1835 Rulebook

Table of Contents

Table of Contents

• General
• Game Preparation
• I First Share Round
• II Private Railways
  • 1) General
  • 2) Special Features of Private Railways
• III Minor Companies
• IV Share Companies
  • 1) General
  • 2) Director
  • 3) Change of Directors
• V Operating Rounds
  • 1) Who Controls?
  • 2) Order of play during an operating round
  • 3) Order of company actions during an operating round
• VI Laying of Tiles
• VII Promotion of Tiles
• VIII Placing Station Markers
• IX Running Trains
• X Income Reckoning and Payment
• XI Share Price Movements
• XII Purchase of Trains and Resulting Phase Changes
• XIII Bringing the Prussian Railway into Service
• XIV Share Dealing Rounds
• XV Actions of Players During a Share Dealing Round
• XVI Game End

General

The player who, at the end of the game has the most money is the winner in 1835.

So simple a thing, a clear objective.

But the route to this goal is not so simple, as a brief glimpse of these rules makes clear. Now, with all so called complex games, there are two ways of getting to know them, either one can read the rules from A-Z, or one jumps straight into the game and takes each point as it comes. We won't bother with the first method, instead we've included an example of a game which we recommend you play through and so get immediately underway. Don't worry if you don't grasp all the possibilities at the first try, practice makes perfect, so, as you start, a few reflections about the game.

1835 has at its heart a very simple mechanism. The yellow, green and brown tiles are used to build a railway network on the map. As in a real railway, the tracks link stations together. The train cards steam symbolically from one station to another and so earn revenue. The (pretend), passengers pay for their journey. The more, and the larger, the stations at which a train calls, the more revenue it produces. Now these trains must belong to someone. Nowadays its the German National Railway (Deutsches Bundesbahn), formerly it was the Gennan Empire Railway, (Deutsches Reichsbahn), and before that, in the time of 1835, a mixture of large and small railways companies.

In the game, you and your fellow players own these railway companies. The smaller, minor companies and Private Railways are owned entirely by one player. The bigger companies, such as the Bavarian (Bayerische Eisenbahn) and Saxon (Sachsische Eisenbahn) belong to their shareholders. Of these, one is the Director. He decides how the railway is to be run. And that's it, simple.

Now, when you've removed all the game contents from the box then check it against the following list. In front of you should be:

• 1 Game Board
• 1 Share Price Index
• 147 yellow, green and brown tiles
• 68 share certificates
• 6 private railway certificates
• 13 train cards
• 8 large charters for the share companies
• 6 small charters for the minor companies
• 8 values of paper money
• 1 reference card for the various phase changes
• 1 wooden marker
• Game Rules
• Example Game booklet

Everything there? If there's anything missing then please write to us immediately, That applies too if later you have any queries about the rules. Now its high time that you got going. Should this be your first game then we recommend that you play through the example game first.

Game Preparation

First decide the seating order. Take the 6 numbered markers and give one to each player. (If there are more or less than 6 of you then add or remove markers as necessary). The players should then take their places starting with number 1 with subsequent numbers following in a clockwise direction. One player is chosen as Banker. He should have enough space to organise the Bank in front of him as well as his own share certificates etc. The starting cash is given to each player as per the table on the Share Price Index.

Now set out the start packet as per the setup chart (Aktien-Startpaket). In the uppermost of the four rows lay the Nurnberg-Furth with one of the Bayerische shares that have no price printed on them laid beneath it. In the second row, lay from left to right, the charter of the Bergisch-Markische (1), the Leipzig-Dresdener, with the Sachsische director's share beneath it, and the charter of the Berlin-Potsdamer (2). In the third row are placed, from left to right, the charter of the Magdeburger (3), then the Koln Mindener (4), next the Bayerische Director's share and finally the Braunschweigische Private Railway certificate. In the last row are the Hannoversche Private Railway certificate, the charters of the Berlin Stettiner (5), and the Altona-Kid (6) and the private railway certificates for the Ostbayern and the Pfalzbahnen, each with a Bayerische share bearing no price beneath it.

