1831
1831 Rulebook
Table of Contents
Table of Contents
1.0 Parts List
1831 comes packed with the following parts:
1.1 Money
Money Certificates are supplied in the following amounts:
| Denomination | Quantity | Value |
|---|---|---|
| $1 | 80 | $80 |
| $3 | 40 | $120 |
| $5 | 40 | $200 |
| $10 | 40 | $400 |
| $20 | 60 | $1,200 |
| $50 | 40 | $2,000 |
| $100 | 60 | $6,000 |
| $500 | 20 | $10,000 |
| $1000 | 20 |
1.2 Station Tokens and Rail Yard Tokens
Tokens are divided as follows:
- Stations (round): 20 for each of 30 companies = 600
- Rail Yards (square): 20 for each of 30 companies = 600
1.3 System/Company Mats
System/Company Mats: 30 (one for each company).
1.4 Trains
Trains are numbered and can reach different types of destinations. The breakdown is:
| Trains | Stations | Mixed | Rail Yards | Total |
|---|---|---|---|---|
| 2's | 6 | 4 | 2 | 12 |
| 3's | 5 | 4 | 2 | 11 |
| 4's | 4 | 3 | 3 | 10 |
| 5's | 3 | 2 | 4 | 9 |
| 6's | 2 | — | 5 | 7 |
| 7's |
1.5 Track Tiles
Track tiles (quantity and type described in Appendix A.)
Note: Appendix A is not part of this file. See Transcription Notes.
1.6 Game Map
A map of the North Eastern United States.
1.7 Rule Book
This rule book.
1.8 First Buy Deck
The cards with the 1831 logo on the back, and either nothing, "Government Intervention", or "First Stock Option" printed on the other side.
1.9 Stock Certificates
Stock Certificates for companies come in the following amounts:
| Company | President's Share (Preferred Stock) | Preferred Stock | Common Stock | Common Stock for Mergers | Tokens: Station | Tokens: Rail Yard |
|---|---|---|---|---|---|---|
| PRR | 1-10% | 4-10% | 5-10/5/0*% | 5-5% | 9 | 12 |
| NYC | 1-10% | 4-10% | 5-10/5/0*% | 5-5% | 8 | 9 |
| B&O | 1-10% | 4-10% | 5-10/5/0*% | 5-5% | 7 | 8 |
| C&Q | 1-10% |
* 5% and 10% amounts refer to common stock; 0% refers to bonds.
1.10 Stock Split Markers
36 "2x" markers are supplied to designate stock or bond certificates that have split.
2.0 Winning the Game
The game is won by the player with the highest total value of personal cash, preferred stocks, common stocks, and bonds at the end of a game. The assets of Companies or Systems owned by a player (the President) do not count towards the player's total.
3.0 Starting Play
Play begins by issuing the correct amount of capital to all players. Play then proceeds in repeated alternation between Stock Rounds and Operation Rounds.
3.1 Money
Players must decide if they are playing the standard game or an extended game. The extended game will last longer but allow players to run their companies and systems longer, so the focus will be on the longer term. Having decided which game to play the currency that makes up The Bank will have to be reduced to the following levels:
| 3 Players | 4 Players | 5 Players | 6 Players | 7 Players | 8 Players | 9 Players | 10 Players | |
|---|---|---|---|---|---|---|---|---|
| Standard | $10,000 | $16,000 | $20,000 | $22,000 | $24,000 | $26,000 | $28,000 | $30,000 |
| Extended | $26,000 | $28,000 | $30,000 | $32,000 | $34,000 | $36,000 | $38,000 | $40,000 |
The bills that number $1 to $100 collectively make up $10,000. Remove a sufficient number of $500 and $1000 bills to get the appropriate quantity. The removed bills are out of play and will not be used. The remaining monies become The Bank. All transactions that use The Bank will be with these monies.
3.1.1
Each player receives $800 from The Bank as starting capital. This amount is for all games regardless of the number of players or the initial size of The Bank.
3.1.2
The Bank is public, and players are entitled to know the amount of funds in it at any time.
3.2 Other Paraphernalia
3.2.1 Company Mats
3.2.1.1
Depending upon the number of players there will only be a limited number of companies available. Refer to the following chart to see which companies are used:
| # of Players | Available Companies | Certificate Holding Limit |
|---|---|---|
| 3 or 4 | PRR, NYC, B&O, C&O, P&R, E, NYNH&H, BSM, LIRR, B&LE, DL&W, D&H, NKP, LV, MEC, GTW (16) | 20 |
| 5 or 6 | All lines listed above plus: NYC&HR, BAR, EBT, PS&N, THB, PM (22) | 16 |
| 7 or 8 | All lines listed above plus: CNJ, NYO&W, DTI, BR&P (26) | 16 |
| 9 or 10 | All lines listed above plus: WM, LNE, C&PA, R (30) | 14 |
Use the companies and their associated mats listed after the appropriate number of players plus all of the companies listed for fewer numbers of players. The number in parentheses, following the company list, is the total number of companies in use for that number of players. The other companies and their mats, stock, and tokens will not be in play. The Certificate Holding Limit is the total number of stock and bond certificates (not shares) that a player may hold.
Note: the company abbreviations in this list (C&O, BSM, LNE) are printed as they appear in the source. The component table in section 1.9 lists C&Q and B&M and no LNE. See Transcription Notes.
3.2.2 Stock Certificates
Arrange the stock certificates off the map with Common Stock for mergers (the 5% certificates) on the bottom, Common Stock (10/5/0%) on top of that, Preferred Stock certificates on top of them, and the President's Preferred Stock certificate on top. (Note that there are no bond certificates.) These off map certificates are the Initial Offerings of all the companies.
3.2.3 Choosing Who Goes First
3.2.3.1
Any player shuffles the First Buy deck of cards. These are the twenty cards that have 1831 printed on one side, and either nothing or the words FIRST STOCK OPTION or GOVERNMENT INTERVENTION printed on the other. There are a total of twenty of these cards. They are placed with the 1831 insignia facing up and, starting to the left of the player that shuffled, one card is drawn and immediately exposed. If the card is blank, then the next player in a clockwise rotation draws and exposes his card, and so on until a card with writing appears. If the card says GOVERNMENT INTERVENTION it is retained and drawing continues to the left of the person that drew the GOVERNMENT INTERVENTION card. When a player exposes the FIRST STOCK OPTION card, drawing ceases and he becomes the first player to take a turn in the game. Play begins with the first Stock Round.
3.2.3.2
If a player drew the GOVERNMENT INTERVENTION card, that player may before play begins with the first Stock Round, swap positions at the table with any player at the table including the player that goes first. This is at his own option but he must decide before play begins, and swapping with the player that goes first does not change who goes first.
3.2.3.3
The cards that comprise the First Buy deck are gathered together again, except for the FIRST STOCK OPTION card which is retained by the player that goes first. These cards (including the GOVERNMENT INTERVENTION card) are shuffled and placed off-map for later use.
3.3 Trains
Not all trains are in use for all games. Refer to the chart below and place the appropriate number and type of trains in their respective areas on the map above the Stock Market. These trains are The Bank's trains. Leftover trains are removed from play. "S" refers to trains that run to Stations only; "MX" refers to trains that run to mixed-type tokens; "YD" refers to trains that run to Rail Yards only.
Each cell gives the number of trains as S / MX / YD. A dash means none of that type.
| Train | 3 Players | 4 Players | 5 Players | 6 Players | 7 Players | 8 Players | 9 Players | 10 Players |
|---|---|---|---|---|---|---|---|---|
| 2-Trains | 4 / 2 / 1 | 4 / 2 / 2 | 4 / 3 / 1 | 4 / 3 / 2 | 5 / 3 / 2 | 5 / 3 / 2 | 5 / 4 / 2 | 6 / 4 / 2 |
| 3-Trains | 3 / 1 / 1 | 3 / 2 / 1 | 3 / 3 / 1 | 3 / 3 / 2 | 4 / 2 / 2 | 4 / 3 / 2 | 5 / 3 / 2 | 5 / 4 / 2 |
| 4-Trains | 2 / 2 / 1 | 3 / 2 / 1 |
Note: the 6-player 2-Train MX count is printed as "3." in the source; it is read here as 3. See Transcription Notes.
3.4 Beginning Play
3.4.1
Play is now ready to begin. Play occurs in two distinct rounds: Stock Rounds and Operation Rounds, each with different sub-phases. The first round of a game is a Stock Round. This is followed by an Operation Round, and then alternately Stock Round and Operation Round, or Rounds (called the Operation Set), until the game ends.
4.0 Stock Rounds
During Stock Rounds players may purchase and sell stock certificates in companies or systems. A company is a single rail line operating by itself. A system is created when two or more companies merge.
4.1 Stock Certificate Types
4.1.1
Stock certificates come in four types: Preferred Stock (President's Share), Preferred Stock, Common Stock (designated by the 10/5/0% markings), and Common Stock for mergers (designated by the 5% marking).
4.1.1.1
The President's Share of Preferred Stock must be the first purchase made in any company.
