4 PH4s, 2 PH5s, 3 PH6s, unlimited PH7s
Short game 5 PH2s, 4 PH3s, 3 PH4s, 2 PH5s, 2 PH6s, unlimited PH7s
1867 10 2s, 7 3s, 4 4s, 4 5s, 2 6s, 2 7s, 6 (unlimited) 8s, 7 (unlimited) 5+5Es (optional), 6 (unlimited) 2+2s (optional)
1868 5 2s, 4 3s, 3 4s, 2 5s, 2 6s, 6 Ds
1869 The Golden Spike 7 2s, 5 3s, 2 R3s, 4 4s, 1 4R, 4 5s, 3 6s, 2 7s, 9 8s (unlimited), 9 Palace cars
1869 USA West 8 2s, 7 3s, 5 4s, 4 5s, 2 4Es, 4 6s, 2 5Es, 2 7s, 2 8s, 3 Diesels
1870 7 2s, 6 3s, 5 4s, 4 5s, 3 6s, 3 8s, 2 10s, unlimited 12s
1873 1 1, 10 2s, 7 3s, 3 4s, unlimited 5s, 7 Ds
All of the above are bought as either standard trains or as machines
In addition, there is an unlimited number of 2, 3, 4 and 5 switchers.
1876
1830-like  3 2s, 2 3s, 1 4, 1 5, 1 6, 4 Ds
1835-like  2 2s, 1 2+2, 1 3, 1 3+3, 1 4, 1 4+4, 1 5, 1 6, 2 6+6s
1876v2 3 1½s, 4 2½s, 3 3½s, 3 4½s, 1 5½s, 2 6½s, unlimited Ds
1879 5 2s, 4 3s, 3 4s, 2 5s, 2 6s, unlimited Ds
1880 10 2s, 5 2+2s, 5 3s, 5 3+3s, 5 4s, 5 4+4s, 5 6s, 5 6Es, 2 *s, 2 8Es, unlimited 10s
1881 Tramcars: 9 2s, 6 3s, 4 4s, 4 5s, 4 6s. S-Bahn trains: 4 4Ss, 3 7Ss, 1 9s
1889 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, unlimited Ds
1891 5 2s, 1 optional 2, 2 2+2s, 5 3s, 4 4s, 3 5s, 2 6s, 6 8s (optional), 6 Diesels (unlimited)
1893 7 + 1 optional 2s, 4 3s, 4 4s, 2 5s, 3 6s, 3 8+xs
1895 4 2Hs, 3 3Hs, 2 4Hs, 2 5Hs, 2 6Hs, 2 8Hs, 2 10Hs, 2 12Hs, 5 16Hs
1898 8 2s, 7 3s, 6 4s, 3 5s, 2-3 6s, 2 7s, 8-9 8s
1899 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 5 Ds
18?? 7 2s, 6 3s, 5 4s, 4 5s, 3 6s, 3 8s, 2 10s, unlimited 12s
18Africa
2 players 5 2s, 3 3s, 3 4Es, 3 Veldt Stars, 3 Empire Freights, 3 Empire Expresses, 3 Pan Africa Grand Tours
3-7 players 6 2s, 4 3s, 3 4Es, 3 Veldt Stars, 3 Empire Freights, 3 Empire Expresses, 3 Pan Africa Grand Tours
18AL 5 2s, 4 3s, 3 4s, 2 5s, 1 6, 1 7, unlimited 4Ds
18Ardennes 15 2s, 7 3s, 5 4s, 3 5s, 11 6/4Ds
18BL 7 2s, 4 3s, 3 SB3s, 3 4s, 2 SB4s, 3 5s, 2 SB5s, 2 6s, 2 SB6s, 4 3+3s , 3 BW-As, 4 BW-Bs
18C2C
Standard game 21 2s, 18 3s, 15 4s, 12 5s, 9 6s, 9 8s, 6 10s, unlimited 12s
Short game 14 2s, 12 3s, 10 4s, 8 5s, 6 6s, 6 8s, 4 10s, unlimited 12s
18CLE 9 2s, 6 3s, 4 4s, 3 5s, 3 6s, 4 8s, 4 10s, 9 6Ds
18CZ 5 a (2), 4 b (2/2+2), 4 c (3/2+2), 4 d (3/3E/3+3), 4 e (4/3E/3+3), 4 f (4/4E/4+4), 4 g (5/4E/4+4), 3 h (5/5E/5+5), 1 i (5/6E/5+5), 5 j (5/8E/5+5)
Moravia-Silesia Variant: 2 players 5 a+b (2), 4 d (3), 3 e (4), 2 g (4+4), unlimited j (5+5)
Moravia-Silesia Variant: 3 players 6 a+b (2), 5 d (3), 3 e (4), 3 g (4+4), unlimited j (5+5)
18Dixie 5 2s, 5 3s, 4 4s, 4 5s, 3 6s, 3 6+1s, 2 7+3s, 5 2D/4Ds, 5 5Ds
18EC 7 2s, 5 3s, 5 4s, 4 5s, 3 6s, 6 Ds
18EU 15 2s, 5 3s, 5 Ps, 4 4s, 3 5s, 2 6s, unlimited 8s
18EZ
Level 1 One 2, 3, 4 and 5 for each player
Level 2 6 2s, 5 3s, 4 4s, 3 5s, 5 6s
Level 3 10 2s, 5 3s, 4 4s, 3 5s, 2 6s, unlimited 8s
18FL 5 2s, 4 3s, 3 4s, 2 5s, unlimited 6/3Es
18GA 5+1 2s, 4 3s, 3 4s, 2 5s, 2 6s, 5 8s (unlimited)
18GA v2 5+1 2s, 4 3s, 3 4s, 2 5s, 2 6s, 5 8s (unlimited)
18GB
  2+1 3+1 4+2 5+2 4X 5X 6X
2 players 4 3 3 1 2 2 6
3 players 5 4 4 1 2 2 7
4 players 7 5 5 2 3 2 7
5 players 9 6 5 3 3 3 8
6 players 10 7 6 3 3 3 8
18GL 8 2Hs, 7 4Hs, 6 6Hs, 2-4 10Hs (depends on number of closed companies), 4 Es, 9 Diesels
18GM 7 2s, 6 3s, 3 R3s, 5 4s, 2 4Rs, 4 5s, 1 5R, 2 6s
18Ireland 8 2H/1Hs (including 1 optional), 5 4H/2Hs, 4 6H/3Hs, 3 8Hs, 2 10H, 6 Ds
18Kaas 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 6 Ds (or according to Francis Tresham, unlimited Ds)
18Mex 6 2s, 6 3s, 3 4s, 2 5s, 2 6s, 7 4Ds
18MS 4 2s, 4 3s, 3 4s, 2 5s, 2 6s, 4 2D/4Ds, 1 5D
18MW 7 2s, 6 3s, 5 4s, 4 5s, 3 6s, 3 8s, 3 10s, unlimited Ds
18Neb 5 2+2s, 4 3+3s, 3 4+4s, 2 5/7s, 2 6/8s, 10 4Ds
18NK 3 2As, 3 2Bs, 5 3s, 4 4s, 4 5s, 4 6s, 16 8s (unlimited)
18NL 6 2s, 5 3s, 5 4s, 3 5s, 3 6s, 8 Ds
18NW
Minor companies 6 2+2s
5-share and 10-share companies 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 2 8s, 12 6Ds (unlimited)
18NY 11 2Hs, 6 4Hs, 4 6Hs, 3 12Hs, 2 5DEs, unlimited Ds
18OE 16 2+2s, 12 2+2/3+3s, 4 2+2/4+4s, 4 2+2/Ps, 24 3/3+3s, 14 4/4+4s, 11 5/5+5s, 9 6/6+6s, 17 7+7/4Ds, 11 8+8/5Ds, 10 Ps
18PA 5 2s, 5 3s, 3 4s, unlimited 5s, unlimited 3Ds, 6 2Rs (acquired with local companies)
18Rhl Rhineland 6 2s, 5 3s, 3 4s, 3 5s, 6 6s, 3 8s (Rheingold-Express) - there is 1 additional (optional) 2 train
18Ruhr 14 2s, 7 3s, 6 4s, 4 5s, 15 6s, 10 8s, 2 optional 2s, 1 optional 3, 1 optional 4
18SA 7 2P/2Gs, 6 3P/3Gs, 5 4P/4Gs, 3 5P/5Gs, 1 5P, 3 6P/6Gs, 1 6P, 10 8P
18Scan 6 2/1+1s, 4 3/2+2s, 3 4/3+3s, 2 5/4+4s, 2 5Es, 6 4Ds
18SS 7 3s, 6 4s, 8 6s, 15 8s (rules say 6 4 trains, 7 are provided)
18SY-G 7 2-xs, 7 3-xs, 4 4-xs, 3 5-xs, 2 6-xs, 9 9Ws (unlimited), 1 2M (private D), 1 6 (Sanyo Railway), 9 SSs (unlimited - optional), 9 Ds (optional - not mentioned in English translation)
18SY-O 7 2-xs (unlimited), 7 3-xs, 4 4-xs, 2 6-xs, 9 9Ws (unlimited), 1 2M (private D), 1 6 (Sanyo Railway), 9 SSs (unlimited - optional), 9 Ds (optional - not mentioned in English translation)
18TN 5 2s, 5 3s, 3 4s, 2 5s, 2 6s, 7 8s
18US 6 2s, 5 3s, 5 4s, 6 3E/2Gs, 5 4E/3Gs, 6 1H/2Hs, unlimited 5E/4Gs
18USA
2-4 players 30 2s (unlimited), 4 2+s, 12 3s, 2 3+s, 7 4s, 1 4+, 5 5s, 4 6s, 3 7s, 9 8s (unlimited), 9 Pullman cars
5-7 players 30 2s (unlimited), 5 2+s, 12 3s, 2 3+s, 8 4s, 1 4+, 6 5s, 5 6s, 3 7s, 9 8s (unlimited), 9 Pullman cars
18VA 6 2/1Gs, 5 3/2Gs, 4 4/3Gs, 3 5/4Gs, 2 6/5Gs, 10 4Ds
18West 15 2s, 7 3s, 5 4s, 3 5s, unlimited 6s, unlimited 4Ds
2038 1 4/0, 10 3/2s or 5/1s, 10 4/3s or 6/2s, 6 5/4s or 7/3s, 5 6/5s or 8/4s, 2 7/6s or 9/5s, unlimited 9/7s
Crisis 6 2s, 4 3s, 4 4s, 2 5s, 2 E4s, 2 E5s, unlimited E6s
Poseidon
2 players 6 2s, 6 3s, 4 4s, 4 5s, 2 6s, 2 7s, 6 Es
3-5 players 6 2s, 5 3s, 4 4s, 3 5s, 2 6s, 1 7, 6 Es
Railroad Barons 4 As, 3 Bs, 3 Cs, 2 Ds, 2 Es, 2 Fs, 2 Gs, 2 Hs, 8 I/Ks
Rolling Stock None
Steam Over Holland 5 2s, 4 3s, 3 4s, 3 5s, 6 6s, 6 3Es