The rest of the shares are placed onto the unsold shares field of the Share Price Index. The Bayerische and Sachsische shares should be on top. During the game, new shares which have not yet entered the game must be kept separate from shares which have been sold back to the Bank by players. These belong in the Bank Pool, which is, at the start of the game, empty. Train cards and yellow tiles will be required immediately. The yellow tiles should be laid on the table so as to be available for study. The train cards are laid with the 2 trains uppermost, then the 2+2, the 3 the 3+3 and so on. The 2 trains go onto the trains available field of the SPI and the others onto the trains not available field. The large charters for the share companies are laid somewhere convenient. These charters will, in the course of the game, be used to hold all the property of the railway, cash, trains and station markers. The smaller charters perform the same function for the minor railway and are in addition share certificates in their own right. Company cash must always be kept strictly separate from a player's own cash. Towards the end of the game, players may find it easier to keep track of cash on paper rather than using bank notes.

I First Share Round

The player who chose the number 1 marker starts. In each turn a player may either buy one certificate or pass. Once a player has done one or the other his turn is over and the next player takes his turn. At the start of the first share round, only the shares in the Startpaket are available. The player may normally only buy shares from the uppermost row, however, if this row only contains one share then the leftmost share in the row immediately below is also available. For example, the first player may choose to buy the Nurnberg-Furth or the Bergisch-Markische or pass. Should however the entire second row be sold, without the Nurnberg-Furth being sold then the next player may only buy the Nurnberg-Furth or pass, since the row immediately below is all sold.

The purchase price is paid directly to the Bank. Sales in the first share round are not permitted. When all the certificates in the Startpaket are sold then the remaining Bayerische and Sachsiche shares are placed onto the the two leftmost spaces at the foot of the SPI, which are marked with the company logos. These shares are now available for purchase.

Should certificates from the Startpaket fail to sell in the first share round, then they must first be sold in subsequent share rounds before the other shares are available. Once the same offer has been passed by all players then the share round is at an end and the player to the left of the last purchaser takes the wooden train as a marker that they will start the next share round. All minor companies which have been sold are in play. The numbered station markers are placed onto the home station on the map with the same number. Each minor company in play takes its purchase price from the Bank as start capital. Once a share company has sold 50% of its shares then it is floated. The starting up procedure for a share company is described in section XV.5 Flotation of Companies.

There now follows an Operating Round. The game enters Phase 1. First, however, we'll take a look at what you've just bought.

II Private Railways

1) General

The Private Railways are:

• Numberg-Furth
• Leipzig Dresdener
• Braunschweigische
• Hannoversche
• Ostbayem
• Pfalzbahnen

Unlike companies, they lay no tiles, nor do they own trains. Private railways are certificates with a fixed income which the owner draws from the Bank at the start of each Operating Round. The income is printed on the certificate. Private Railways may not be sold.

2) Special Features of Private Railways

The owner of the Numberg-Furth receives in addition a free share in the Bayerische. He may, if he becomes director of a share company, lay a station marker of that company onto the Numberg-Furth space during an operating round. This can be in addition to the normal placing of a station marker and is free. A connection with the track of the company as per rule VIII.7 is not required. This action closes the Numberg-Furth.

The owner of the Ostbayern receives in addition a free share in the Bayerische. He may, if director of a share company, during an operating round, lay a tile onto the hex southeast of Nurnberg, or the hex to the right of this. This tile lay is in addition to a normal lay and is free. In a later operating round he may lay a tile onto the other of these two hexes. The Ostbayern is closed when both hexes have been built on. A connection to any tracks already existing is not required.

The owner of the Pfalzbahnen receives in addition a free share in the Bayerische. He may, if he is the Director of a share company, during an operating round, lay a tile onto the Mannheim/Ludwigshafen hex. This lay is in addition to a normal lay and is free. A connection with the company home base is not required. He may also as Director of a share company, lay a station marker onto this hex. This too is free. When both these actions have been carried out, the Pfalzbahnen closes. If the Owner of the Pfalzbahnen is also the director of the Badische railway, he may use this feature to gain two tile lays in the first operating round of this railway (see Rule VIII.10).

The buyer of the Leipzig-Dresdener receives in addition the Director's certificate of the Sachsische Railway. The Leipzig-Dresdener is closed as soon as the Sachsische buys its first train.

The Braunschweigische and Hannoversche can, once the Prussian Railway has been formed, each be converted into a 10% share certificate of the Prussian Railway. This action closes them.

The private companies are, with the commencement of Phase 3, either closed or converted into Prussian Railway shares.