4.1.1.2
Preferred Stock is available for sale in a company once the President's Share has been purchased.
4.1.1.3
Common Stock is available for sale when there is no more Preferred Stock remaining for a company in its Initial Offering area.
4.1.1.3.1
Common stock certificates marked 10/5/0% are the only ones initially available for sale by a company. If a company becomes a system by merging, the 5% common stock for mergers certificates will also be used.
4.1.1.3.2
Common Stock certificates may become Bonds later in the game when a company is subject to a hostile takeover. The certificates themselves do not change, only their designation. The 10/5/0% certificates become bonds.
4.2 Beginning a Stock Round
4.2.1
At the beginning of a Stock Round, one card is drawn from the top of the First Buy deck that was shuffled in 3.2.3.3. If the card is blank then play continues as usual. If the GOVERNMENT INTERVENTION card is drawn, then in the current and all subsequent Stock Rounds the Government Intervention rules will apply.
4.2.2
Government Intervention modifies play in many ways. Profit Taking (4.6.7) and Cycling (4.6.6 & 4.6.8.1) are prohibited. During the buy phase of a Stock Round only one certificate may be purchased. Additionally, players may own at most 70% of any one company's or system's preferred stock and common stock. If a player is over the limit he must make the correction at his first opportunity during a Stock Round. EXCEPTION: If selling sufficient shares to correct to only 70% ownership would violate the 5 share limit of the Stock Bank Pool, the player must sell enough shares to reach the 5 share limit but may retain his extra shares. If on any subsequent turn he is able to correct further, he must do so. If selling sufficient shares to make the correction would bankrupt The Bank, he must sell only those that The Bank is able to pay for, and may retain the others, but must correct his holdings later if The Bank is able to pay.
4.2.3
The player holding the FIRST STOCK OPTION card plays first. The round then continues to the left and so on until the round is over.
4.3 The Stock Market
The area of the game map marked STOCK MARKET is where price fluctuations of all stock prices of all companies and systems will be recorded. This is done using the half-height square Rail Yard token that comes with each company.
4.3.1
The centre column of the Stock Market marked with "PAR" is where all markers representing a company's initial selling and buying price will be placed. It is called the Stock Marker Token and is subject to movement as stock prices fluctuate. The PAR BAR CHART (at the top right of the map) tracks stock par values (those sold from Initial Offerings) and only changes when these rules dictate.
4.3.2
If a Stock Marker Token ever reaches the area marked "STOCK TRADES CLOSED OUT" the company or system immediately ceases to exist and all traces of it are removed from the map: Its Station tokens and Rail Yard tokens are removed; its Stock Marker Token and Par Marker are removed. Players, companies, or systems holding stock of any type (common, preferred, bonds) in the company or system surrender it without compensation. The stock is returned to the Initial Offering area and will be available for sale during the next Stock Round. Any money asset in the company or system is returned to The Bank and any trains held by the company or system are placed in the Stock Bank Pool as used trains. All Stations and Rail Yard tokens of the company or system are removed from the map. Any track that was laid by the company or system remains on the board and may be used and upgraded by other companies and systems as usual.
4.3.3
If a Bond Marker Token reaches the "STOCK TRADES CLOSED OUT" area of the Stock Market, the bonds of the system are immediately closed and all bond certificates of the owning system are removed from play without compensation. The original company from which the bonds came will be available for sale again during the next Stock Round. The system associated with the bonds goes into immediate receivership and its train limit drops by one, and token limits drop to their pre-final-merger level. During Phase 2 of the next Operation Round the system will correct its map token holdings (if it is over allocated) by removing excess tokens of its choice without compensation. If it has trains beyond its limit, it must turn them in to the Stock Bank Pool as USED trains without compensation. Once out of receivership, it may merge again to create bonds and increase its train and token limits.
4.3.4
If a Stock Marker Token reaches the area marked "STOCK SPLIT GO TO TARGET", then the marker is immediately moved to the area marked "SPLIT TARGET" under any markers that may already be there, and all common stock and preferred stock certificates owned by players, companies, or systems receive a 2x marker. (The Stock Bank Pool and Initial Offerings never have 2x markers on them.) The 2x marker is added regardless of the number of 2x markers already present on the certificates. If a Bond Marker Token reaches the "STOCK SPLIT GO TO TARGET" area, the Bond Marker Token is moved to the "SPLIT TARGET" area of the Stock Market and placed under any markers already there. Each bond held by a player or system receives a 2x marker.
4.4 Stock Marker Tokens
4.4.1
The Stock Marker Token is the square token (Rail Yard) that is only one-half normal height. This is used on the Stock Market area of the map board. The location of the marker describes both the common stock and preferred stock prices. The number to the right of the "C" is the current value of a company's or system's common stock and the number to the right of the "P" is the value of the preferred stock. Bond Marker Tokens follow the same general rules as the Stock Marker Token. The bond price is the "P" value.
4.4.2
Whenever the Stock Marker Token moves to another square on the Stock Market it is always placed underneath any markers that are already there.
4.5 Stock Round Phases
4.5.1
During the Stock Round, a player's turn consists of SELLING shares of companies and systems, followed by BUYING shares in companies and systems. Selling must always occur first.
4.6 Selling Stock
4.6.1
Any number of shares personally held by a player may be sold into the Stock Bank Pool (located at the top-left portion of the game map) and only into the Stock Bank Pool. Shares may be sold in any company or system in any amount subject to the Stock Bank Pool restrictions (4.6.1.1). A player may elect not to sell shares during his turn. Not selling shares does not affect his option to buy, or options to sell, in later turns of the same Stock Round.
4.6.1.1
The Stock Bank Pool may hold a maximum of 5 shares of any one company or system at a time. If selling a certificate would violate this limit then that certificate may not be sold. The certificate type is irrelevant (common, preferred, Bond) to the 5 share limit.
4.6.2
A player may never sell the President's Share certificate. This certificate may only be transferred. The transfer occurs when the President of a company or system sells enough preferred stock so that some other player holds more preferred stock than the President does. The amount held by the player to receive the President's share must be greater than or equal to the share amount of the President's share. This means that companies or systems that have President's shares of 30% (3 shares) may never be sold once purchased. The transfer will also occur if any other player buys a quantity of preferred stock greater than the current President.
4.6.2.1
Even if the President holds only the President's Preferred Stock certificate he may still sell a portion of it if: selling shares will effect a transfer of presidency (another player will hold more preferred stock), and the Stock Bank Pool limit of 5 shares of any one company will not be violated by the sale, and the player to receive the President's share has at least as many shares of preferred stock as the President's certificate.
4.6.2.2
To effect the transfer, the current President hands over to the new President the company mat complete with all assets and tokens, and exchanges his President's certificate for the new President's ordinary preferred stock in equal share amounts. He then completes his sale with the bank.
4.6.3
Selling shares of a company or system may affect the value of the stock. Common stock sold to the Stock Bank Pool affects the movement of the Stock Marker Token, and sale of bonds affects the movement of the Bond Marker Token. Sale of preferred stock does not affect stock values. Selling stock of any kind will never affect the par price of that company or system.
4.6.3.1
All stock sold in a company or system takes place at the same time. You may not sell your preferred stock first and then your common (or vice versa), but you may sell any combination of stock certificates in a company or system and on later turns sell more.
4.6.3.2
The value of the common and preferred stock or the bond is the price that is posted before the Stock Marker Token or Bond Marker Token moves (if it moves). A Bond Marker Token always moves down 1 square (or left if it cannot move down) for each bond sold into the Stock Bank Pool. How much a Stock Marker Token moves is dependent upon what the company or system being sold did with its revenue on the last Operation Round of the Operation Set during Phase 7: Dispose of Dividends. Companies that have not yet operated are equivalent to "Paid Preferred Only" status. EXCEPTION: See 4.6.8.2.
4.6.3.2.1
The movement of the Stock Marker Token for sales of common stock is summarized here. If the company or system, during the last Operation Round of the Operation Set:
- Did not run a train: the marker moves down 2 squares for each CERTIFICATE (not shares) sold.
- Held: the marker moves down 1.5 squares, rounded up, for each CERTIFICATE sold.
- Paid Preferred Only: the marker moves down 1 square for each CERTIFICATE sold.
- Paid 50% to preferred, 25% to common, held 25%: the marker moves down 1 square for each CERTIFICATE sold.
- Paid All: the marker moves down 1 square, rounded up, for each CERTIFICATE sold.
- Paid All + 200%: the marker moves down 0.5 square, rounded down, for each CERTIFICATE sold.
4.6.3.2.2
The Stock Marker Token moves down the appropriate number of squares. If it should happen to reach the bottom of the market then it moves left until it is able to continue downwards. Each movement (down or left) is counted toward the total number of movements that are to occur.
4.6.3.2.3
Sale of common or preferred stock does not affect the Bond Marker Token; it is completely independent from other forms of stock.