[ Where the above lines end with a "?", I do not know if the largest trains are meant to be unlimited in number.]

When the largest trains are specified as "unlimited", only a finite number is issued with the set. If they run out you manufacture some more.

Top15.3 - Tiles available

Chris Lawson's Blackwater Station (www.18xx.net) has this information for a number of games. A more up to date version of this information may be found at www.diogenes.sacramento.ca.us/18xx_net/. Other references include my own tiles database and tile reference list spreadsheet.

In 1812, 1822, 1826, 1846, 1851, 1861, 1867, 18GL, 18US and 18West the yellow tiles with plain track on them (tile numbers 7, 8 and 9) are to be treated as unlimited.

In 1858 all yellow tiles are to be treated as unlimited.

1830 Cardgame and 1830BC do not use tiles.

Top15.4 - Other items in limited supply

1761 48 income markers
1812 24 loan chits, 5 mine tokens
1817 20 5-share/10-share markers, 3 +10 bridge tokens, 6 +10 coal tokens, 1 Bank of New York interest marker, 70 Bank of New York loan markers
1822 7 sets of 6 bid tokens
1822CA 7 sets of 6 bid tokens
1830 Cardgame 1 Dividends Paid locomotive, 48 player cards
1830BC Waterworks markers - 3 1s, 6 2s, 3 3s, 5 4s, 3 6s, 3 8s, 4 Ms.
1837SX Secondary railway tokens - 4 sets of 3
1844 5 tunnel companies, 5 mountain companies, 6 mountain-revenue markers.
1854 Mail contracts: 6 small and 6 large.
1861 v1 40 loan markers
1861 v2 18 loan markers
1862EA 39 train permits, 24 train warranty cards
1865 Sardinia 18 loan cards, 40 value 1 traffic chips (black), 20 value 5 traffic chips (purple), 30 value 10 traffic chips (blue)
1867 18 loan markers
1869 USA West 3 ability used markers, 1 ATSF 2nd lay marker, 12 mine cards
1880 60 building permits, 14 capitalisation cards
1881 13 bonus markers
1891 26 loan markers (100), 12 loan markers (300), 8 +10 markers
1893 10 Anleihe des Stadt Koln bonds, 5 industry tokens
18?? 12 off-board area value strips (various values), 2 Basin City Shipping tokens, 1 Calhoun Cattle Company token, 3 Farmers Union tokens, 2 Faustian Accounting tokens, 2 Inland Steel Company tokens, 1 Oreburg Mining Company token, 4 Oreburg Right-of-Way tokens, 1 Pioneer Investments token, 1 Terminal Realty token
18Ardennes 5 ferry tokens, 5 fort tokens, 4 mine tokens
18BL 3 EHG access tokens
18Neb 2 bridge discount tokens, 1 cattle token
18NK 1 BTS token
18NY 6 coal bonus tokens, 24 connection bonus tokens, 2 stagecoach tokens
18OE 9 red zone tiles for the scenarios, 45 patronage tiles, 16 track rights chits
18PA 2 mining rights bonus tokens
18Ruhr 51 coal mine development markers, 51 steel mill development markers, 20 switch engine markers, 8 railway link markers, 18 active pMC location markers, 18 active pMC status markers, 10 passive pMC location markers, 6 Montan Company location markers,
18SA 9 mine markers, 10 loan markers, 3 harbour markers
18SY 24 surplus soil markers, 12 cement markers, 1 +20 marker, 1 +20 (+10) marker
18US 1 +10 Erie Canal token, 1 +10 customs house token, 1 +20 Mississippi River Bridge token, 1 +20 Great Lakes Ferry token
18USA 1 +10 bridge token, 1 +10 coal token, 2 +10 tokens, 4 +10/+20 mining tokens, 4 +10/+20 resource tokens, 1 +10/+20 token, 2 $30 tokens, 1 $40 token, 1 $50 token, 1 boomtown token, 1 free station token, 7 no subsidy tokens, 11 red area value tokens, 1 resource token, 70 Bank of New York markers
Poseidon 1 Delian League marker, 8 high culture markers

Red line

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Section 16 - Miscellaneous Points

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1800

There are two bonds, one for each company. Only the Director may buy the bond for their company. The bond pays $50 each operating round, after the privates but in operating order. The money can be split between the player and the company in any amounts. Bonds are exempt from the certificate limit.

The price for the RGS private company as published in Rail Gamer magazine is $160. Tony Leal (the designer) has advised that this should be reduced to $150, with a buy-in price of between $75 and $300.

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1812

Public companies have no fixed base stations. The are formed either by merger or conversion from Minor companies, or start in any unreserved and unconnected city space on the map.

Companies may take out loans to pay for track building, train purchases and loan interest. Minor companies may have up to two loans, Public companies may have up to five loans.

Companies may buy their own shares from the bank pool, but may not take out loans to do this.

There are always two operating rounds between stock rounds, with a merger round after each operating round once phase 3 has begun. During the merger round each eligible Minor company may convert or merge to form a Public company.

In the unlikely event that all companies are closed, there are no private companies owned by players, and no player has enough money to start a company, the game ends and all players lose.

At the end of the game share prices are adjusted left (or down) one space for each outstanding loan.

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1817

The sequence of play is a stock round, an operating round, a merger and acquisition round, an operating round and a merger and acquisition round. This sequence is repeated for the duration of the game.

A feature of this game is the ability to sell stock short, which is the practice of selling stock that is not owned, with the intention of buying the stock back at a later date. The short seller hopes to profit from a decline in the price of the stock between the sale and the repurchase, as he will pay less to buy the stock than he received on selling it.