III Minor Companies

The Minor Companies are:

Number	Name	Home Station	Starting Capital
1	Bergisch-Markische	Dusseldorf	80M
2	Berlin-Potsdamer	Berlin	170M
3	Magdeburger	Magdeburg	80M
4	Koln-Mindener	Dortmund	160M
5	Berlin-Stettiner	Berlin	80M
6	Altona-Kiel	Hamburg	80M

Minor companies are neither share companies, nor Private Railways. They are, like Private Railways, owned by just one player, but operate during operating rounds in the same way as share companies, in order, 1-6. They may place no station markers other than their home base marker. They may, but need not, own trains. They have no share value. They take their selling price as start capital. The owner receives, each round, 50% of their income. The other 50% is placed into the company's treasury. No other disposal of income is permitted. Minor companies may not be sold. They are, later in the game, convertible into Prussian Railway shares. See the section on the Formation of the Prussian railway (XIII).

IV Share Companies

1) General

With a share certificate, the player obtains ownership of a percentage of a share company. The following companies are formed at various points during the game (see under flotation, XV.5):

Railway	Home Station	Total Starting Capital	Station Markers
Bayern	Munich	10x92M=920M	5
Sachen	Leipzig	10x88M=880M	3
Baden	Mannheim/Ludwigshafen	10x84M=840M	2
Wurttemburg	Stuttgart	10x84M=840M	2
Hessen	Frankfurt	10x84M=840M	2
Mecklenburg	Schwerin	10x80M=800M	2
Oldenburg	Oldenburg	10x80M=800M	2
Prussian	Berlin	4x154M=624M	7

The owner of a share receives, during an operating round, a dividend, providing that the director does not retain the income. Shares may be sold.

2) Director

Each share company has a director. The purchaser of the 20% Director's Share is the Director (The Prussian director's share is only 10% of the company). He remains director until another player obtains a larger percentage of the company than the director has. The director is solely responsible for the running of the company.

If a player obtains a larger percentage of a company than the director (either by purchase or sale), a change of director takes place. Equality produces no change.

3) Change of Directors

The player with the highest percentage share of the company is the new director of the company. If several players have an equal percentage, then the first such player next in line to the left of the outgoing director takes over. A director may only voluntarily give up his directorship by selling shares to the Bank. This is only permitted if another player holds at least 20% of the shares, (10% for the Prussian), and the old director must be able to sell shares to the Bank (see Sales XV.7). The only possible cause for a director's share being in the Bank Pool, is the forced sale of shares to finance a forced locomotive purchase, (see XII Purchase of Locomotives). The old director hands his director's share and the company's charter to the new director and receives in return the same percentage of the company in ordinary shares. The make up of this percentage may be chosen by the old director.

V Operating Rounds

1) Who Controls?

During an operating round, the players do not act directly, but rather, control the game through the minor and share companies. The owner controls the actions of minor companies, and the Director those of share companies.

2) Order of play during an operating round

• 2.1) If, during Phase 2, the Prussian Railway is operating, then each player around the table, is asked in turn, at the start of each operating round, whether they wish to convert any or all of their minor companies or the Braunschweigische or Hannoversche Private railways into shares in the Prussian railway. (see XIII).
• 2.2) The Bank pays out the income from any Private Railways in operation to their owners.
• 2.3) The Minor Companies operate in order from 1 to 6.
• 2.4) All floated share companies operate in share price order, highest first. Should two share companies have the same share price, then the the company whose marker lies uppermost on that square plays first. In the case of equal values where the markers lie on different squares then the company whose marker lies furthest to the right plays first.

3) Order of company actions during an operating round

Both Minor and Share companies may carry out some or all of the following actions during a share round. These actions must be carried out in the given order.

• 3.1) Companies may lay a yellow tile (Rule VI).
• 3.2) Companies may promote a yellow tile to a green one or a green to a brown, subject to the rules for tile promotion (Rule VII). This action may not be carried out if action 1 has been taken and vice versa.
• 3.3) Share companies may purchase and place a station marker as per Rule VIII. Minor companies may not do this.
• 3.4) Trains may be run (Rule IX).
• 3.5) Income is reckoned, and either paid out as a dividend or retained by the company (Rule X).
• 3.6) The share price on the SPI is altered (Rule XI).
• 3.7) Trains may be purchased (Rule XII) and any consequences of train purchase are carried out (i.e. scrapping of trains, change of phase).
• 3.8) The Prussian Railway may be formed if the relevant conditions pertain (Rule XIII).
• 3.9) The operating round ends when all minor and share companies have operated. A share round or another operating round follows as per Rule XII and XVI.