4.6.3.2.4
For each bond sold into the Stock Bank Pool (bonds count toward the 5 share limit and count as 1 share), the Bond Marker Token for the bond moves down 1 square (or left as appropriate as in 4.4.3.2.2).
4.6.3.3
Monies earned from the sale of stock and bonds are received from The Bank. Certificates that are sold are placed in the Stock Bank Pool. These shares are now available for purchase by other players. The value of the stock or bonds for the sale is the value of the location of the Stock Marker Token or Bond Marker Token before it moves. Preferred stock is valued at the number to the right of the "P" in the square, and the Common stock is valued at the number to the right of the "C" in the square. Bonds are valued at the "P" value.
4.6.3.3.1
If a certificate being sold has 2x markers on it the money received from the sale is the sum of all the 2x markers multiplied by the posted value of the stock (the value before the Stock Marker Token moves), multiplied by the number of shares of the certificate. Selling stocks with 2x markers is never considered cycling (4.6.8), regardless of the stock price or par value.
4.6.3.3.2
When certificates with 2x markers are sold, all the markers are removed before the certificate is placed in the Stock Bank Pool.
4.6.3.4
If the Bank has insufficient funds to pay the seller, the sale is cancelled. The player may still sell certificates if The Bank is able to pay the amount due.
4.6.4
When either common stock certificates or bonds are sold into the Stock Bank Pool, the President of those companies or systems may elect to immediately purchase the common stocks or bonds of the company or system on behalf of the company or system. The monies are paid to The Bank and the company or system may only pay with cash in treasury for the certificates. The certificates are placed in the assets area of the company mat. Companies and systems may not purchase preferred stock, except during a merger. All cash, bonds, and stock owned by a company or system are considered assets of the company or system.
4.6.5
Each company or system may hold up to 25% of its own stock. The certificates must be common stock. Such certificates are assets of the company (placed in the assets area of the company mat), and any dividends paid to common stock owned by the company are retained by the company treasury.
4.6.5.1
Each system may hold up to four bonds (beyond the 25% common stock limit) of its own bonds. Any interest due to the bonds is paid to the company treasury.
4.6.6
Once a player has sold a certificate (preferred stock, common stock, bonds) in any company or system, he may not purchase certificates of any type in any company or system he has sold for the duration of the current Stock Round.
4.6.7
If a player buys common stock in a company or system from Initial Offerings and sells it during the same Stock Round for more than par value, it is called Profit Taking and is prohibited when Government Intervention rules apply.
4.6.8
If a player buys common stock or bonds in a company or system from the Stock Bank Pool and sells it during the same Stock Round, it is called Cycling and is prohibited when Government Intervention rules apply.
4.6.8.1
If a player buys common stock in a company or system from Initial Offerings and sells it during the same Stock Round for equal or less money, it is also called Cycling and is prohibited when Government Intervention rules apply.
4.6.8.2
Stock that has been Cycled is valued at the final price after all Stock Marker Token movement has been completed, and not before movement.
4.6.9
Players may not sell certificates of any type in any company or system in receivership.
4.7 Buying Stock
4.7.1
During the buy phase, a player may purchase preferred stock, common stock, or bonds. He may at his own option purchase them from the Stock Bank Pool or Initial Offerings at his own choice. Stock purchased from Initial Offerings (including the President's share of a company) is paid to the company's treasury (ASSETS area) valued at the par price on the Par Bar Chart. Stock purchased from the Stock Bank Pool is paid to The Bank in the amount posted by the Stock Marker Token. Bonds are always purchased at the price set by the "P" portion of the Bond Marker Token and paid to The Bank.
4.7.2
Players must use their own cash holdings to pay for stock purchases.
4.7.3
The number of CERTIFICATES that a player may buy varies throughout the game. Initially it is one certificate per buy phase, but may be modified by a company's or system's train purchases.
4.7.3.1
Stock Rounds following an Operation Set of two Operation Rounds allow for the block purchase of two certificates of a single company's or system's stock. The purchase must be made in the same company or system, but may be any combination of preferred stock, common stock, or bonds of that company. The purchase may be from the Stock Bank Pool, Initial Offerings, or both.
4.7.3.2
Stock Rounds following an Operation Set of four Operation Rounds allow for the block purchase of four certificates of a single company's or system's stock as in 4.7.3.1.
4.7.3.3
When the Government Intervention rules apply, they supersede rules 4.7.3.1 and 4.7.3.2 and once again only one certificate may be purchased during a stock buy phase.
4.7.4
Players may never purchase certificates of any type in any company or system whose certificates they have sold during the current Stock Round.
4.7.5
The purchaser of a PRESIDENT'S PREFERRED STOCK certificate must immediately set the par value of the stock. This is the value at which all Initial Offering preferred stock shares will be purchased. The purchaser places a round Station token on the map in the appropriate area of the Par Bar Chart. Any number of markers may occupy the same par price slot. The $166 par price may not be selected as a par value. Once placed the Par Marker cannot be changed (except by 4.7.6). The small square Rail Yard token (the Stock Marker Token) is placed in the Stock Market area of the board in the square marked par whose preferred stock price matches the par value of the company stock. The Stock Marker Token is placed under any markers that are already there.
4.7.5.1
The company mat associated with the rail line purchased is given to the President complete with the appropriate number of Station and Rail Yards as indicated in 1.9. All tokens, trains, stock, and assets of the company on the company mat or map, belong exclusively to the company and may not be mixed with the President's money or stock.
4.7.5.2
The purchaser of the President's Share then pays to the company's treasury (the ASSETS section of the company mat) an amount equal to the number of shares printed on the President's Preferred Stock certificate multiplied by the par value of the company's stock, rounded up to the nearest dollar. All certificates purchased from Initial Offerings will be paid to the company's treasury in the amount equal to the number of shares multiplied by the par price as indicated on the Par Bar Chart, rounded up.
4.7.6
When all of the PREFERRED stock of any one company is purchased, the company becomes active and will participate in all subsequent Operation Rounds. Additionally, the Par Marker on the Par Bar Chart moves up one value and all common stock shares will be sold at this new par value.
4.7.6.1
If a block purchase of stock bumps up the par price of a company or system, then the preferred stock price is the old par value and the common stock price is the new par value (see 4.7.6).
4.7.7
A player may never own more certificates of stock and bonds beyond the limit set in table 3.2.1.1. EXCEPTION: Common stock of companies or systems in receivership does not count toward the total. (Preferred stock in receivership does count toward the certificate limit.)
4.7.7.1
Stock certificates of companies or systems in receivership that are in Initial Offerings or the Stock Bank Pool may still be purchased. All such monies used to purchase these certificates are placed in the company's or system's ASSETS area of the company mat.
4.7.7.2
Stock certificates of companies or systems in receivership may only be sold by those companies and only if not in violation of the Stock Bank Pool limit (4.6.1.1).
4.7.8
When common stock certificates become available, they are the 10/5/0% certificates and represent 10% shares of the company's total stock. At this point the 5% common stock certificates are not used, and may not be purchased. When the company merges with another company to become a system, the current holdings of 10% common stock certificates become 5% certificates (although they are still 1 share), and the 5% common stock certificates (marked with 5% only) become available (see Mergers: sections 5.9.7.5, 5.9.8.6, 5.9.9.5, & 5.9.10.8).
4.7.9
If a player buys more preferred stock than the current President of a company or system, the presidency is transferred to the player with more preferred stock. The new President takes the President's certificate and gives the old President an equal number of shares of preferred stock as indicated on the President's certificate.
4.7.10
If a player purchases the third 10/5/0% common stock certificate of a company, the company is now 80% funded (50% preferred and 30% common), and its Stock Marker Token rises one square (or goes right if it cannot rise).
4.7.11
If a player purchases the fourth 10/5/0% common stock certificate of a company, the company is now 90% funded (50% preferred and 40% common), and its Stock Marker Token rises one square (or goes right if it cannot rise).
4.7.12
A player's turn ends when he completes his buy phase. If he purchased any certificates, he takes the FIRST STOCK OPTION card from the player that currently holds it. If he does not wish to make any purchases, he says "Pass" and the Stock Round continues with the player on his left.
4.8 Ending a Stock Round
4.8.1
A Stock Round ends when all players have, in sequence, had a turn to play and no player elected either to sell or to buy any certificates. The player holding the FIRST STOCK OPTION card gives it to the player on his left.
4.8.2
Immediately following a Stock Round are one or more Operation Rounds. If there are no active companies or systems to operate, another Stock Round immediately commences.
4.8.3
At the end of a Stock Round, if any company or system is fully funded (that is if none of its common stock and preferred stock is in either the Stock Bank Pool or Initial Offerings) the Stock Marker Token of that company or system moves up 1 square (or right one if it is unable to move up). All such Stock Marker Tokens move simultaneously and preserve the operation order.
4.8.4
At the end of a Stock Round, if any system's bonds are completely held by players and systems (i.e. none are in the Stock Bank Pool), the Bond Marker Token moves up one square (or right if it cannot move up).
5.0 Operation Rounds
During Operation Rounds companies and systems perform their duties: laying track, buying trains, running trains, disposing of dividends, and merging.