There is no requirement to close the short position (by buying a share) during the game, but while you own a short share, it is a liability. You must pay to the bank any dividends the company pays.

The Bank of New York makes loans available to companies in $100 increments. Companies may take loans for any purpose at times specified in the stock round, operating round and the merger and acquisition round. The Bank of New York charges interest on loans. As more loans are issued, the interest rate rises.

At the end of each operating round, the next available train is exported, i.e. removed from the game. This may cause a phase change. The following special case is to be followed for exporting trains:

During the merger and acquisition rounds, the following actions may take place:

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1822

During the initial set up, the concession, minor company and private company certificates are shuffled, albeit with one default certificate ending up on top of each stack. The first three concessions, first four minor companies and first three private companies are available for bids at the start of the game. Due to this, the start of each game will offer different options.

The game ends immediately if the first stock round ends with nothing sold. Presumably nobody was keen on the mix of certificates on offer, and another game with a different set of starting certificates will most likely be started.

A player may be forced to take a loan to fund train purchases for companies of which they are directors. While they have an outstanding loan, they may not buy shares, convert a concession or place a bid. 50% interest is added to a loan when taken out, and a further 50% added at the end of each stock round that the loan remains unpaid. Any earnings gained by the player are used to pay off as much of the loan as possible.

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1822+

1822+ adds five minor companies and three private companies to the standard game of 1822.

During the initial set up, the private companies are split into three groups, one for each private company bidding box. Three private companies are removed at random. Private company 19 (Avonside Engine Company) introduces a permanent L train, which has its own rules. For example, it cannot be purchased by another company, it does not count against the train limit, and does not count as a train for the purposes of mandatory train ownership.

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1822CA

During the initial set up, the concession, minor company and private company certificates are shuffled, albeit with one default certificate ending up on top of each stack. The first three concessions, first four minor companies and first three private companies are available for bids at the start of the game. Due to this, the start of each game will offer different options.

The game ends immediately if the first stock round ends with nothing sold. Presumably nobody was keen on the mix of certificates on offer, and another game with a different set of starting certificates will most likely be started.

A player may be forced to take a loan to fund train purchases for companies of which they are directors. While they have an outstanding loan, they may not buy shares, convert a concession or place a bid. 50% interest is added to a loan when taken out, and a further 50% added at the end of each stock round that the loan remains unpaid. Any earnings gained by the player are used to pay off as much of the loan as possible.

For the Eastern and Western scenarios, the purchase of the first 7/E train signals the end of the game. The current setpair of operating rounds plus one more operating rounds are completed.

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1824

Coal Railways can be exchanged for the Director's certificate in one of the Regional Railways. Mountain Railways can be exchanged for a 10% shares in one of the Regional Railways.

After the first 2 train has been bought, at the end of that operating round and at the end of each subsequent SET of operating rounds, the bank sells one of its currently available 'norma' (non-goods) trains abroad. This train is removed from the game. This sale can trigtger a phase change. No new money comes into the game as a result of these sales.

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1825

Players can sell private companies back into the bank pool for 30 less than their purchase price.

Share price rises on payment of dividend as a proportion of the dividend to the share price, rising up to four spaces if the dividend is four or more times the share price.

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1826

Nationalisation, or forced merging of trainless companies, is a focus of strategy.

When companies fuse to form the État, it may find itself in an unfloated state unless enough shares in it have been distributed.

Bank loans are used to make up shortfalls during emergency money raising.

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1827Jr

Adds many new and interesting features. The rules should be read with care.

For tables to explain the share price movements, see http://www.fwtwr.com/18xx/rules_difference_list/1827_junior.htm.

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1829

Players may choose to close their private companies by turning them face down. They then cease to pay, and do not count towards the certificate limit, but they still count their face value at the end of the game.

Players may sell their private companies to other players.

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1829 Mainline

At the start of the game, shares are shuffled and a number dealt out to players. Further shares are purchased from the draw pile, the discard pile or the bank pool.

A company can operate if the Director's certificate has been purchased, even if it is the only share of the company in the player hands. It may also operate if three ordinary shares have been purchased.

There are no phases as such.

Bonus payments are made to the company treasury for connecting to a station for the first time.

Some stations have variable values that depend on the highest value station elsewhere on the route.

Shares may only be sold to the bank pool at the start of a stock round, not during each stock turn.

The game can end if no share certificates are bought in a complete stock round. One sequence of three operating rounds takes place and the game ends at that point.

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1830 v2

The Base Game in version 2 does not have bankruptcy. If a company cannot buy the cheapest train in the bank or bank pool, the bank provides a loan to cover the shortfall and the company goes into receivership. A company in receivership is managed by the president. The manager may not change while the company is in receivership. Dividends must be retained and used to pay off the loan, and the company's train may not be sold. The president may not sell shares in the company, although other players may do so. When the loan is repaid, the company comes out of receivership. If another player has acquired more shares in the company than the previous president, they become president at that point.

Rules for a starter game are included, intended to make it easier for new players to learn the full game. The stock market, private companies and the CPR and Erie railroads are removed from the game.

This version of 1830 includes the 1830+ map on the back of the standard map, plus a host of variants and scenarios, which are not covered here.

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1830 v3

This version of 1830 includes the 1830+ map on the back of the standard map, anticipating forthcoming variants to be published as expansions. It can be used with the components in the 1830 v3 box, but players are advised to expect a shortage of yellow tiles.

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1830 Cardgame

At the end of the game, before declaring the winner, taxes need to be paid, unless all players have the same cash and are therefore all tied for the win. The player(s) with the most cash pay 20% of their cash as taxes to the bank. The player(s) with the least pay nothing. All other players pay 10% tax.

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1830BC

A share's value depends on its terrain, not the nation (company) it belongs to. The canal network is drawn onto the board rather than laying tiles. The cards that time phases are used for both digging team (trains) and waterworks (~= station markers). There is a single rainy season (operating round) for all players, company income being determined by owner of last waterwork in an irrigation chain. Game ends when all water entering system is used (or at prior bankruptcy).

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1830Lummerland

When the 5 train is bought a gugelhupf appears in hex B5, making this village worth 10 extra for the following OR.

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1831

A large game. Dual (or more, in some special cases) track is possible, so two trains of the same company can have identical routes. All hexes cost to build on and upgrades cost half of original construction cost.

Companies can merge into a system. If both companies have the same president, it is a friendly merger, otherwise a hostile takeover. A second hostile takeover can be done for bonds. Bonds pay 10% of face value regardless of what is done with stock dividends.

Stock is divided into preferred and common shares. Preferred stock comprises 50% of the company. Stock price rises immediately when 80% is bought, and again at 90%. Par price increases after all preferred stock is bought (which floats the company) so common stock costs more to buy from the Initial offering than preferred did.

Trains come in 3 flavours, Passenger (=Station), Freight (=Yard), and Mixed.

Government intervention, caused by a random card draw, introduces a random element.

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1832

At the end of a stock round, if a company's stock is fully sold, and its price token cannot move up because it is already at the top of the market, it moves down and to the right instead.

Has 'share protection' in which the President has the option to buy shares that are sold, ostensibly to protect the price. The President gets this option whether the price is in danger of dropping or not.  Also 'share redemption' in which a company buys one of its own shares, and 'share reissue' in which the shares bought back in this way are offered for sale again.

A route can only include the West Virginia Coal Fields if the operating company has a West Virginia Coal Fields token. The company that buys the West Virginia Coal Fields gets a token at no cost. Other companies can buy a token, which counts as a yellow tile lay.

There is a 'ledge' on the stock market. Tokens trying to move downwards through this do so normally except if this would cause them to stop immediately below it, when they instead stop immediately above it. Tokens trying to move upwards through the ledge do so normally. Tokens trying to move rightwards through the ledge get diverted upwards by arrows. Tokens trying to move leftwards through the ledge do so normally.

The West Virginia Coal Fields private can be bought in phase two for from half to face value. The London Investment Company, Central Rail Road and Canal Company and Southern Bank (if in play) may not be purchased by companies.

After each stock round during phases 4 and 5 there will be a merger phase. Two 10-share companies may merge together to form a System, or one company may absorb another's assets through a takeover of the other company.

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1834

Brussels (F3) always pays double the value of the tile placed there.

During the Green phase, a company may lay a green tile directly on the map for a cost of 50, which may be entirely paid by the company President if desired.

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.

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1835

Nationalisation of shares is possible.

