- 1830 Style waterfall auction
- Bids in $5 increments (can skip)
- If all pass before P1 is bought, $P1 = $P1 - $5
- If all pass after P1 is bought, auction ends
- No Par prices
- Stock value moving left from lowest value space results in company closure
- Stock round actions:
- (Optionally) Sell -> (Optionally) Buy (from either company charter or bank)
- Start a new company from scratch
- Pass
- Players may own up to 60% of a 5-share company and 70% of a 10-share company
- Players buy company charter shares from company (money to charter), bank pool shares to bank
- $100 in available cash required to start a 5-share company
- Current player takes top charter from pile and places it up for auction starting at $100 ($5 multiples) (clockwise by player)
- Winner takes director's share and places share price marker at highest outlined space that is not more than 1/2 final bid, remaining shares in charter
- Starting in Phase 6 players can start a 10-share company instead
- Must be an unreserved space on a city track tile for the company's home marker
- No auction, player chooses initial share price from outlined spaces, pays twice that amount and takes director's share.
- Home station marker is immediately placed in an unreserved free space on any city tile
- Share round ends when all players pass in turn. If no 5-share company started, remove the top 5-share company from the pile.
- Companies run in descending order of share price, regardless of 5-share/10-share
- Privates may be sold in between half and double
- Lay 1 with optional second lay for $20, or upgrade one tile.
- Yellow tiles comprised entirely of narrow gauge avoid terrain costs
- Semi-restrictive tile lays
- Some privates block hexes
- Hex trains
- Trains only run along broad gauge track. Narrow gauge track serves to add value of town stations to the first broad gauge station they're connected to (at either/both ends)
- Director's must run the most lucrative route pointed out to them by any player.
- Company shares pay company, bank pool shares pay bank, player shares pay players.
- Dividends on earnings >= $SharePrice move price marker right one square.
- For 5-share companies only, Dividends on earnings >= 2 * $SharePrice move price marker right an additional square.
- Dividends on earnings 0 < $SharePrice do not move share price marker.
- Withold or $0 earnings move left one space.
- Companies may purchase one or more trains
- During phases 10 and D, companies may trade in trains (once an OR) for a face-value reduction on a new unsold train. (available even when at train limit!)
- Director is liable for providing companies a train (Emergency Fund Raising)
- Director may choose to buy train from bank pool or stock
- Takes place at the end of each set of ORs starting from phase 4
- Starting with PD, players:
- Propose a merger of two or three operating 5-share companies into a 10-share company
- Pass (may yet propose this round)
- Player must own at least one share in an involved company
- Shareholders in all merging companies proceed to vote
- Legal proposals:
- Require an unstarted 10-share company
- Station marker of each merging company must be connected by broad gauge (including through otherwise blocked cities)
- Must be possible to replace all issued shares (in player or bank holdings) with new company shares.
- Final disposition of shares must be legal (no player with >70%, bank with no more than 50%)
- Voting:
- Starting with proposer, moving clockwise, participants vote in favor or against merger.
- Shareholders have one vote for each share they own in merging companies.
- Votes must be cast as a block (no splitting or abstaining)
- Shares in the bank pool vote last, and vote in favor of "bank's interest"
- Vote in favor if and only if they will be exchanged for shares worth more money per share.
- Majority of votes required to merge.
- Effect of mergers:
- New 10-share company formed. Director is player with the most shares closest to the proposer.
- Players receiver one 10% share for each 20% share they previously held. (Bank analogous)
- 10-share company share price marker is place in teh square with the leftmost company's column and topmost company's row.
- Merger round ends when all players pass, PD does not move
- Mergers start in phase 4
- Companies may buy in privates in phases 4 and 6
- Players may open 10-share companies "from scratch" starting in phase 6
- Privates close in phase 8
- Game ends when one player remains, end of OR in which company reaches $260 value, or end of OR set after $4,000 bank breaks.
- 6H rusts 2H trains, they become 1H trains and are placed in the bank pool.
- 8H rusts 4H trains, they become 2H trains and are placed in the bank pool.
- 1H trains rot (remove from game)
- 10H rusts 6H trains, they become 3H trains and are placed in the bank pool.
- Rusty 2H trains rot
- D train causes rusty 3H trains to rot (but does not rust any other trains).