5.0.1
The President of the company or system makes all decisions for the company or system. If the company or system is in receivership, then these rules determine the course of action the company or system will take, but the President executes it.
5.0.2
All monies paid out for any Operation Round activity come from a company's or system's cash assets. EXCEPTION: A company or system in receivership may sequester the President's cash to purchase a train or pay its debt, or take a loan from The Bank to purchase a train or pay for tokens and tile lays.
5.0.3
Each company or system, in turn, will execute each of the following phases:
- Restore Trains
- Lay Track & Buy Tokens
- Buy Trains
- (Receivership)
- Establish Track Rights
- Run Trains
- Dispose of Dividends
- Move Stock Marker Token
- Mergers & Takeovers
- Collect Bond Revenues
- (Pay Debt)
Note that some phases are optional.
5.0.4
Companies and systems operate one at a time and in sequence. The sequence of operation is determined by the common stock price of each company or system as indicated by the Stock Marker Token at the start of the Operation Round. Movement of the Stock Marker Token during an Operation Round does not change this order. Companies and systems with higher prices go first. If two or more have the same price but are on different squares, the right-most one will operate first. If two or more company or system Stock Marker Tokens are on the same square, then the top-most one will operate first and then the one underneath that, and so on. Only active companies and systems will participate in an Operation Round.
5.0.5
The number of Operation Rounds following a Stock Round is variable. Initially there is only one Operation Round following a Stock Round, but with the purchase of the first 4-Train there will be two Operation Rounds following any Stock Round, and with the purchase of the first 7-Train there will be four Operation Rounds after each Stock Round. One or more Operation Rounds comprise the Operation Set.
5.0.6
The assets of a company or system are public (available to inspection) to shareholders but private to non-shareholders. Shareholders may only inspect assets during an Operation Round and may not share information with non-shareholders.
5.0.7
From this point on in The Rules, the word corporation will mean either a company or a system. Companies are still single operating entities, and systems are still companies that have merged with one or two other companies.
5.0.8
If at any time during an Operation Round, The Bank runs out of money, the game will end with the completion of the current Operation Round (not Operation Set). All monies owed by The Bank will be tracked on paper.
5.1 Phase 1: Restore Trains
5.1.1
Corporations not in receivership that hold retired trains turn them in to The Bank (they are out of play).
5.1.2
Any trains owned by a corporation that are USED change status to RESTORED (at no cost) and run normally.
5.2 Phase 2: Lay Track and Buy Tokens
5.2.1
Track refers to the yellow, green, blue, and red hex tiles with track and cities on them. All tiles not already on the map are available for use (if permitted). Tokens refer to Rail Yards (square tokens) and Stations (round tokens).
5.2.2
Laying track and buying tokens is optional, but a corporation that is active must have a running route: a route that connects one of its Rail Yards or Stations to another of its Rail Yards or Stations.
5.2.3 Track and Laying Track
5.2.3.1
The map board is made up of several different kinds of hexes. The dark blue hexes are lake areas that are impassable, and no track tiles may be laid there.
5.2.3.2
The grey half-hexes are fixed track that may be used, but no track tiles may be laid there.
5.2.3.3
The predominately yellow hexes are plains hexes and track tiles may be played there at a cost of $10 for the first tile laid there, and a cost of $5 any time the tile is upgraded. (See the Legend at the bottom right of the map.)
5.2.3.4
The predominately blue hexes are river hexes and track tiles may be played there at a cost of $50 for the first tile laid there, and a cost of $25 any time the tile is upgraded.
5.2.3.5
The predominately brown hexes are mountain hexes and track tiles may be played there at a cost of $90 for the first tile laid there, and a cost of $45 any time the tile is upgraded.
5.2.3.6
Red lines traversing the map board indicate state boundaries and have no effect on play.
5.2.3.7
Dark blue lines traversing the map board indicate rivers and have no effect on play.
5.2.3.8
The thick black edge lines indicate the boundaries of the map, and no hex tiles may be played outside the boundary, nor may a tile be placed that would extend track to this border.
5.2.3.9
Some hexes may contain circles and/or squares. Hexes with these markings are collectively called city hexes or cities. The circles are Stations and the squares are Rail Yards. The presence of Rail Yards or Stations in a hex does not change the cost to lay a tile or upgrade a tile. If a hex contains two circles or squares or a combination, it is a small city. If a hex contains any combination of three circles or squares it is a large city. These city sites are where companies and systems will place their Station tokens and Rail Yard tokens.
5.2.3.10
There are three special red city hexes. These are labelled NYC (New York City), CLEV. (Cleveland), and BUFFALO. These hexes are extensions of the cities and are considered part of the same hex as the on-map cities. No tiles may be laid on these hexes, but their available Stations and Rail Yards may be used as if they were part of the original city hex.
5.2.3.11
There are twelve named cities on the map. Each of these cities has its own tiles and only tiles with the cities' names may be played on these hexes.
5.2.3.12
Only small city tiles may be placed on small city hexes, and only large city tiles may be placed on large city hexes. The token types on the tile must match the token types on the map.
5.2.4
If a corporation decides to lay track (hex tiles) it must pay for each initial lay or upgrade with cash, and may not upgrade the same tile twice, or make an initial tile lay and then upgrade that (that is, it may only alter any hex only once per track lay phase).
5.2.4.1
In order to place a tile on a hex, the corporation must have a route to that hex, that is it must be able to trace a direct path from one of its Rail Yards or Station tokens to the hex to be laid or upgraded. If a city hex is full with other corporations' tokens, that tile becomes a block and the operating company may not pass beyond, except by another route, unless the corporation upgrades the city to make a vacancy (an unused Rail Yard or Station). If a corporation upgrades a city to create a vacancy, it must also lay a token there. If a corporation with a token in a city upgrades the city, it does not have to lay a token there and may leave a vacancy. This still counts as a city laid. If a city is fully tokenized, and further upgrading would not produce a vacancy, then only the corporations with tokens in the city may upgrade it further.
5.2.4.2
Systems may lay up to 7 tiles during a track lay phase. They may lay or upgrade at most 5 cities. They may build up to six Stations or Rail Yards.
5.2.4.3
Companies may lay up to 4 tiles during a track lay phase. They may lay or upgrade at most 2 cities. They may build up to three Stations and Rail Yards.
5.2.5
When a company operates for the first time, its first play will be to lay a tile on its home city if this is not already done. It must pay for the tile lay if it must lay a tile. It is also required to purchase its home token, as indicated on the map by its logo, and place it on the tile. If it laid its home city tile this counts towards its total track lay, and its purchase of its home token counts toward its token limit. Note that the "home token" is not special in any way except that its location is reserved for exclusive use by the company. The home token acts and is used as any other Rail Yard or Station token would be used.
5.2.5.1
The home token must match the type (Station or Rail Yard) as indicated on the map. If the city tile has no vacancies, the company must upgrade the home city tile to create one. SPECIAL: If the proper upgrade tile has not yet become available by train purchases, then the company may violate normal token lay rules and place its home token in a black (filled in) city site. The home token does not have to match the correct type (Station or Rail Yard). This is the only time a corporation may violate this rule.
5.2.6
The initial tile lay on a hex with no tiles will be a yellow tile. The colour of a tile on a hex does not change the hex type (plains, river and mountain). Tile upgrading is when an already existing tile is changed to another tile of a different colour. Upgrades must always be to a superior track type (a tile of the next higher series number).
5.2.6.1
Yellow tiles (track series 100, city series 500) upgrade to green tiles only.
5.2.6.2
Green tiles (track series 200, city series 600) upgrade to blue tiles only.
5.2.6.3
Blue tiles (track series 300, city series 700) upgrade to red tiles only.
5.2.6.4
Red tiles (track series 400, city series 800) are permanent and may not be upgraded.
5.2.6.5
To upgrade a tile, the corporation must be able to trace an unblocked path from one of its Rail Yards or Station tokens to the tile to be upgraded. When upgraded, all tokens that were on the old tile remain intact on the new tile, and any existing track must be preserved (duplicated) on the new tile. The old tile is removed from the map and placed in the track pool, and is immediately available for use.
5.2.6.6
Different track types (colours) become available at different times during the game. Initially only yellow tiles are available. With the purchase of the first 3-Train by any corporation, green tiles immediately become available to all corporations. With the purchase of the first 4-Train, blue tiles become available. With the purchase of the first 7-Train, red tiles become available.
5.2.6.7
The availability of coloured track tiles (other than yellow) does not change the strict progression of upgrades. An unoccupied hex must first be laid with a yellow tile, and then that upgraded to green, then blue, then red. No skips in the progression are allowed.
5.2.6.8
If a corporation lays an initial tile (yellow) in a city site, it must also purchase a token for that site.
5.2.6.9
SPECIAL: Blue Track tile #301 and Red Track tile #401 may only be placed in the blank hex that separates Baltimore and Washington, and only in an orientation that connects Baltimore and Washington.