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1837

Stock market is based on a hexagonal grid rather than the more common square grid.

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1837SX

Has concessions which are redeemed for the 40% certificate of a 'small' corporation.

Track building is done by building points. The number of building points required to lay a tile is a combination of the terrain type and tile type.

Viaduct tiles can only be placed in mountains or over rivers.

Tiles come with single track or double track, which determine how far a train can travel.

Corporations that connect to certain towns on the map gain Secondary Railway tokens, which provide additional income.

'Small' corporations convert to 'large' corporations when they can trace a route to a set destination.

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1838 Rheinland

Nationalisation of shares is possible.

Routes that include coal mines and/or steel mills may gain a bonus. Long distance connections between the off-board hexes in the north west and the south east, and between the north east and the south west, gain a bonus.

The last trains out are Specialisation trains, that may be attached to existing trains. If attached to a 5 or 6 train, villages are no longer counted for this train. Alternatively, the bonus for a route that contains a coal mine and a steel mill is doubled.

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1841

The 8 trains do not have to count mountain passes as stops.

It costs 50 to upgrade mountain track.

Allows trading of station markers.

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1842

The hexes of Hamburg and Harburg may be upgraded only by the HAV.

There are special bonuses (see rule 6.2.4) for connecting hexes F18, and O13.

Rule 6.2.2 'Restrictions for Coastal Towns' describes restrictions on upgrades of all towns, not just coastal ones.

If a player holds at least two shares in each of at least three companies, their certificate limit is increased by one. This increase may be anticipated in buying the second share in a company.

There are hexes on the board which are yellow but have no track. These may not be developed until the green phase, and the first tiles laid on them must be yellow.

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.

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1844

At the end of each set of ORs, a train from the bank is 'sold abroad'. This transaction does not involve money, but does get rid of trains, including 'poisoned' ones.

The number of station markers a major company gets depends on its flotation price.

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1846

For the first operating round of the game companies run in reverse price order.

All track builds/upgrades cost $20+.

Each round, a company may lay two yellow tiles, or lay one yellow tile and upgrade one tile - which may be the tile just laid.

Tile lays and token placement can be done in any order. A token can be placed after the first tile lay, followed by a second tile lay not legal prior to the token placement.

Trains phase out rather than just dying off.

The total number of companies and trains in play depends on the number of players.

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1847

In the Expert Game, nationalisation of shares is possible.

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1847AE

Nationalisation of shares is possible.

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1848

The Bank of England is a company that issues loans and administers companies in receivership.

The game end can be triggered when the fifth company goes into receivership or when the Bank of England has issued 16 or more loans.

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1849

Has narrow-gauge track, which is cheaper to lay on mountains and counts differently when determining the length of runs.

It costs the full price to upgrade mountain track.

Allows trading of station markers

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1850

At the end of a stock round, if a company's stock is fully sold, and its price token cannot move up because it is already at the top of the market, it moves down and to the right instead.

Has 'share protection' in which the President has the option to buy shares that are sold, ostensibly to protect the price. The President gets this option whether the price is in danger of dropping or not.  Also 'share redemption' in which a company buys one of its own shares, and 'share reissue' in which the shares bought back in this way are offered for sale again.

A route can only include the Mesabi Mining Range if the operating company has a Mesabi Range token. The company that buys the Mesabi Mining Range gets a token at no cost. Other companies can buy a token, which counts as a yellow tile lay. 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.

There is a 'ledge' on the stock market. Tokens trying to move downwards through this do so normally except if this would cause them to stop immediately below it, when they instead stop immediately above it. Tokens trying to move upwards through the ledge do so normally. Tokens trying to move rightwards through the ledge get diverted upwards by arrows. Tokens trying to move leftwards through the ledge do so normally.

The Mississippi River Bridge Company and Mesabi Mining Company privates can be bought in phase two for from half to face value. If the Union Pacific purchases the Credit Mobilier private it can pay up to three times face value.

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1853/1853 v2

At the start of the game players make contract bids by putting up a bond. This bond is redeemed once all of the player's cities are joined by track. Building into certain hexes is worth company credits.

At the end of a stock round the holder of the Elephant may sell it to another player. At the end of a set of operating rounds the holder of the Elephant may call for one additional operating round.

There are two gauges of track/trains.

There are mail runs.

Each company has a designated territory. It may lay yellow tiles outside this territory but may not promote tiles or place tokens.

Some hexes conatin a bracketed value for a frontier post. This is paid as a subsidy to the company that lays a tile in that hex, after it has paid any required construction costs.

Where the hex grid runs to the edge of the physical board, track may placed so that it runs off the board.

A brown tile that is adjacent to a grey tile may not be promoted.

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1854

Tunnels, which are transparent and can overlie normal tiles.

Two hexes of the main map correspond to a 16-hex 'local map' on which 'local railways' operate.

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1856

Has government loans.

After the sale of a 6 train, villages may be removed, either by promoting them to cities, or by downgrading them to plain track. Double villages may be promoted but not removed.

A company can fall off the bottom of the stock market. It then ceases to exist.

The initial state of Toronto is two value 30 cities, as on the map - the tile manifest says 40 and is wrong (Bill Dixon, rgb, May '97).

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1858

In a stock turn, a player may do any number of sell actions and then may do one buy action.

Sell actions:
a) sell a share
b) exchange a private for a treasury share - must be connected and have directors permission
c) grow a company from 5-share to 10-share.

Buy actions:
a) put up a private for auction
b) buy a share
c) start a company - prior to phase 5, exchange a private for one share and buy the other, thus acquiring the Director's share (price is face value of private, rounded down), place the company‘s start token in a home hex of the private.

Many privates have two values for revenue: the first in phase 2, the second in phase 3 onwards.

Privates may build track: ignore terrain costs in home hex(es), but owner pays for other terrain and double-builds.

Track in home hexes must follow the indicated track lines on the map (as appropriate). Privates cannot upgrade tiles.

If a company has insufficient funds to lay track, the director may put in from hand to help. Rule clarification: the Director may also put in from hand for double-builds, in the same manner.

When a choice of city upgrades exist, the one with the most exits which are legal must be laid.

Private income in share companies is part of revenue. After calculating revenue (= trains + privates), divide by number of shares (and halve if splitting), round down, and pay out to shareholders; any money left over goes to company treasury.

There are three track gauges: broad, narrow, and dual. Yellow track is either broad or narrow; some green track is mixed; all brown and grey track is dual.

The token space(s) on private home-hexes are reserved for the private(s), or their owner.

Wounded trains run for half revenue. Wounded trains may be discarded in the train buying step; wounded trains in the pool go immediately out of the game; wounded trains may be bought across and do count towards train limit.

If a company is train-less, it may use emergency money raising: it may issue shares (price drops once) and/or director may put in from hand (may not sell shares).

If a public company closes (share price drops below 50) there is no compensation - it‘s trains and cash go back to the bank, but it may be re-opened later.

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1859

Tiles may be placed or upgraded and tokens placed even if the location is beyond a city fully occupied by other company tokens.

Trains may run through blocked cities by paying a fee to the company owning one of the blocking tokens.

The cost for placing tokens depends on the current phase.

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1860

Players can sell private companies back into the bank pool for 30 less than their purchase price.

Share price rises on payment of dividend as a proportion of the dividend to the share price, rising up to four spaces if the dividend is four or more times the share price.

Halts can be ignored or included in routes as the director sees fits. Halts pay the company treasury rather than adding to the dividend.

A company may not upgrade track unless the company owns a train. {Mike HUtton has confirmed that this should refer to track tiles rather than track.}

If a company price falls to zero, the company becomes bankrupt. All shares are returned to the initial offering without compensation, and are available for sale once more at the start of the following stock round, starting with the director's certificate. The company's bases remain on the board but are turned over to indicate that they restrict other companies' track development but do not prevent other companies running trains through those cities. The bankrupt company's treasury, trains and unused base tokens are kept with the company charter, available for use by the next director if it is refloated.

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1861

Public companies have no fixed base stations. The are formed either by merger or conversion from Minor companies, or start in any unreserved and unconnected city space on the map.

Companies may take out loans to pay for track building, train purchases and loan interest. Minor companies may have up to two loans, Public companies may have up to five loans. If a company is unable to pay for commitments and cannot take out enough loans to do so, it is nationalised and becomes part of the Russian State Railway.

Companies may buy their own shares from the bank pool, but may not take out loans to do this.