VI Laying of Tiles

Yellow tiles may be laid directly onto the light green hexes on the map and represent railway tracks. Brown and red hexes represent track already laid and may not be built on. Yellow hexes may only be built on once the game reaches phase 2 and green tiles are available. Green hexes may only be built on once the game reaches phase 3 and brown tiles are available.

The minor companies may lay one tile per turn. Share companies may lay two tiles per turn during phase 1 and one tile per turn thereafter. At the start of the game, i.e. in phase 1, only yellow tiles are available which are laid directly onto the light green hexes on the map. The track on the tile must be a direct continuation of a route already accessible to the company laying the tile. The new track must be connected with a station marker of that company, and may not be laid if a station marker of another company blocks this connection.

In its first turn, a company either lays a station tile onto its start hex, or extends track already built. On hexes with no markings only track with no stations may be laid. Only track with a small station, (black cross-bar), may be laid on a hex with a small dot in it. Only a tile with a large station (a white circle), may be laid on a major town hex (white circle). Towns with a "Y" on the hex require a tile with a corresponding "Y" on them. Hexes with two small black dots are treated as two small towns. They may only be developed with tiles showing two small stations and two tracks (i.e. numbers 1, 2, 55 or 69). Only one of these two separate tracks need connect with existing track.

No tile may be laid so as to leave a track running into the sea, nor one running off the hex area with the exception of the red off board destinations. Track may not be laid so as to run into a blank side of a brown hex. Track may not be laid so as to run into the dark blue sides of the hexes to the west of Hamburg. A tile may be laid so that it does not connect with track on all adjacent tiles provided that all other rules have been observed. Building on hexes containing mountains or rivers involves costs as shown on the map. These costs must be paid as the tile is laid and may not be deferred. Hexes containing Private Railways may be built on. This may cause the closure of the Private Railway, see Rule II, 2.

VII Promotion of Tiles

Instead of laying a new tile, a company may promote an existing tile, yellow to green or green to brown. Green tiles are first available at the start of phase 2. Brown tiles are first available at the start of phase 3. Once introduced, tiles remain available for the rest of the game. There are some tiles which do not promote (see the tile promotion chart). A company may only promote a tile if the track so formed conforms to the normal rules for building track (Rule VI). Existing track must be preserved during a tile promotion. Tiles without stations may not be promoted into tiles with stations. In the same way, tiles with small stations may not be converted to large stations, nor doubles to singles nor vice versa. Tiles with a "Y" on them may only be laid on the cities of Munich (Munchen), Dresden, Frankfurt, Cologne (Koln), and Dusseldorf which are also marked with a "Y". "B" tiles may only be laid on Berlin. "H" only on Hamburg. "XX" only on double towns marked with an "XX" (Ludwigshafen/Mannheim, Wiesbaden/Mainz, Essen/Duisburg). Nurnburg/Furth is a double town with the track already laid at the start of the game. Hexes with a double letter (i.e. XX or HH) are towns through which a train may be run twice in the same turn, in contravention of Rule X, 4. In phase 3, these towns may be further promoted using brown tiles. The H tile should be laid with the river running horizontally with two stations above and one below. They then have only one letter and may only be counted once per train in the normal way. The tile promotion chart gives all possible promotions for each tile.

Promotion of a tile may lead to an increase in the number of station marker spaces on it. If a free space is so created, then a company may use this to build beyond a previously blocked town. Tiles which have been promoted are once again available for further building. Laying of a green tile on a yellow hex or a brown tile on a green one counts as tile promotion.

VIII Placing Station Markers

Each company starts from its home station, marked on the map with its company logo. The home station of the Prussian railway is Berlin. The share companies may all place at least one further station marker. Bayern, Sachsen and Prussian, may place more than one extra marker. Stations have the following properties.