5.2.7 Buying Rail Yards and Stations
5.2.7.1
Each company comes with 20 Rail Yards and 20 Stations, although not all may be used in a game and one Rail Yard is reserved as a Stock Marker Token, and one Station is reserved for the Par Marker on the Par Bar Chart. If you look at section 1.9, you will see a list detailing the number of Station tokens and Rail Yard tokens that a company starts with. This is the maximum for the company, but may be modified if the company becomes a system by merging with another company. The company receives the number of Rail Yards and Stations listed in section 1.9 when it becomes active. They are placed in the Stations and Rail Yards portion of the company mat.
5.2.7.2
As a corporation lays track, it may elect to purchase Rail Yards and Stations. It does not need to lay track per se to purchase tokens, but it must have a place to put the tokens it purchases on the map. It may place its tokens on any city tile with a vacancy (round area for Stations and square area for Rail Yards), but it must demonstrate a clear running route from one of its Stations or Rail Yards to the city it is placing the token into (see 5.2.4.1). City sites that are filled in with black are not available for tokens, but will become available at some point in the city upgrade. EXCEPTION: A company placing its home token may violate usual token placement rules (see 5.2.5).
5.2.7.3
All monies paid for tokens are from corporate cash to The Bank, except corporations in receivership which add to their debt.
5.2.7.4
The cost of tokens varies throughout the game. Initially Stations cost $40, but increase to $70 when the first 5-Train is purchased, and increase to $110 when the first 9-Train is purchased. Initially Rail Yards cost $70, but increase to $110 when the first 5-Train is purchased, and increase to $210 when the first 9-Train is purchased.
5.2.7.5
Stations and Rail Yards increase the value of running a train to a city with the token. Station tokens increase the value of a city (to the owner of the token) by $10 initially, but add $20 when the first 5-Train is purchased, and add $30 when the first 9-Train is purchased. Rail Yards increase the value of a city by $20 initially, but add $30 when the first 5-Train is purchased, and add $50 when the first 9-Train is purchased.
5.2.7.6
A corporation may own at most one Rail Yard or one Station in any one city hex, until the first 3-Train is purchased. Then it may own one Rail Yard and one Station in the same city hex if the hex can support it and has the appropriate token types.
5.3 Phase 3: Buy Trains
5.3.1
The Buy Trains phase is optional if the corporation has the required number of trains to operate. All corporations must have at least one train to operate, but for systems this increases to two with the purchase of the first 3-Train by any corporation. If a system buys the first 3-Train, it must comply immediately with the new train minimum holding of two trains.
5.3.2
Trains may be purchased from The Bank (the train area above the Stock Market), the Stock Bank Pool, or other corporations. Trains purchased from other corporations are USED and will not run until RESTORED in a later Operation Round, although they still count toward train requirements. (A train's status is indicated as USED by turning it over.) Trains purchased from The Bank may be used immediately. Trains purchased from the Stock Bank Pool are USED and will not operate until their status changes to RESTORED. Corporations may not buy retired trains.
5.3.2.1
Trains purchased from the Stock Bank Pool cost 60% of their face value and are USED.
5.3.3
If a corporation is required to purchase a train and no trains are available in either the Stock Bank Pool or The Bank, if the President cannot arrange for the purchase of a train from another corporation, the corporation goes into receivership. It will be allowed to exist without a train, but must purchase one later during this phase if one becomes available in the Stock Bank Pool. Its status during Phase 7 will be DID NOT RUN A TRAIN and all usual receivership rules, including Stock Marker Token movement will apply.
5.3.4
A corporation not owning the required number of trains to operate, must still purchase a train(s), even if it has insufficient cash assets to make the purchase. If these rules force a corporation to purchase a train, and the corporation has insufficient cash assets to make the purchase from The Bank or Stock Bank Pool, then:
- The President may solicit Presidents of other corporations (including corporations this President owns) to sell a train to this corporation at any mutually agreed price, but it must be at least $1 and no more than the real cost (as printed on the train), and must be fully funded by the corporation's cash assets. Any train(s) thus purchased are USED and will not run this Operation Round. The President is not forced to accept any offers.
- If the President is unable to purchase a train from other corporations, the corporation must sell its common stock (if any is held) to add to its cash. Selling the stock moves the Stock Marker Token one-half square (rounded up) left (or down if it cannot move left) for certificates sold, and no more may be sold than a sufficient number to make the lowest appropriate train purchase. Once this step is reached (even if there is no common stock to sell), the President may no longer buy a train from any corporation. If the corporation still does not have enough cash to buy a train from the Stock Bank Pool or The Bank, it must sell its bonds. Each bond sold moves the Bond Marker Token one square down (or left if it cannot move down) and no more bonds may be sold than a sufficient number to make the lowest appropriate train purchase. Note that the sale of common stock or bonds may not violate the 5 certificate Stock Bank Pool limit, and the company or system must immediately sell its common stock or bonds if space in the Stock Bank Pool becomes available during a Stock Round. It may not sell if doing so would deplete The Bank (4.6.3.4).
- If after selling its common stock and bonds, the corporation still does not have enough capital to purchase a train, the President of the corporation must supply a sufficient amount of cash from his own personal holdings to the corporation to make the purchase (and only enough to make the purchase). He may not sell any stocks or bonds to raise cash. Any cash sequestered by the corporation is placed directly in the corporation's treasury (assets). If the President cannot supply enough cash to buy a train, the corporation takes all the cash the President has.
- If the 5 certificate limit prevents the sale of bonds, all bonds of the system are immediately closed at one-half value (rounded down) and the system enters receivership even if the revenue from the bonds provides enough money to purchase a train. (See 5.4.14 for bond closing and its repercussions.)
- If after step 3 there is still insufficient cash to purchase a train, the corporation goes into receivership. The receivership rules will guide the corporation until it is no longer in receivership.
5.3.5
The purchase of trains may modify the rules. With the purchase of the first train of any particular number, the rule modifications apply immediately. The rule changes are printed in the map boxes that contain The Bank's trains, and are summarized here:
Initially:
- Corporations may own a maximum of five trains. (Systems may modify this by one or two trains.)
- Yellow tiles are available.
- There is one Operation Round each Operation Set following any Stock Round.
- Stations cost $40 and add $10 to a city.
- Rail Yards cost $70 and add $20 to a city.
- Corporations may have at most one token per city hex.
With the purchase of the first:
2-Train
- Mergers may now take place.
3-Train
- Systems must maintain a minimum of two trains.
- Green tiles are available.
- Corporations may have one Station and one Rail Yard in the same city hex.
4-Train
- Corporations may own a maximum of four trains. (Systems may modify this by one or two trains.)
- Blue tiles are available.
- There are two Operation Rounds in an Operation Set following any Stock Round.
- Block purchases of two certificates begin (if Government Intervention does not apply).
5-Train
- Corporations may own a maximum of three trains. (Systems may modify this by one or two trains.)
- 2-Trains are RETIRED.
- Stations cost $70 and add $20 to a city.
- Rail Yards cost $110 and add $30 to a city.
6-Train
- 3-Trains are RETIRED.
7-Train
- 4-Trains are RETIRED.
- Red tiles are available.
- There are four Operation Rounds in an Operation Set following each Stock Round.
- Block purchases of four certificates begin (if Government Intervention does not apply).
9-Train
- Corporations may own a maximum of two trains. (Systems may modify this by one or two trains.)
- Stations cost $110 and add $30 to a city.
- Rail Yards cost $210 and add $50 to a city.
- 5-Trains are RETIRED.
12-Train
- Mergers cease.
15-Train
- 6-Trains are RETIRED.
5.3.6
When a train type retires, it becomes obsolete and is immediately removed from play. All corporations surrender the trains to The Bank, and they are placed off the map. Exception: A corporation in receivership does not surrender obsolete trains, but may still run them until it is no longer in receivership.
5.3.7
A corporation at its train limit may still purchase trains. It must give its extra trains to the Stock Bank Pool, with no compensation, to make room for the new trains.
5.3.8
When a corporation buys a train from The Bank, it must purchase the lowest numbered train available. All 2-Trains must be purchased before a 3-Train may be purchased; all 3-Trains must be purchased before a 4-Train may be purchased; etc.
5.3.9
Corporations in receivership pay a 10% (rounded up) interest charge on their debt at the end of this phase. This charge is added to their paper debt.
5.3.10
7-Trains and higher are permanent trains. They will never retire although they may still be sold to other corporations or placed in the Stock Bank Pool.
5.3.11
The President of a system may use his own cash holdings to subsidize the purchase of a train for his system. All of the cash in the system must be used first, and then the President may add enough to buy the trains he desires, but he may not put any extra cash into the system. The system will have no cash holdings after the train purchases.
5.4 Phase 4: Receivership
A corporation not in receivership skips Phase 4, and moves on to Phase 5: Establish Track Rights. The effects of receivership are not restricted to this phase.
5.4.1
A corporation in receivership must still have the minimum number of trains required for its type of corporation. If the guidelines set out in 5.3.3 fail to meet these requirements, then the corporation must borrow money from The Bank.