The Russian State Railway runs from the start of phase 4 to the end of phase 7, and runs after all other companies have operated. It always retains its revenue and will always buy the cheapest new train from the bank if possible, if it has no outstanding loans and has sufficient money in its treasury.

There are always two operating rounds between stock rounds, with a merger round after each operating round from phases 3 to 7 inclusive. During the merger round each eligible Minor company may convert or merge to form a Public company.

The end of the game is signalled by the purchase of the first 8 train. If this occurs in the first operating round of a set, complete the round and play two more operating rounds. Otherwise, complete the round, play a stock round and then play three more operating rounds.

At the end of the game share prices are adjusted left (or down) one space for each outstanding loan.

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1862EA

Players bid for the right to start companies in parliament rounds. If a successful bid does not then result in that company being floated in the next stock round, the player is fined and remaining company shares placed back into the initial offering.

Companies may merge. Companies may acquire other companies. Companies may need to be refinanced.

Companies require appropriate train permits to run the three type of trains.

When a company buys a train from the bank, the Director may choose to purchase one to three warranty cards for the train. One warranty card is removed from each train at the end of the company's operating round. At phase changes, trains that would be removed from the game but which still have warranty cards on them do not rust until the last warranty card is removed. Every A and D train is given a free warranty card when it is bought from the bank.

A company is never required to surrender trains they own in excess of the train limit if the trains are not due to rust.

Companies that do not generate enough revenue to match the current share price may execute the George Hudson manouvre. This involves increasing the dividend from the company treasury until the dividend is equal to or greater than the share price, and then paying out that revised dividend.

Companies that have operated may go into receivership if no player holds sufficient shares to be the Director.

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1865 Sardinia

Maritime Companies (private companies) are handed out at no charge at the beginning of the game, and may be given to a public company at no cost.

Stations have no values. Companies gain traffic chips by placing station markers and train points from the trains it owns. Additional traffic chips can also be gained from mines that a company has a token on. Company revenue is 10 x the total number of traffic chips and train points.

Non-players Dragons (foreign investors) take part in stock rounds, buying and selling shares according to company rankings, which are defined by specific rules. Dragons are virtually seated between each real player.

Companies may absorb other companies. Typical reasons for doing this are to consolidate your companies to run then more efficiently, freeing up certificate slots when on the certificate limit, or rescuing trainless companies.

There is a short game variant that uses only part of the map and removes various companies and trains from the game.

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1867

Minor companies have no fixed base stations. Their base token is placed in a vaid city when the minor is put up for auction.

Public companies have no fixed base stations. The are formed either by merger or conversion from Minor companies, or start in any unreserved and unconnected city space on the map.

Companies may take out loans to pay for track building, train purchases and loan interest. Minor companies may have up to two loans, Public companies may have up to five loans. If a company is unable to pay for commitments and cannot take out enough loans to do so, it is nationalised and becomes part of the Russian State Railway.

Companies may buy their own shares from the bank pool, but may not take out loans to do this.

The Canadian National Railway runs from the start of phase 4 to the end of phase 7. It has no cash or loans. Each time it operates the Canadian National Railway takes the cheapest new train from the bank (not the bank pool). It does not run trains. It starts with a token in Toronto (W) and is guaranteed a token in Montreal. When nationalising a minor company, adjust the price one space to the left and then two spaces to the left per outstanding loan.

In phase 8 (only) a company may upgrade a train, even if at the train limit. The old train counts as 50% of it face value as a discount for the new train. The new train must be from the bank and the old train goes into the bank pool.

There are always two operating rounds between stock rounds, with a merger round after each operating round from phases 3 to 7 inclusive. During the merger round each eligible Minor company may convert or merge to form a Public company.

The end of the game is signalled by the purchase of the first 8 train. Finish the current set of operating rounds, play a stock round and then play three more operating rounds.

At the end of the game share prices are adjusted left (or down) one space for each outstanding loan.

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1868

Placing or upgrading a track tile costs a company 5. A second tile may be placed or upgraded for an additional cost of 5.

When a city tile is placed or upgraded, a company may place its least expensive token there for half price at the moment.

Companies have designated starting hexes. If the city spots in the relevant location are all occupied before a company has started, it may not be started.

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1869 The Golden Spike

Three companies have bonds that can be auctioned off to players when the companies operate. The bonds may be redeemed by the players, with the redemption value increasing as the game continues, until the first 7 train is purchased, at which they become worthless.

Players may buy one share from the bank pool on a 50% margin. Before the start of the next stock round they must settle the margin by paying the remaining 50% at the current share price.

Players may own more than 60% of a company, but the shares in excess of 60% are held by the company and pay into the company treasury.

Companies own land grants, which make a payment to the company when the land grant is completed.

The number of tokens a company receives depends on the initial par value. The higher the par value, the more tokens it receives.

Company presidents may 'puff' the company's stock (increase the share value) once per operating round by paying the bank ten times the value of the difference in the share prices. For example, to 'puff' a stock price from 90 to 100, the company needs to pay 100 to the bank.

Companies may merge. The first two are forced when the first 5 train is purchased. Companies may voluntarily merge once the first 6 train is purchased, but may no longer do so once the firt 8 train is purchased. Merged companies place a D token on the stock market, indicating that the share price is double that indicated on the stock market for all purposes.

Some tiles bear plus symbols. Trains running to these tiles when the company has a token present can add 1, 2 or 3 stations to their route length.

2 trains and 3 trains can be refurbished to become 3R and 4R trains respectively. Refurbished trains have increased range and stay in service longer than the original trains. A train is refurbished  by paying 50% of the next higher train's cost to the bank.

Palace cars can be added to trains to double the revenue of one city. The price for Palace cars starts low and increases, but early adopters have to pay upgrade costs as the phases progress or lose the Palace car.

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1869 USA West

The moment a route can be traced between Omaha and Sacramento, the Central Pacific and Union Pacific railroads receive a bonus of 300.

Most railroads have specific routes that will give them a bonus if they run the entire route in an operating round.

The Great Merger takes place when a route can be traced between any Central Pacific station and any Southern Pacific station. The Central Pacific is merged with the Southern Pacific and ceases to exist as a separate entity.

Private companies, even closed ones, count towards a player's total assets at the end of the game.

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1870

At the end of a stock round, if a company's stock is fully sold, and its price token cannot move up because it is already at the top of the market, it moves down and to the right instead.

Has 'share redemption' in which a company buys one of its own shares. This share must come from the bank pool if possible, or from any player, provided that at least six shares remain in player hands and the bank pool after the redemption. A share can only be redeemed from a player with their consent.

Has 'share reissue' in which the redeemed shares are offered for sale again.

Has 'share protection' in which the President has the option to buy shares that are sold, ostensibly to protect the price. The President gets this option whether the price is in danger of dropping or not.

A company that connects to its 'destination' does a special bonus run.

There is a 'ledge' on the stock market. Tokens trying to move downwards through this do so normally except if this would cause them to stop immediately below it, when they instead stop immediately above it. Tokens trying to move upwards through the ledge do so normally. Tokens trying to move rightwards through the ledge get diverted upwards by arrows. Tokens trying to move leftwards through the ledge do so normally. {This is not as stated in the published rules, which contradict the directional arrows on the stock market. Clarification has been provided that the rules are incorrect.}

The MP or SSW may buy the Mississippi River Bridge Company private before a 3 train has been sold.

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1873

Private companies are mining companies. They work similar to 1835 style minors. They can be merged into mining share companies. Mining companies need a connection to the regular gauge "state railway" network to be effective. They own machines (in lieu of standard trains) and switchers.

Normal railway companies represent narrow gauge freight operations with standard trains and (later) passenger Diesel railcars. These railway companies are opened via concessions. The state railway is represented by the MHE. Players can own its shares, but it is run automatically.

Trains and machines don't rust, but cause increasing maintenance costs instead.

The game ends when the highest share price (1000) is reached, or after the second full set of ORs in phase 5.

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1876v2

The game starts with an STR share in the bank pool.

You can only upgrade a city tile if you have a station marker there or you are about to put a station marker there or there is no station marker there.

You can put a station marker in a place reserved for another company's station marker. When the station marker with the reserved place turns up, yours is killed.

Diesels do not count against the train limit.

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1879

There are no private companies. An initial auction starts the game, in which the President's certificate of the Northern Pacific is sold by auction.

Company start locations have no value. If a company uses its start location as part of a route, the value of the highest income town or city is doubled.