• 1. Each route run by a company's trains must include in it a station marked with a marker of that company.
• 2. If a town's station is completely occupied by station markers then only trains of that (those) company(s) may run through that town. Other companies must end their routes at that town.
• 3. Every route built by a company must be connected to a station marker of that company.
• 4. The home station marker is free. To place any other station marker the company must pay 20M times the shortest number of hexes between the station and the home station. For example, if the Bayerische railway wishes to lay a station marker on Berlin it must pay 200M (10x20M). This payment is immediate on placing the marker.
• 5. A company may only place one marker per turn. Exceptions are the home station marker and markers placed as a result of private railway ownership (see Rule 11.2).
• 6. No company may place more than one station marker on any tile.
• 7. A station marker may only be placed on a station that is directly connected with an existing station marker of that company. The connecting route must not be blocked by markers of other companies.
• 8. No other company may lay a station marker onto a station that is marked with a company logo and so will later be that company's home station.
• 9. The minor companies only have their home station marker. These will eventually be replaced by markers of the Prussian railway. In Berlin, although there are two minor company markers, only one Prussian marker is used to replace them. The free space so created may be used by another company.
• 10. The home station marker of the Baden railway may be laid in whichever of the two stations on that hex that the Director prefers. Once laid it may not be moved. No station marker of any other company may be laid on this hex until the Baden marker has been placed. This applies even to the owner of the Pfalzbahnen private railway.

IX Running Trains

A company may run each of its trains over one route per turn. Since the purchase of a train comes after running, it is impossible for a train to run in the turn in which it is purchased. For this reason, it is normally impossible for a company to earn any income in its first operating round. An exception is the Prussian railway which takes over trains and so may be able to run in its first turn. A route comprises at least two different stations (start and end point) which are connected by track. Each route run must contain somewhere on it a station marker of the company using the route. The route may include large and small stations. The maximum number of stations included in a route is determined by the type of train (printed on the train card). For example, a 3 train may include three stations in its route, for example Oldenburg to Hamburg via Bremen, but may not include any other station. A 2+2 train may run include a maximum of 2 large stations and 2 small stations in its route, for example from Munich via Passau and Regensburg to Nuremburg. A small station may be substituted for a large one but not vice versa. End and start points may be large or small stations.

A route must be clear, it may not include the same town twice, (with the exception of the XX and HH tiles and the small double small station tiles), even where, as in Berlin at the start of the game, a town contains more than one station. A route may have as start and end points a town whose station markers are entirely occupied by markers of other companies but may not run through such a town. A station which is not totally occupied by markers may be freely run through. No route may use the same piece of track twice, no matter how short. If a company owns more than one train then their routes must be entirely separate from each other. Routes may cross or meet at stations as long as they use separate tracks into and out of the stations.

X Income Reckoning and Payment

The income of each company is paid by the Bank. The income is the total income of all trains run by the company. The income of a train is the sum of the values of all the stations included in that train's route. The red off-board destinations have different values in the different phases of the game. The first value given is used in phase 1, the second in phase 2 and the third in phase 3. Alsace-Lorraine may only be used in phase 2 and then has a value of 50. The brown Hamburg tile has a value of 50 if the Elbe ferry is used and 60 if not, (imagine that there is a ferry toll of 10M).

Minor companies retain 50% of their income in their treasury, the other 50% goes to the owner. No other division is allowed. For share companies, the Director decides whether a dividend is to be paid or not. If a dividend is paid then each shareholder receives a percentage of the total equal to their percentage shareholding. If no dividend is paid then the money is placed into the company's treasury. A split between retention and a dividend is not allowed. In the case of 5% share certificates, the income is rounded up if necessary. If a dividend is paid by a company, some of whose shares lie in the Bank Pool, then that percentage of the income is paid into the company treasury.

XI Share Price Movements

If a company pays a dividend, then its share price rises, i.e. the share price marker is moved one square to the right, where this is not possible, then it is moved up one row instead. Once the marker reaches the uppermost right hand corner of the SPI then its price can rise no further and it stays on this square. If a floated company fails to pay a dividend, then it's share price falls, i.e. its share price marker is moved one square to the left, or, where this is not possible, one square downwards. If it reaches the bottomost left hand square then the price can fall no further and it stays on this square. If a marker is to be moved onto an already occupied square then it is placed underneath the marker(s) already there. It's a good idea to turn over the markers of companies which have operated, so as to show which companies have already had their turn. Once the operating round is over then all markers can be turned back over ready for the next turn.

XII Purchase of Trains and Resulting Phase Changes

Trains are purchased as the last action of a company in it's turn and so may not be used until the following turn. New locomotives are bought from the Bank. The purchase price is printed on the train card. More than one train may be bought at one time. Once the game reaches phase 2, trains may be bought and sold between companies. The purchase price is freely negotiable but must be announced to all other players. Train purchases may only be carried out during the turn of the purchasing company. Every floated share company must own a train at some point of each of it's turn, (i.e. if a company starts a turn without a train it must purchase one during that turn). Minor companies need not own trains.