5.4.1.1
The money borrowed from The Bank is a loan and must be repaid, with interest. The loaned money is kept on paper; no actual notes are given to the corporation. The amount of the loan is any deficiency after both the corporation's and the President's cash are combined (as in 5.3.4 #3).
5.4.1.2
At the end of each Buy Trains phase (Phase 3) of any Operation Round in an Operation Set, if the corporation is in receivership, it must pay a 10% surcharge (rounded up) for its outstanding debt. This is the interest on the loan and is added directly to its paper debt. Corporations that have just entered receivership by being forced to purchase a train will pay the interest starting with the next Operation Round.
5.4.2
Any corporation that is in receivership during the Dispose of Dividends phase (Phase 7) must HOLD all monies collected by any trains run.
5.4.3
A corporation in receivership may not purchase more than the required minimum number of trains.
5.4.4
Corporations in receivership may not sell their trains to other corporations.
5.4.5
When a corporation enters receivership, its Stock Marker Token immediately moves 1 square left (or down if it cannot move left).
5.4.6
Common stock of a corporation in receivership does not count towards a player's certificate limit as set in 3.2.1.1. When the corporation comes out of receivership, the stocks will again count, and the player must make any necessary corrections to his portfolio to comply with the limit (similar to the exception in 4.2.2). The preferred stock of a corporation in receivership does count toward the certificate limit.
5.4.7
Corporations in receivership may not pay Track Right Fees (Phase 5) to extend their runs.
5.4.8
If the purchase of a train by any corporation would retire a train held by a corporation in receivership, the corporation in receivership will hold and run the train to be retired until it is no longer in receivership. The train still counts towards the corporation's required train holdings.
5.4.9
Corporations in receivership are required to have a running route equal to or greater than one-half (rounded up) of the smallest train they own. For example, a company in receivership with a 4-Train must have a route that connects two of its tokens (4/2=2). A system with a 7-Train and a 9-Train must have a route that connects four of its tokens (7/2=4 rounded up). The tokens must be of the appropriate type (Stations or Rail Yards) for the train in use. Mixed trains (greater than 2-Trains) still carry the requirement, but the tokens must be mixed with at least one Station, one Rail Yard, and others of any appropriate type for the train.
5.4.10
If the corporation in receivership does not have an appropriate route, it must lay track and purchase tokens (subject to the limitations of 5.2.4.2 & 5.2.4.3). The cost of all such track lays and tokens is added directly to the paper debt and not paid for from cash. It may lay only yellow tiles to make the route. If the corporation has met its trains' needs it may still lay track, but such lays are restricted to yellow or green tiles and are also added to its debt. It may not buy tokens beyond the necessary minimums.
5.4.11
A corporation will no longer be in receivership if it has paid off its debt and has any cash asset at the end of an Operation Set. It is still considered to be in receivership until the absolute end of the Operation Set, and not when it is finished operating or has paid off its debt.
5.4.12
The President of a corporation in receivership may not transfer the presidency while the corporation is in receivership.
5.4.13
No shares of any corporation in receivership may be sold by any players during a Stock Round.
5.4.14
If a system with bonds goes into receivership, the bonds are immediately closed at one-half value. The original company from which the bonds came will be available for sale during the next Stock Round. The system's allocation of Rail Yards and Stations drops to its pre-final-merger limit, and its train limit drops by one (see 4.3.3). It must also immediately reduce its tokens similar to 5.9.7.8, if it is over its new reduced limit. It may again merge to create bonds, when it is no longer in receivership.
5.4.15
Corporations in receivership may not add to their debt by laying track or buying tokens once The Bank has run out of money.
5.5 Phase 5: Establish Track Rights
5.5.1
To enhance its route, a corporation may purchase the temporary use of other corporations' Stations and Rail Yards. The cost is the current cost of buying a new Station or Rail Yard, and is paid to the treasuries of the owning corporations.
5.5.2
A Station or Rail Yard purchased in such a way is considered to be the operating corporation's own Station or Rail Yard, and any rights, including enhanced city values and train routes, are purchased with it.
5.5.3
These rights last only for the Operation Round (and not Operation Set) they are purchased in.
5.5.4
A corporation may not refuse to sell use of its tokens.
5.5.5
The corporation may purchase track rights to any number of Stations and Rail Yards from any number of corporations, but it must be able to pay from cash assets.
5.6 Phase 6: Run Trains
Running trains is how a corporation produces money for itself and its shareholders. It makes money for its shareholders by paying dividends and positively affecting its stock price.
5.6.1
USED trains do not run. They count toward train requirements but collect no money. RESTORED trains are exactly equivalent to normal trains and run normally. Trains collect money by running from token to token.
5.6.2
A route consists of an unbroken chain of track connecting tokens (Stations and Rail Yards). Trains may use any track on a tile, and after entering a city may leave by another track connected to the city. No two trains (of the operating corporation) may use the same track segments during the same Operation Round, but any number of trains may use the same tokens.
5.6.2.1
A train may not use the same city hex twice, although it may use other hexes any number of times as long as it uses different track each time. EXCEPTION: The Delaware large city may be run to twice by the same train, as long as the train runs to both cities south of the large city before returning to the large city. EXCEPTION: Commuter Runs (section 5.6.7) may use the same cities more than once.
5.6.2.2
A vacancy on a city tile allows a train to pass through, but no city points are received. A train only makes money by running to tokens.
5.6.2.3
Trains may only run to tokens of the proper type for the train as printed on the train. Mixed trains may only run to the correct number of each type of token for that train.
5.6.2.4
Track running to the edge of a tile is connected to track running to the same edge of another tile, even though the track lines do not strictly meet. (Example: A single track touching a double track is connected to both tracks on the double track.)
5.6.2.5
A route must begin and end on a token. Both the beginning and end token count toward the train's run limit, and the train must run to at least two tokens, and at most to the number printed on the train.
5.6.3
The money received for a train run is the value of the city (as printed on the city tile) plus the value of the token in the city, for each token reached by a train, for each train. (Example: Only 2-Trains have been purchased, so the value of a Station is $10 and the value of a Rail Yard is $20. The B&O runs the Stourbridge Lion 0-4-0 (a mixed 2-Train) between a small city with a Rail Yard, and a large city with a Station. For the small city, the run gets $10 for the city and $20 for the Rail Yard, and for the large city, the run gets $20 for the city and $10 for the Station. The total monies for the run is $10+$20+$20+$10=$60.)
5.6.4
All monies collected from running trains are kept separate from corporate treasury. The disposition of run money will come in Phase 7: Dispose of Dividends.
5.6.5
Any tokens purchased as track rights in Phase 5 count just as if the purchasing corporation owned them. The corporation must use each token purchased in Phase 5 in a train run.
5.6.6
A corporation is not required to run all of its trains, nor is it required to find and run optimal routes, but it must run at least one train if it has an unused train.
5.6.7
A Commuter Run is a continuous loop of Stations between two or more cities.
5.6.7.1
There are only two commuter runs. One starts in White Plains and then runs to New York City, to Long Island West, to Long Island East, then back to Long Island West, to New York City, to White Plains, then to New York City and so on. The run must start in White Plains. The corporation to make the run must have a Station token in each of the four cities. The train to make the Commuter Run must run to Stations only (it may not be mixed or run to Rail Yards only). The train may use the same city tokens when making the run, but must use different track each time. Token and city values are counted as usual.
5.6.7.2
The other Commuter Run is between Baltimore and Washington. The corporation must own a Station token in both cities, and the train to make the Commuter Run must run to Stations only (it may not be mixed or run to Rail Yards only). The run may start in either city, and then run back and forth between the two cities using the same Station tokens. The train must use different track for each pass in the run. Token and city values are counted as usual.
5.6.7.3
Only 5-Trains or greater that service Stations only may be used in a Commuter Run. Any excess or unused stations normally available to the train are forfeit after it completes a Commuter Run.
5.7 Phase 7: Dispose of Dividends
During this phase, monies collected from running trains are disbursed according to the President's will. Monies owed to shares of any type in the Stock Bank Pool are paid to The Bank. Monies owed to shares in Initial Offerings are kept by the company or system.
5.7.1
If the corporation did not run a train (it only had used trains), it automatically takes DID NOT RUN A TRAIN status.
5.7.2
The corporation may do any of the following with the monies collected during Phase 6: Run Trains:
5.7.2.1
It may HOLD all monies in corporate treasury.
5.7.2.2
It may PAY PREFERRED ONLY. All of the money collected is paid out to owners of the corporation's preferred stock. The owners of preferred stock split the dividend equally by share. (Example: The LIRR ran during Phase 6 for $100. The President owns only the 20% (2 shares) President's Preferred Stock certificate, and another player owns 10% (1 share), the others being in the Stock Bank Pool. The President receives two-fifths ($40) for holding 2 of 5 shares, the other player receives one-fifth ($20) for holding one share, and The Bank receives two-fifths ($40) for its two shares.)