There is no trade-in price for Diesels. All Diesels cost $1,100.

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1880

Stock rounds do not occur after a set number of operating rounds. Instead, they take place when the last train of any type (other than restored 2 trains) is sold or removed from the bank.

If no train is bought in a complete operating round, all the remaining trains of the current type are discarded from the game and a stock round takes place.

Stock rounds take place immediately one of the two situations above occur. This can result in the company that purchased the last train of a type continuing operations once the stock round is completed, possibly buying further trains.

The Communist Takeover period runs from the sale of the first 4 train to the sale of the first 6 train. During this period the prices on the stock market do not change for any reason. Players may not sell shares in a company they are the Director of.

Private companies do not count towards the certificate limit.

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1891

Has government loans.

After the sale of a 6 train, villages may be removed, either by promoting them to cities, or by downgrading them to plain track. Double villages may be promoted but not removed.

A company can fall off the bottom of the stock market. It then ceases to exist.

The two 2-2 trains are placed in the bank pool at the start of the game. If using the sixth optional 2 train, this is also placed in the bank pool.

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1893

The game offers a number of variants:

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1895

The game contains obligations, which can be purchased and come with a non-active 10% share of one of the public companies. The holder of an obligation has the option to purchase the president's certificate of the corresponding public company if someone else declares they wish to buy it. When the two cities of the obligation are connected the non-active share becomes a normal share.

When a player wons 60% of a company, buying more shares requires that an additional 20% of the price be paid to the bank.

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18??

At the end of a stock round, if a company's stock is fully sold, and its price token cannot move up because it is already at the top of the market, it moves down and to the right instead.

Has 'share redemption' in which a company buys one of its own shares. This share must come from the bank pool if possible, or from any player, provided that at least six shares remain in player hands and the bank pool after the redemption. A share can only be redeemed from a player with their consent.

Has 'share reissue' in which the redeemed shares are offered for sale again.

Has 'share protection' in which the President has the option to buy shares that are sold, ostensibly to protect the price. The President gets this option whether the price is in danger of dropping or not.

A company that connects to an off-board area does a special bonus run. There are limits to the distance of the off-board area from the home station that must be observed. At the start of the game, only one company can connect to each off-board area. Once four companies have made their connection runs, a second company can connect to an off-board area.

If a company is able to make a connection run at the end of its operating turn, the president may decide to pay 100 from the treasury to immediately place a regular station marker using the destination marker. If this is done, the connection run may never be made.

There is a 'ledge' on the stock market. Tokens trying to move downwards through this do so normally except if this would cause them to stop immediately below it, when they instead stop immediately above it. Tokens trying to move upwards through the ledge do so normally. Tokens trying to move rightwards through the ledge get diverted upwards by arrows. Tokens trying to move leftwards through the ledge do so normally. {This is not as stated in the published rules, which contradict the directional arrows on the stock market. Clarification has been provided that the rules are incorrect.}

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18Africa

Of the 17 companies available, 9 are chosen at random for the game. In a 2 player game, only 7 are chosen.

At the start of the game, shares are shuffled and a number dealt out to players. Half are discarded and then auctioned to the players. Further shares are purchased from the draw pile, the discard pile or the bank pool.

A company can operate if the Director's certificate has been purchased, even if it is the only share of the company in the player hands. It may also operate if three ordinary shares have been purchased.

There are no phases as such.

Some coastal stations have variable values that depend on the highest value station elsewhere on the route.

Shares may only be sold to the bank pool at the start of a stock round, not during each stock turn.

Trade concessions are auctioned after the first pair of operating rounds. Concessions are allocated to public companies and may pay bonuses for running the relevant trade routes.

Government bonds are available as an alternative to shares or private companies. These may be bought in multiples and do not count towards the certificate limit.

The economy varies during the game depending on the number of shares and private companies in the bank pool. The game starts in Recovery.

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18AL

Each railroad has a historical objective. After placing and paying for a token in that city, the company receives $100.

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18BL

The train limit only applies to trains and rail buses (trams). Each company may always own one rail bus (tram) trailer in addition to the train limit.

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18C2C

At the end of an SR, if a company's stock is fully sold, and its price token cannot move north because it is already at the top of the market, it moves south-east instead.

Has 'share redemption' in which a company buys one of its own shares. This share must come from the bank pool if possible, or from any player, provided that at least six shares remain in player hands and the bank pool after the redemption. A share can only be redeemed from a player with their consent.

Has 'share reissue' in which the redeemed shares are offered for sale again.

A company that connects to its 'destination' does a special bonus run. A company that makes a transcontinental run gains a one-time boost on the stock market.

There is a 'ledge' on the stock market. Tokens trying to move downwards through this do so normally except if this would cause them to stop immediately below it, when they instead stop immediately above it. Tokens trying to move upwards through the ledge do so normally. Tokens trying to move rightwards through the ledge get diverted upwards by arrows. Tokens trying to move leftwards through the ledge do so normally.

Four of the companies may buy the Mississippi River Bridge Company private before a 3 train has been sold.

Privatisation of shares is possible.

Two single companies with a physical connection on the map can join to become merger companies.

The Amtrak and Conrail companies form on the purchase of the first 6 and 8 train respectively, and absorb companies that are left with no trains once the 3 trains and 4 trains have been discarded.

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18CLE

The Great Depression is simulated when the brown tiles come out in phase 5. All station values on brown tiles are lower than those on green tiles. In some cases, city spots disappear when a tile is upgraded to brown. Any token made homeless by this upgrade is returned to the company charter in the most expensive free space and may be placed once again by the company.

When the grey tiles come out in phase 8, all brown tiles are automatically upgraded to grey tiles, and brown tiles cease to be available. From this point on, green tiles may be upgraded directly to grey. Upgrading a village in this way costs a company 50; upgrading a city costs a company 100.

The Cleveland RTA (Regional Transit Authority) is a government controlled entity in the game. Stock is obtained by exchanging shares of companies that are forced to merge into the RTA. Companies must merge if they do not own a train immediately after a phase change that causes trains to rust, unless they have never operated, in which case they are exempt.

The RTA is operated under its own rules. It will be operated by the player holding the priority deal card, not by the player with the most RTA shares. This means that the RTA may be operated by different players following each stock round.

The game can end when all 9 public companies merge into the RTA. The rules do not state whether the game ends immediately this happens, or whether the current operating round is completed.

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18CZ

At the end of a set of operating rounds the train card on top of the train stack in the bank is removed from the game (it is sold to a foreign country). This is handled as if a train of each type on the train card is removed from the game and may cause trains to be scrapped.

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18EC

Knoxville is a grey town in the middle of the map that pays fixed amounts to the treasury of a company running to, from or through it.

Mail Contracts can be bought that allow a company with a train to run an additional Mail Train. The Mail Contract can be voluntary returned to the bank, but must be given up the instant that the company does not own a train. The Mail Contract does not count towards the train limit.

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18EZ

18EZ is designed to teach the 18xx game system, and comes with three levels of play. Level 1 deals purely with building railroad network and operating trains. Level 2 introduces the financial element, with the addition of the stock market, and introduces the separation of the player and the railroad as separate entities. Level 3 introduces three different types of companies (privates, minors and a merger company) that players may control.

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18FL

A company's tokens can be used as standard station markers (on cities) or as Hotels (on villages). The Key West Extension (hexes M24 and M26) is destroyed at the beginning of phase 6/3E, but may be rebuilt.

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18GA

There is an exception to the definitions of 'city' and 'village' in the glossary. It has cities which have no room for a station marker, but are cities because they count towards a train's route, unlike villages which are free.

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18GB

5-share companies may convert to 10-share companies as a stock round action. Their share price drops two spaces. They receive five times the new share price as capital and two new station
markers. The director may immediately buy a new share. The five new shares are placed in the bank pool.

Certain public companies may lay a green tile in their home hex instead of a yellow tile, even before the first 3+1 train has been bought.

If no company buys a train during an OR, one is removed from the bank at the end of that OR. The game ends if there are no trains left in the bank at the end of an OR (after removing a train, if
applicable).

When the game is set up, half the public companies are randomly chosen to be available in the first stock round. The others become available in the second stock round.

Tile lays and token placements may be done in any order.

The total number of companies and trains in play depends on the number of players.

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18GL

CONRAIL may form at the beginning of phases 10H or E, and may absorb companies left with no trains.