New trains must be bought in order of size. I.e. no 2+2 train may be bought until all 2 trains have been sold, no 3 trains until all the 2+2 trains have been sold and so on. Trains which have been scrapped as a result of a phase change are returned to the Bank without compensation and play no further part in the game (refer to the phase reference card). A company which owns the maximum number of trains for a phase may not buy a further train, even if this would, by causing a phase change, cause some of the company's trains to be scrapped and so reduce the total number of trains held by the company.

If a phase change leaves a company owning too many trains, then the excess trains must be returned to the Bank without compensation and are again available at full price as an alternative to the new trains on offer. Trains may not be sold back to the Bank. Companies must pay the full purchase price from their treasury. If this does not contain enough cash then minor companies may not buy trains. If a share company is forced to buy a train and does not have enough cash then the director must make up the difference from his own cash reserves. If there is a choice of trains available then he may decide which to buy. He may only use his own cash to buy one train and so comply with Rule XII.4. The director may only make up the difference between the company treasury and the purchase price (i.e. there must be no cash left in the company treasury after the purchase). The director may, but need not take up any offers of trains from other companies.

If the director's cash is insufficient to make up the difference then he must sell shares to raise the cash. These are sold immediately to the Bank and the normal rules for share sales are followed. He may only sell shares in the affected company provided that in so doing he retains the directorship of that company. If a director cannot sell enough shares to raise the cash then he is declared bankrupt and eliminated from the game. His remaining shares, a maximum of 50% of the stricken company, are taken over by the Bank which puts up sufficient cash to finance the train purchase.

The player who now owns the largest percentage of the company takes over control. If two or more players hold an equal percentage then the holder of the wooden locomotive, or the first of these players to his left if the holder isn't such a player, takes over. The director's certificate is left in the Bank Pool, available for purchase in the next share round. If the Bank provides a portion of the purchase price of a train then it withholds payment of income to that company until the loan has been repaid. This has the same effect on share price as retention of the income.

With the sale of the first 3 train the game enters phase 2. This means that Green tiles are available, and may be used for the promotion of yellow tiles. Train sales between companies are now possible. After the next share round there will be two operating rounds between each share round.

With the sale of the first 4 train all the 2 trains are scrapped, (returned to the Bank without compensation). The number of trains which a company owns changes. The owner of the Berlin Potsdam minor company may now decide to bring the Prussian railway into service.

With the sale of the first 4+4 train, all 2+2 trains are scrapped. The owner of the Berlin Potsdam minor company must then bring the Prussian railway into service if he has not already done so.

With the sale of the first 5 train then the game enters phase 3. All minor companies, plus the Braunschweigische and Hannoversche Private Railways must now be converted into shares in the Prussian railway if they haven't already been converted. This may cause a change in directorship for the Prussian railway. Once this has been carried out the new limits on train ownership are checked since it is very likely that the Prussian railway now exceeds these limits. Brown tiles are now available, After the next share round there will be three operating rounds between each share round.

With the sale of the first 6 train all 3 trains are scrapped.

With the sale of the first 6+6 train all 3+3 trains are scrapped.

The operating round is over when all minor and share companies have operated. There follows another operating round or a share round depending on the phase.

XIII Bringing the Prussian Railway into Service

The owner of the Berlin Potsdam minor company, has the option, as soon as the first 4 train has been sold, and the 2 trains scrapped, to declare the Prussian railway open. He returns the charter of the Berlin Potsdam to the Bank and receives in return the charter of the Prussian railway together with the 10% Director's share. The share price marker for the company is put onto the 154M square on the SPI which bears the Prussian company logo. The company takes as start capital 154M for each of the four purchasable shares in it which has been sold. It also takes over all the trains and cash of the Berlin Potsdamer railway. Starting with the new Prussian railway director, each player in turn now has the option of exchanging any minor railways or relevant private railways which they own, for Prussian Railway stock. If they wish to do so then they hand over the relevant certificate/charter and receive in return a 5% or 10% share certificate.

Cash and trains from closed minor companies are taken over by the Prussian railway. Their station markers are replaced with Prussian markers with the exception of the Berlin Stettiner marker which is simply removed. The Prussian railway may find that it temporarily exceeds the maximum number of trains which it may own. In this case the director may wait until all players have decided whether or not to exchange before deciding which trains he wishes to keep and which to return to the Bank. If the owner of the Berlin Potsdam decides not to open the Prussian at this point he receives a further opportunity to do so at the start of each subsequent round. Once the first 4+4 train is sold then all the 2+2 trains are scrapped. At this point the Berlin Potsdam owner must open the Prussian railway if he has not already done so.