5.7.2.3
It may PAY 50% to PREFERRED, 25% to COMMON, and HOLD 25%. Each share of preferred stock receives 10% of the money collected; each share of common stock receives 5% of the collected money (if they are 10% shares) rounded down, or 2.5% of the money (if they are 5% shares) rounded down; the corporate treasury holds the remainder.
5.7.2.4
It may PAY ALL. Each share of Preferred stock receives 10% of the money collected; each share of common stock receives 10% of the money collected (if they are 10% shares), or 5% rounded down (if they are 5% shares), any remainder being held by the corporation.
5.7.4
It may PAY ALL + 200%. With this option, the corporation takes an amount of cash from treasury (it must have enough cash to select this) equal to twice the amount collected in Phase 6, adds it to the run money, and disburses those funds as in PAY ALL.
Note: the source numbers this option 5.7.4 directly after 5.7.2.4; no 5.7.3 is printed.
5.8 Phase 8: Move Stock Marker Token
5.8.1
The Stock Marker Token of the operating corporation will move according to what actions it took during Phase 7: Dispose of Dividends. If the corporation:
- Did not run a train: the Stock Marker Token moves left (or down if it cannot move left) two squares.
- Held: the Stock Marker Token moves left (or down if it cannot move left) one square.
- Paid Preferred Only: the Stock Marker Token moves left (or down if it cannot move left) one square.
- Paid 50% to preferred, 25% to common, held 25%: the Stock Marker Token does not move.
- Paid All: the Stock Marker Token moves one square to the right (or up if it cannot move right).
- Paid All + 200%: the Stock Marker Token moves two squares to the right (or up if it cannot move right).
5.9 Phase 9: Mergers and Takeovers
Mergers occur when two companies join together, or a system takes over a company.
5.9.1
A company may during its life absorb or take over at most two other companies. This may be modified if a system with bonds goes into receivership. It may have at most 19 Stations and 19 Rail Yards and at most 2 more trains than the current limit. Any operating corporation may attempt to merge only once per Operation Round. If a system merges a second time, it is to create bonds only, and must follow Type IV rules.
5.9.2
In this merger section, the company or system that is taking over another company is corporation A, and is the operating corporation. The company that is being taken over is company B.
5.9.3
Corporation A may only take over company B if A can demonstrate an unblocked path from one of its Stations or Rail Yards to one of B's Stations or Rail Yards. If the movement of A's Stock Marker Token as a result of the merger or takeover announcement would move it to the STOCK TRADES CLOSED area, the merger or takeover is cancelled.
5.9.4
Systems are invulnerable to takeovers of any type (they may not be company B).
5.9.5
Companies may not participate in mergers or takeovers, as either company A or company B, until they have participated in one full Operation Set after they have become active. Only active companies may participate in mergers. Corporations in receivership may not initiate mergers.
5.9.6
There are four different kinds of takeovers. Type I is a Friendly Merger. Type II is a Hostile Takeover of a Company Not in Receivership. Type III is a Hostile Takeover of a Company in Receivership. Type IV is a Hostile Takeover for Bonds. The steps outlined for each type should be followed in sequence.
5.9.7 Type I: Friendly Mergers
5.9.7.1
A Friendly Merger is between two companies both with the same President. If company B is in receivership, this type and not Hostile Takeover of a Company in Receivership (Type III) applies.
5.9.7.2
The President of company A declares a planned merger with company B.
5.9.7.3
A must have enough cash to buy all of B's preferred stock from players and the Stock Bank Pool. Stock is purchased at the price of B's preferred Stock Marker Token multiplied by the number of shares (including any 2x markers). Players' certificates are paid to the players, and Stock Bank Pool certificates are paid to The Bank.
5.9.7.3.1
If A fails the test in 5.9.7.3, then the Stock Marker Token for both A and B moves down 1 square (or left if it cannot move down). The merger is cancelled.
5.9.7.4
The preferred stock of B retires, and will not return to play unless A gets closed out (4.3.2).
5.9.7.5
Each of B's 10/5/0% common stock is replaced with A's 5% common stock for mergers regardless of where it is (Stock Bank Pool, players' hands, Initial Offerings). A's 10/5/0% common stock certificates are now 5% holdings. B's common stock (both 10/5/0% and 5%) are removed from play. (Note that maximum corporation holding rules may force a player to reduce his holding during the next Stock Round.)
5.9.7.6
Former company A, now system A, gets all of B's assets (cash & stock) and equipment (trains & tokens). From its pool of extra tokens, A adds to its Stations and Rail Yards any not used on B's company mat. A also replaces any Stations and Rail Yards of B's on the map with its own. A's new Station limit is the sum of A's and B's Station limits, up to nineteen. A's new Rail Yard limit is the sum of A's and B's Rail Yard limits, up to nineteen.
5.9.7.7
A's train limit increases by one.
5.9.7.8
A must now correct its train holdings and its tokens. Any trains beyond its current allowed limit must be placed into the Stock Bank Pool as used trains (the President decides which) without compensation. If A cannot absorb all of B's tokens, then A must decide which of the tokens that cannot be absorbed are to be liquidated. Liquidation pays one-half the current price of a new Station or Rail Yard. A must liquidate tokens if it has more than two in any city hex, or if it has two or more of any one type in any city hex. All cash from the liquidation becomes a corporate ASSET.
5.9.7.9
System A receives from The Bank three times the value of its par stock, placed in cash assets.
5.9.8 Type II: Hostile Takeovers of Companies Not in Receivership
5.9.8.1
The President of company A announces a Hostile Takeover of company B (which is not in receivership).
5.9.8.2
B's Stock Marker Token temporarily moves two squares right (or up if it cannot move right). A's Stock Marker Token moves one square left (or down if it cannot move left).
5.9.8.3
A's total ASSETS (stock & cash) must be greater than all of B's preferred stock at current price including any 2x markers, plus one-half of B's assets (cash & stock). A must have enough cash to buy all of B's preferred stock at current price including any 2x markers.
5.9.8.3.1
If this is not the case, then B's Stock Marker Token moves back to where it was (including within the stack if more than one token were there) before the takeover announcement, but A's Stock Marker Token remains where it is. The takeover is cancelled.
5.9.8.4
If B's stock split during the move in 5.9.8.2, all certificates receive a 2x marker as in 4.3.4, and owners of B's common stock may sell at the current price including any 2x markers, or they may trade one for one for A's 5% common stock certificate and transfer any 2x markers to the new certificates. Selling does not affect the Stock Marker Token.
5.9.8.5
All of B's preferred stock is purchased at the price of B's preferred Stock Marker Token multiplied by the number of shares (including any 2x markers). Players' certificates are paid to the players, and Stock Bank Pool certificates are paid to The Bank. B's preferred stock is retired and will not be in play unless A becomes closed out (4.3.2).
5.9.8.6
Each of B's 10/5/0% common stock certificates is replaced with A's 5% common stock for mergers regardless of where it is (Stock Bank Pool, players' hands, Initial Offerings). A's 10/5/0% common stock certificates are now 5% holdings. B's common stock (both 10/5/0% and 5%) are removed from play. (Note that maximum corporation holding rules may force a player to reduce his holding during the next Stock Round.)
5.9.8.7
B's former President receives one-half of B's cash (rounded up).
5.9.8.8
Printed as "5.9.8.3" in the source; renumbered here because 5.9.8.3 already appears above.
Former company A, now system A, gets all of B's assets (cash & stock) and equipment (trains & tokens). From its pool of extra tokens, A adds to its Stations and Rail Yards any not used on B's company mat. A also replaces any Stations and Rail Yards of B's on the map with its own. A's new Station limit is the sum of A's and B's Station limits, up to nineteen. A's new Rail Yard limit is the sum of A's and B's Rail Yard limits, up to nineteen.
5.9.8.9
A's train limit increases by one.
5.9.8.10
A must now correct its train holdings and its tokens. Any trains beyond its current allowed limit must be placed into the Stock Bank Pool as used trains (the President decides which) without compensation. If A cannot absorb all of B's tokens, then A must decide which of the tokens that cannot be absorbed are to be liquidated. Liquidation pays one-half the current price of a new Station or Rail Yard. A must liquidate tokens if it has more than two in any city hex, or if it has two or more of the same type in any city hex. All cash from the liquidation becomes a corporate ASSET.
5.9.8.11
System A receives from The Bank five times the value of its par stock, placed in cash assets.
5.9.9 Type III: Hostile Takeover of Companies in Receivership
5.9.9.1
The President of company A announces a Hostile Takeover of company B, which is in receivership. A may not be a system.
5.9.9.2
A's Stock Marker Token moves one square left (or down if it cannot move left). B's Stock Marker Token does not move.
5.9.9.3
A must have sufficient cash to buy all of B's preferred stock at current prices including 2x markers, plus pay all of B's loan.
5.9.9.3.1
If this is not the case, A's and B's Stock Marker Tokens remain where they are. The takeover is cancelled.