Bank loans are used to make up shortfalls during emergency money raising.

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18GM

There is no standard map. The game starts with a Game Maker phase, during which the map is constructed by the players.

Players may buy one share from the bank pool on a 50% margin. Before the start of the next stock round they must settle the margin by paying the remaining 50% at the current share price.

The number of tokens a company receives depends on the initial par value. The higher the par value, the more tokens it receives.

Companies may merge.

2 trains and 3 trains can be refurbished to become 3R and 4R trains respectively. Refurbished trains have increased range and stay in service longer than the original trains. A train is refurbished  by paying 50% of the next higher train's cost to the bank.

Four scenarios and various optional rules are included.

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18Ireland

Of the eleven private companies in the game, two are always in play, together with three more chosen at random from the remainder.

Of the 14 5-share companies in the game, one is always in play, while one of the remainder is chosen at random and removed from the game.

5-share companies may merge to form 10-share companies. Shareholders in the merging companies cast votes for or against the merger, with shares in the bank pool also casting votes on the basis of whether their value will increase or fall as a result of the merger. A majority vote in favour of the merger must occur for the merger to proceed.

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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.

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18MW

After a 10 train has been sold, a player may merge a trainless and underfunded company with another company of which he is also President.

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18Neb

The initial stock round does not end on a set of consecutive passes while private companies remain unsold. Instead, any private company without a bid is reduced in price by $10 and the round continues. Once all private companies have been purchases the priority order for the rest of the stock round is reviewed, with the player holding the most cash going first, followed by the other players in descending order of cash-in-hand.

The operating order in the first operating round is the reverse of the usual order, in that the lowest priced company operates first, followed by the others in ascending order of price.

A company that requires a train may ask for Presidential assistance to buy a train even if the bank holds another train that it could afford. The President can always provide assistance (from cash-in-hand only) to purchase a train from another company that they control.

Local Companies become available part-way through the game, and may only own one rusted train, which is a permanent train for this type of company.

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18NK

At the end of a stock round, if a company's stock is fully sold, and its price token cannot move up because it is already at the top of the market, it moves down and to the right instead.

Has 'share redemption' in which a company buys one of its own shares. This share must come from the bank pool if possible, or from any player, provided that at least six shares remain in player hands and the bank pool after the redemption. A share can only be redeemed from a player with their consent.

Has 'share protection' in which the President has the option to buy shares that are sold, ostensibly to protect the price. The President gets this option whether the price is in danger of dropping or not.

A company that connects to its 'destination' does a special bonus run.

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18NW

During set up, one of three private companies from group 3 (3 privates) is chosen at random, one from group 5 (3 privates) and one from group 7 (5 privates). There will therefore be seven of the 15 private companies in each game.

Private company certificates do not count towards the certificate limit.

The North American Bank is a publicly traded 10-share company which pays dividends based on the current game phase, plus the sum of all city values of companies that are in receivership.

If a company's share price moves into the left-most column of the stock market, the company's assets immediately become the property of the North American Bank. Companies in receivership may be relaunched in subsequent stock rounds.

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18NY

Once all private companies have been sold, only D&H shares may be bought. The remaining shares companies (except for the NYC) become available from the second stock round.

When a company runs a train to a station hosting a coal or connection bonus token, those tokens are claimed by the company and continure to contribute to the company's revenue during future rounds.

An NYC Formation Round takes place before the next Stock Round when the first 12H train is purchased, or albany and Buffalo are connected by track (ignoring tokens). The NYC is formed during this round from one or more minor companies. A second and final NYC Formation Round takes place before the following stock round during which in any remaining minor companies may merge with the NYC or close.

A Capitalisation Round takes place before the next Stock Round when the last 12H train is purchased. During this round companies may sell treasury shares (confusing referred to as IPO shares in the rules) to raise capital.

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18OE

There are five types of companies in the game - Private, Minor, Regional, Major, and National. Players start by purchasing or floating the first three types. Major companies are floated by expanding a Regional company. National companies are formed by conversion of Major companies.

Tiles are laid using tile points, allowing a number of tiles to be laid or upgraded in a single operating turn. Minor and Regional companies receive 3 tile points per operating round, while Regional and National companies receive 6 and 9 tile points respectively.

Every company acquires track rights during the game, which gives them the right to lay or upgrade tiles in their respective track rights zones.

17 of the 45 Patronage tiles are randomly drawn at the start of the game. These tiles respresent cities on the map that will make a one-time cash payment to the company that lays the first tile in those cities.

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18PA

Companies other than the NYC start as 5-shares companies and convert to 10-share companies during the game. The NYC is formed from the first three private companies when phase 4 is triggered. Players can go into debt to fund train purchases rather than going bankrupt.

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18Rhl Rhineland

Routes that include coal mines and/or steel mills may gain a bonus. Long distance connections between the off-board hexes in the north west and the south east, and between the north east and the west, gain a bonus.

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18Ruhr

Of the 18 private Montan Companies (pMCs) in the game, 8 will be active with the remaining 10 being passive. The selection of which are active and which are passive depends on the chosen scenario. There are five different scenarios to choose from.

Private Montan Companies and Montan Corporations doe not build rail networks; they only build at their location. They can invest in technical developments. The larger and more advanced a Montan Company is, the more revenue it generates.

Bankruptcy causes a player to leave the game.

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18SA

The President's certificates start out at 30%, but may later be split into a 20% President's certificate and a standard 10% certificate.

Station tokens may represent passenger or freight stations. The type chosen affects the ability of trains to run to or through cities.

Companies may purchase Mine tokens to give them the ability to run freight trains to mines.

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18Scan

Minor companies have destinations and perform bonus runs and may place destination tokens when connected.

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18SS

There is no certificate limit, and share prices do not fall due to share sales. There are no par prices. Shares are always traded at the current share price.

The game is limited to 5 stock rounds. After that, operating rounds run continuously until the bank breaks.

Rusted trains are not removed from companies at the point they rust. They linger until just before the company's next train buying step.

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18SY Generalisation

Companies that use villages and cities with mining marks receive surplus soil markers. When laying a tile on an ocean hex, returning a surplus soil marker makes the tile lay free.

Just before the tle laying step, companies may purchase one surplus soil marker from another company for an agreed price, with a minimum of 1. A company that has two or more surplus soil markers cannot refuse to sell at the buyer's chosen price.

Four optional rules are included:

a) Bonus token - when a company is fully sold out, remove the company token from the par value display and give it to the company as an additional station token.
b) JNR (Japanese National Railway) - when a company is unable to buy a train using the president's cash, the JNR is established from the Sanyo Railway and the company unable to purchase the train.
c) Railroad re-laying - Once per game, each company may replace one yellow tile with another.
d) SS (Sanyo Shinkansen) train - SS trains become available as soon as the first 9W train is purchased. SS trains have no limit on their run, and quadruple the value of each value 60 city they run to. They may not enter villages, or any city worth less than 50. If a company with this train has no tokens in a value 60 city, it may operate as if there were a token in Shimonoseki. However, when doing this, the revenue is reduced by 120 as a 'garage usage fee'.

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18SY Original

There is no certificate limit or train limit. Players may hold 70% or more of a company, but can only earn up to 60% of dividends.

Companies with 5 or fewer shares purchased may be started at the end of a stock round if the president wants to do so. If they choose to do this, the company receives funding for the shares that have been sold, with the balance of initial funding withheld until all shares have been purchased.

A company with no shares in the bank may place a bonus token for free. Bonus tokens do not reserve station spaces, so may be placed in occupied cities.

Companies that use villages and cities with mining marks receive surplus soil markers. When laying a tile on an ocean hex, returning a surplus soil marker makes the tile lay free.

Just before the tle laying step, companies may purchase one surplus soil marker from another company for an agreed price, with a minimum of 1. A company that has two or more surplus soil markers cannot refuse to sell at the buyer's chosen price.

JNR (Japanese National Railway) - companies that have a bonus token on the map can declare that they are merging with the JNR just before the train purchase step. If the JNR does not exist, the JNR is established from the Sanyo Railway and the company wishing to merge.

Two optional rules are included:

a) Railroad re-laying - Once per game, each company may replace one yellow tile with another.
b) SS (Sanyo Shinkansen) train - SS trains become available as soon as the first 9W train is purchased. SS trains have no limit on their run, and quadruple the value of each value 60 city they run to. They may not enter villages, or any city worth less than 50. If a company with this train has no tokens in a value 60 city, it may operate as if there were a token in Shimonoseki. However, when doing this, the revenue is reduced by 120 as a 'garage usage fee'.