It is not permitted for the owner of a certificate to gain a bonus by getting two lots of income for any certificate in the same round. If therefore the Prussian Railway is opened at a point in an operating round where it's operation would result in a player gaining such a bonus then the Prussian, although open, does not operate until the following round.

Owners of private railways or minor companies who decide not to convert them into Prussian railway shares when it is first formed receive another chance at the start of every subsequent round when each player in turn, starting with the starting player, are asked whether they wish to convert any relevant certificates. If such a conversion results in a player controlling a greater percentage of the Prussian than the present director, then a change of director is carried out in the normal way.

XIV Share Dealing Rounds

1. General. During a Share round, players may buy and/or sell shares. Each share deal takes place between the player and the Bank. Players may only sell shares to each other in the case of nationalisation of a company. New shares are bought from the Bank at the price printed on them. Old (already sold) shares are bought from the Bank at the current price as shown by the position of the company's share price marker on the Share Price Index.

2. Order of Play. A share round starts with the player who has the wooden locomomtive and continues clockwise. Once all players in turn have passed, the round ends. The player to the left of the last purchaser of shares takes the wooden locomovite and starts the next share round.

3. All players pass. If no player buys a share during a share round then the locomotive stays with its previous owner.

4. Change of share price at the end of a share dealing round. If at the end of a share dealing round, all the purchasable shares in a company are owned by players (i.e. all sold and none in the Bank Pool) then the share price marker is moved up one row on the share price index. If it is already on the top row then it moves no further.

5. Number of operating rounds per phase. In phase 1 there is one operating round between each share round, in phase 2 there are two and in phase 3 there are three operating rounds between each share dealing round.

XV Actions of Players During a Share Dealing Round

1. General. During each turn in a share dealing round a player may buy one certificate. This is normally a share certificate, but may be a minor company charter or a private railway certificate. He may sell as many shares per turn as he pleases subject to Rule XV.7. He may buy and sell during his turn in whatever order he likes. If he wishes to do neither then he may pass. During a share round a player will usually have several turns during which he may buy and/or sell.

2. Purchases. A player may buy either new certificates, or, if available, old shares from the Bank Pool. Under certain circumstances he may also buy shares direct from other players (Nationalisation). Once a player has sold a share or shares in a company he may not buy any shares in that company during that share round. If a player buys and/or sells a share then he will receive at least one more opportunity to buy and/or sell in that round, since the round does not end until all players in turn have passed. As long as certificates from the start packet are available no other shares may be purchased. Once the start packet certificates have all gone the share certificates are available subject to the following rules.

The share companies are divided into three groups as follows:

• 1. Bayern and Sachsen
• 2. Baden, Wurttemburg and Hessen (plus Prussian)
• 3. Mecklenburg/Schwerin and Oldenburg

The share companies enter the game in the order shown. First all the shares of the first group must be sold. Once this has occurred, the shares in the second group come into play. Within each group, the shares are available in the order shown. Once 50% of a company's shares have been sold then the next company's shares may be purchased. The first share to be sold in any share company is the 20% Director's Share (exception, the Prussian Railway). The four purchasable Prussian shares are first available after the purchase of the Baden Director's share. The Prussian Railway may well not have been brought into service at this point and in this case the shares are effectively worthless until the railway is opened.

Example: The sale of the Start Packet means that 50% of the Bayern shares are already in play, and hence the Sachsische Railway shares may be purchased immediately. Once all the new Bayerische and Sachsische shares have been sold (ignoring shares in the Bank Pool) then the 20% Badische Director's share may be bought followed by the 10% Badische shares. Once 50% of the Badische shares have been sold, the 20% Wurttemburgische Director's share is available. When 50% of the Wurttemburgische is sold, the 20% Director's share of the Hessische can be bought. New Badische and Wurttemburgische shares may well still be available at this point.

As soon as the Badische Director's share has been sold, the four purchasable Prussian Railway shares may also be bought as an alternative to whatever else is on offer. It is also important to realise that the last shares (Letzte Aktie) of the Badische, Wurttemburgische and Hessische Railways are 20% shares. Sale of these may well trigger a change in Director. NB! there is a printing error on some of the last shares (Letzte Aktie) of the Badische Railway and if 10% is printed there then it should be altered to 20%.