5.9.9.4
All of B's preferred stock is purchased at the price of B's preferred Stock Marker Token multiplied by the number of shares (including any 2x markers). Players' certificates are paid to the players, and Stock Bank Pool certificates are paid to The Bank. B's preferred stock is retired and will not be in play unless A becomes closed out (4.3.2).
5.9.9.5
Each of B's 10/5/0% common stock certificates is replaced with A's 5% common stock for mergers regardless of where it is (Stock Bank Pool, players' hands, Initial Offerings). A's 10/5/0% common stock certificates are now 5% holdings. B's common stock (both 10/5/0% and 5%) are removed from play. (Note that maximum corporation holding rules may force a player to reduce his holding during the next Stock Round.)
5.9.9.6
A pays B's debt to The Bank.
5.9.9.7
B's President receives no payment for having been President.
5.9.9.8
Former company A, now system A, gets all of B's assets (cash & stock) and equipment (trains & tokens). From its pool of extra tokens, A adds to its Stations and Rail Yards any not used on B's company mat. A also replaces any Stations and Rail Yards of B's on the map with its own. A's new Station limit is the sum of A's and B's Station limits, up to nineteen. A's new Rail Yard limit is the sum of A's and B's Rail Yard limits, up to nineteen.
5.9.9.9
A's train limit increases by one.
5.9.9.10
A must now correct its train holdings and its tokens. Any trains beyond its current allowed limit must be placed into the Stock Bank Pool as used trains (the President decides which) without compensation. If A cannot absorb all of B's tokens, then A must decide which of the tokens that cannot be absorbed are to be liquidated. Liquidation pays one-half the current price of a new Station or Rail Yard. A must liquidate tokens if it has more than two in any city hex, or if it has two or more of the same type in any city hex. All cash from the liquidation becomes a corporate ASSET.
5.9.9.11
System A is not in receivership.
5.9.9.12
System A receives from The Bank eight times the value of its par stock, placed in cash assets.
5.9.10 Type IV: Hostile Takeover for Bonds
5.9.10.1
The President of system A announces a takeover of company B. B may not be in receivership.
5.9.10.2
System A's Stock Marker Token moves one square left (or down if it cannot move left). Company B's Stock Marker Token temporarily moves two squares right (or up if it cannot move right).
5.9.10.3
A's total ASSETS (stock & cash) must be greater than all of B's preferred stock at current price including any 2x markers, plus one-half of B's assets (cash and stock). A must have enough cash to buy all of B's preferred stock at current price including any 2x markers.
5.9.10.4
If this is not the case, then B's Stock Marker Token moves back to where it was (including within the stack if more than one token were there) before the takeover announcement, but A's Stock Marker Token remains where it is. The takeover is cancelled.
5.9.10.5
If B's stock split during the move in 5.9.10.2, all certificates receive a 2x marker as in 4.3.4 and owners of B's common stock may sell at the current price including any 2x markers, or they may hold them and retain any 2x markers. Selling does not affect the Stock Marker Token.
5.9.10.6
B's preferred stock is purchased at the price of B's preferred Stock Marker Token multiplied by the number of shares (including any 2x markers). Players' certificates are paid to the players, and Stock Bank Pool certificates are paid to The Bank. B's preferred stock is retired and will not be in play unless A becomes closed out (4.3.2).
5.9.10.7
B's former President receives one-half of B's cash (rounded up).
5.9.10.8
B's 10/5/0% common stock certificates are now system A's bonds and acquire the 0% label. B's Stock Marker Token is moved under A's, and B's 5% common stock certificates are removed from play.
5.9.10.9
B's Stock Marker Token is now A's Bond Marker Token. The certificates of B that represent system A's bonds are officially part of system A.
5.9.10.10
Any bonds of system A that are in Initial Offerings because they were unsold shares of B's common stock are placed in the Stock Bank Pool even if in violation of the five share limit.
5.9.10.11
A's train limit increases by one.
5.9.10.12
A must now correct its train holdings and its tokens. Any trains beyond its current allowed limit must be placed into the Stock Bank Pool as used trains (the President decides which) without compensation. If A cannot absorb all of B's tokens, then A must decide which of the tokens that cannot be absorbed are to be liquidated. Liquidation pays one-half the current price of a new Station or Rail Yard. A must liquidate tokens if it has more than two in any city hex, or if it has two or more of the same type in any city hex. All cash from the liquidation becomes a corporate ASSET.
5.9.10.13
System A receives from The Bank two times the value of its par stock, placed in cash assets.
5.10 Phase 10: Collect Bond Revenues
5.10.1
For each bond held by a player or a system, The Bank pays 10% (rounded down) of the current bond price as posted by the Bond Marker Token.
5.10.1.1
2x markers do not affect the current bond price nor increase the payment of bond interest.
5.11 Phase 11: Pay Debt
5.11.1
If a corporation has an outstanding loan, any cash in treasury, up to the amount of the loan, is given to The Bank and subtracted from the loan. If the loan is still not fully paid, the corporation will sequester cash from the President to pay the loan. The President must use only his cash to pay the loan. If he does not have sufficient cash to repay, all that he has is taken and subtracted from the loan.
5.12 Ending an Operation Round
5.12.1
At the end of an Operation Round, all Bond Marker Tokens rise one square (or go right if they cannot rise).
5.12.2
At the end of an Operation Round, if the Operation Set is incomplete, another Operation Round commences immediately, unless The Bank has run out of money during the Operation Round, in which case the game is over. Stock Marker Tokens are again examined to determine the order of operation during the new Operation Round. If the Operation Set is completed, a Stock Round begins with the player holding the FIRST STOCK OPTION card.
5.12.3
A corporation will no longer be in receivership if it has paid off its debt and has any cash asset at the end of an Operation Set. It is still considered to be in receivership until the absolute end of the Operation Set, and not when it is finished operating or has paid off its debt.
5.12.4
At the end of each Operation Round, any system that owns more stock or bonds than the allowed limit of 4.6.5 or 4.6.5.1 must correct its holdings to comply with the limit. For each share of common stock sold, the Stock Marker Token drops (or moves left if it cannot drop) one half square (rounded up). For each bond sold, the Bond Marker Token drops (or moves left if it cannot drop) one square. All monies are paid to the system's treasury.
6.0 Ending the Game
6.1
The game will end at the end of the Operation Round in which The Bank runs out of money at any point. The Operation Round will be completed, although the Operation Set may not be. If The Bank runs out of money during a Stock Round it has no effect.
6.2
All monies owed by The Bank will be kept on paper once it runs out of money during an Operation Round.
6.3
Corporations in receivership may not add to their debt by laying track or buying tokens once The Bank has run out of money.
6.4
Stock certificates of corporations in receivership have no value and do not count toward a player's final total value.
6.5
The player with the highest total value of cash, stocks, and bonds, wins the game. Corporations and their assets do not count toward the total. The value of stocks and bonds is the price posted by the Stock Marker Token or Bond Marker Token multiplied by the number of shares, multiplied by the sum of any 2x markers. Stock of corporations in receivership counts at one-half value (rounded down).
7.0 Optional Rules for a Shorter Game
7.1
The game may be made shorter by changing the bonuses a system receives when it is created or takes over another company. To effect the change:
- The Type I bonus (5.9.7.9) changes from 3 times par to 5 times par.
- The Type II bonus (5.9.8.11) changes from 5 times par to 10 times par.
- The Type III bonus (5.9.9.12) changes from 8 times par to 13 times par.
- The Type IV bonus (5.9.10.13) changes from 2 times par to 3 times par.
Transcription Notes
- Missing appendix. Section 1.5 and the track-tile rules refer to an Appendix A (the track tile quantities and types). That appendix is not in the source file and is not reproduced here.
- Overview. Section 0.0 (Overview) is printed as the introductory paragraph in the Table of Contents block above.
- Credits omitted. The "1831 Game Credits" block (design, graphics, rules, playtesters) at the end of the source is attribution and has been left out.
- Typos corrected. The source has a number of OCR-style and typographic errors. These have been corrected silently where the intended word is unambiguous and the section number is clear (for example "Sank Pool" in 5.9.7.3 read "Bank Pool"; "dosed" read "closed"; "Ail lines" read "All lines"; spaced section numbers such as "4 33" and "5 0.5" read as 4.3.3 and 5.0.5). The one renumbering is 5.9.8.8, which the source prints as 5.9.8.3 (a duplicate).
- Printed cross-reference. Section 4.6.3.2.4 cites "4.4.3.2.2", which does not exist in the source. It is probably meant as 4.6.3.2.2 (the Stock Marker movement rule); it is printed as in the source here.
- Company list. Section 3.2.1.1's list of available companies uses "C&O" and "BSM" and "LNE", while the component table in 1.9 uses "C&Q" and "B&M" and has no LNE. The list is printed as the source has it.
- Train chart. The 6-player 2-Train MX value is printed as "3." and the 5-player 7-Train S value as ".2"; these are read as 3 and 2. The chart is transcribed from the printed table layout.
- Section 5.7.3 numbering. The source omits a 5.7.3; the PAY ALL + 200% option is printed as 5.7.4 and is left so.