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18TN

Companies may buy one private company from one player at face value in the game's first operating round.

When the fourth (of five) 3 train is purchased, the American Civil War is triggered. In the next operating round, each company loses the income from one of its trains. If a company only owns one train, the company price does not fall due to its failure to pay dividends in this round.

When the second (last) 6 train is purchased, 4 trains in the bank pool are removed from play while 4 trains in company hands are desginated as obsolete. Each obsolete train remains in play until after the next time the company runs its trains, when it is removed from play.

Three optional rules are included:

a) Allow each company the option to lay three yellow tiles on its first operating turn.
b) Allow a company to purchase a private company from a player any time durig phase 2, from $1 to face value.
c) When 3 trains are removed from play, the owning company immediately received a salvage value of $30 per 3 train.

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18USA

The sequence of play is a stock round, an operating round, a merger and acquisition round, an operating round and a merger and acquisition round. This sequence is repeated for the duration of the game.

A feature of this game is the ability to sell stock short, which is the practice of selling stock that is not owned, with the intention of buying the stock back at a later date. The short seller hopes to profit from a decline in the price of the stock between the sale and the repurchase, as he will pay less to buy the stock than he received on selling it.

There is no requirement to close the short position (by buying a share) during the game, but while you own a short share, it is a liability. You must pay to the bank any dividends the company pays.

The Bank of New York makes loans available to companies in $100 increments. Companies may take loans for any purpose at times specified in the stock round, operating round and the merger and acquisition round. The Bank of New York charges interest on loans. As more loans are issued, the interest rate rises.

At the end of each operating round, the next available train is exported, i.e. removed from the game. This may cause a phase change. The following special cases are to be followed for exporting trains:

During the merger and acquisition rounds, the following actions may take place:

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18US

The game starts with the sale of the Eastern Concessions and 4-share Eastern companies. The 4-share companies convert to 5-share companies when they connect to a Gateway city, and may optionally convert to 10-share companies after the Western Railroad Convention.

Western Concessions are sold during the Western Railroad Convention. Once the Pacific Railway Act concession has been bought, 5-share Land Grant companies come into play, converting to 10-share companies when they complete their Land Grants. When this conversion takes place the shareholders receive a special Golden Spike bonus.

Once the first 4E or 3G train has been bought, pairs of connected 10-share companies can be combined to form 20-share Systems. A System may never sell its last permanent train.

Plain yellow track tiles upgrade to villages (junction towns). This can only be done if the company has a spare token to place on the upgraded tile.

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18VA

The private companies only die when their power is exercised. If their power is not exercised, they last for ever.

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18West

The Union Pacific starts the game as an operating public company with two 2 trains and , in the v2.3 retuned rules, a doubling token in northern San Francisco (Oakland). Until a player becomes President of the UP it runs on autopilot following the rules in section 6.3.3.

A public company started during a stock round may buy a train from the bank at the end of that stock round if it has the required funds in its treasury. Initially this will be the DRG and the GN. Later on it may be Land Grant companies started after phase 5 has begun. The v2.3 retuned rules change this so that the DRG and GN, and any public company started after phase 5 begins, now buy their initial train during the operating round, after all the Granger Roads have operated but before any other company.

If it is phase 4 or later and a company has completed at least one complete operating round, the company may issue one or more treasury shares to the bank pool and receive the current market value from the bank. The stock market token moves one space to the left when this is done.

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Crisis

No distinction between 'operating rounds' and 'share dealing rounds'. Companies trade in and can be forced to purchase shares. Shareholders can be forced to support companies in receivership. The tiles are square. Too many others to list.

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Poseidon

As this game is set in Greece in 1800 BC, some of the terminology is different from the usual 18xx game. For example, Director's/Presidents certificates are called King's cards, ordinary shares are presented by merchant tokens, station markers are replaced by trading posts, and trains become ships. Please bear this in mind when reviewing the game's entries on this list.

Income from Special cards (private companies) varies according to the phase of the game.

When a player buys a nation's King's card, they choose how many merchants to add to the merchant pool (bank pool), thereby determining how many 'shares' the company has. Additional merchants can be added to the pool when the first 4 and 6 ship are sold.

If a player holds more merchants than the current holder of the King's card for a nation, he may take it over, but is not required to do so.

At the beginning of each empire (operating) round, each nations' King can take money from that nation's coffers (treasury) and add it to his personal cash. The amount that can be taken depends on the phase.

A nation is not required to send out its ship (run its train). If it does not do so it gains a fixed amount, depending on the phase, which goes into its coffers (treasury).

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Railroad Barons

Railroad Barons is a card game without a board or tiles.

The holding companies have tokens, which are used to determine the actions available to the holding company in each operating round.

Trains are represented by railroad corporations that are bought by the holding companies.

At the end of each pair of operating rounds, the next railroad corporation in the bank is removed from the game, which may trigger a phase change. If a category D railroad is removed, it is treated as if it was a level 3 railroad, and therefore will not trigger rusting of level 2 railroads.

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Rolling Stock

Rolling Stock is a pure card game without a board, tiles, tokens, or trains.

The role of trains is partially taken over by the (many) private companies that enter play throughout the game via auctions. Share companies (called corporations) are launched by converting a private company. They can then buy (and sell) more private companies as subsidiaries. They have to retain one subsidiary company at all times. Companies that are subsidiaries of the same corporation can create synergy bonusses with each other. Old companies cause increasing cost of ownership over time. A corporation can go bankrupt because of that (but players never do).

A foreign investor serves as a dummy player and deals with companies not bought by the players.

Share trading has almost no limits, but share prices are adjusted upon each transaction, and players earn/pay the new share price. Share prices are not directly influenced by paying dividends or
withholding, but they are adjusted based on the book value of the corporation compared to its market capitalisation (i.e. share prices gravitate towards their true value).

Share prices are unique, and leapfrogging is applied so that surprising jumps might happen if corporations occupy adjacent share prices.

Shares don't have a fixed percentage, e.g. a share in a 3-share corporation is implicitly a 33% share. If that corporation issues another share, all shares become diluted to 25% shares. President's
shares are normal shares (not double).

The game ends a full turn after all private companies have been auctioned off, or once the highest share price (100) is reached.

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TopRubric

In compiling this list, it has been necessary to decide what it is that is to be documented: what the rules say, or what their author intended them to say. As we have more access to the printed rules than to their authors' minds (which may anyway have changed since writing the rules), the former has been chosen. Where the author's current view is known, this is also provided.

Text in [square brackets] is the opinion of Nick Wedd, and may be disregarded (he said so). Text in {braces} is the opinion of Keith Thomasson, and may also be disregarded (quite rightly).


This document was originally created by Nick Sauer, and modified by Nick Wedd. It is now managed by Keith Thomasson. It includes contributions by David Allsopp, Werner Baer, Craig Bartell, Dave Berry, Elliott Bonnett, Eric Brosius, Michael Brünker, Arthur Bullock, Martin Butcher, Chris Clarke, John Davidson, Freek Dijkstra, Bill Dixon, Daniel W. Farrow IV, Jonathan Ferro, John David Galt, Mark Geary, Jeff Goldsmith, David Grabiner, Aaron Haag, David Hecht, Andy Holt, Mike Hutton, Peter Jacobi, Robert Jasiek, Hunter Johnson, Matthias Klose, Roger Krueger, Chris Lawson, Tony Leal, Noel Leaver, Dmitry Lekov, Ryan Moats, Frank Muzzulini, Akiyoshi Nomura, Dylan O'Donnell, Lonny Orgler, Bill Parker, Bjorn Rabenstein, Justin Rebelo, Alex Rhomberg, Adam Romoth, Mikko Saari, Nick Sauer, Wayne Schmittberger, Ludwig Seitz, Chris Shaffer, Mike Shaver, David Smith, Robert Stimets, Steve Thomas, Keith Thomasson, Erik Vos, Nick Wedd, Rick Westerman, Ian D Wilson, Jeff Wilson, Paul Work, and Dafydd Wyn Evans.

These pages may be copied without restriction.

If you notice any errors or omissions, or have any suggestions or further information, please send them to Keith Thomasson at website@fwtwr.com.
Please do not send attachments with your messages - just plain text information.

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Mail me © Keith Thomasson January 16th 2019