Once all the shares in the second group have been sold then the third group comes into play. The first available share is the 20% Director's share of the Mecklenburg/Schwerin Railway followed by the other two 20% shares in this railway. Once these have been sold then the 20% Director's share in the Oldenburg is available as an alternative to the remaining Mecklenburg shares.

3. Nationalisation. Once a player owns more than 50% of a company then he may, instead of buying new or old shares from the Bank, purchase shares in that company directly from other players. This is treated as a normal purchase, ie the player may not make any other purchase in that turn and may only purchase one such certificate per turn. The price of such a purchase is not the normal one, instead the purchasing player must pay his victim one and a half times the normal price of the share as compensation. Example: a 20% share in a company whose price marker stands at 80M will cost not 160M but 240M. The purchasing player alone decides whether to make such a purchase, the poor seller has no choice in the matter.

4. Certificate Limits. No player may own more certificates than shown on the Limitations of Holdings table on the Share Price Index. A player may own as much of a company as he wishes, there is no maximum limit (other than 100%!). If a player owns 80% or more of a company then his certificate limit is raised by one. He may not however exceed the limit at any time, even if by doing so he would gain 80% of a company and so raise his limit.

5. Flotation of Share Companies. As soon as 50% of a share company has been sold then it is floated and can start operating. The Director takes the charter and all the station markers of the company. A marker is placed onto the Share Price Index on the square marked with the company logo. A station marker is placed onto the home station of the company. If the hex Ludswigshafen/Mannheim already has a tile laid on it then the new Baden Director decides in the next operating round which of the two stations to occupy with its station marker. The start capital of the company is paid by the Bank into the company treasury at the rate of 10% of the total start capital for each 10% of the company which has been sold. This applies too to free shares obtained as part of the starting packet. For example, the free Bayern share given with the Nurnberg Furth. For each further share in the company which is later sold, the company should receive a further payment into its treasury until all its shares are gone. It is up to the Director to ensure that this money is received by the company.

Example. Baden is floated with 50% of its shares sold. Its treasury receives 5x84M = 420M immediately. In the next share round, a further 3 10% shares in the company are sold. The Treasury receives a further 3x84M = 252M. In a subsequent share round the last (20%) share is sold and the treasury gets a further 168M to make it up to its total start capital of 840M.

6. Minor Companies. The start up procedure for minor companies can be found in Rule I.9.

7. Sales of Shares. Only shares may be sold. Private Railways and Minor Companies may not be sold. Once sold, the share is placed in the Bank Pool and can thus be bought by the other players. The seller receives the share price as shown on the share price index, from the Bank. A player may sell as many shares as he wishes during his turn, the only exceptions are:

• 7.1) No shares may be sold during the first share round.
• 7.2) No shares may be sold in a company if 50% of its shares are already in the Bank Pool.
• 7.3) No shares may be sold in a company which has not yet been floated.
• 7.4) No shares may be sold in a company which has been floated in the current share round. (Exception the Prussian Railway).
• 7.5) A Director's share may not be sold to the Bank, instead the rules for a change of director, (IV.3. and XII.1 1) should be followed. If a player exceeds the share limit as a result of losing a directorship, then he must rectify the situation at the first possible opportunity by selling shares before continuing his turn.

8. Share price changes as a result of sales. For every sale of shares in a company then the share price marker is moved one row down on the share price index. The number of shares sold is not a factor. If several players sell shares in the same company, or one player sells several times then the price marker is moved down on each occasion. If the marker is on the lowest row of the index then it stays there and is not moved further.

Example: If a player sells one share in a company, and in his next turn sells a second share, he receives the price of the share at that point (i.e., if the marker has moved, a lower price than he got for the first share). The second share sale will sink the price still further unless the marker has reached the bottom of the index.

XVI Game End

Termination point. The game ends when the bank runs out of money. If this is in an operating round then the round should be finished with the remaining income earned being noted by each player. If it ends in a share round, a further operating round should be played through. Once finally finished players add their cash, noted income and the value of their shares as indicated by the share price markers. The richest player wins.

• Optional rule 1: Players may prefer to increase the income of the Leipzig Dresdener Private Railway to 30M per turn.
• Optional rule 2: The price for unsold Private Companies is lowered each round for the value of the income.
• Optional rule 3: Minor Companies are not in play before all Private Railways are sold.