Private Companies

• The number of Private Companies offered for sale at the start is equal to the number of players.

  No. of Players	Privates Companies in the game	Starting Capital
  3 Player	L&O - M&C - ET&WNC	$ 500
  4 Player	L&O - M&C - ET&WNC - O&W	$ 430
  5 Player	L&O - M&C - ET&WNC - O&W - CNO&TP	$ 400

• Private Companies not in the above list (i.e. the O&W and the CNO&TP in the 3 player game or the CNO&TP in the 4 player game) are put aside and are not used during the game.
• Private Companies do not have any special features except some come with L&N stock certificates.

  Name	Cost	Revenue	Associated Stock
  L&O	$200	$5	20% L&N President's Share
  M&C	$50	$10	none
  ET&WNC	$80	$15	none
  O&W	$210	$20	10% L&N Share
  CNO&TP	$240	$25	10% L&N Share

• A Private Company remains with the player who purchased it until Phase 5, at which point all Privates are closed and discarded. They may NOT be sold to Corporations or players during the game. They count towards Certificate Limits while still open.

• Determine seating order and start player by random or mutual arrangement. The appropriate Private Company certificates are shuffled together face down and then dealt to all the players. Once each player has obtained and paid for the Private Company the following actions are taken:-
• If the CNO&TP and/or O&W is in play, then the holder(s) receives a 10% L&N Share at no cost.
• The holder of the L&O receives the 20% L&N President's Share at no cost, that player then decides the Stock Market price for the L&N.
• Once the above steps have been performed, a normal Share Round commences with the player to the left of the holder of the L&O.
• During the Initial Stock Round, each player will purchase one, and only one, Private Company.

• When a player purchases a President's certificate, a value must be chosen. This can be $70, $75, $82, $90 or $100. The player pays twice this value to the bank and places a token on the stock market in the appropriate yellow box.
• There are NO par prices. The stock certificate is always valued at the current stock market price.
• Corporations receive partial capitalization, they do NOT receive 100% capitalization once floated. They receive money for certificates as and when they are sold. For convenience, money paid for stock in a Corporation which has not yet floated is paid into the Bank.
• During your turn of a Stock Round, you may SELL any number of certificates and then you may BUY one certificate. Please note order, you are not allowed to buy then sell during the same turn (you may, of course, sell previously purchased stock).
• You may not sell certificates if the Corporation has not completed a full Operating Round. This applies for any reason, stock may not be sold until after the Corporation has finished its first OR.
• Players may purchase certificates from either the Corporation Treasury or the Bank Pool if both are available. The President may not inhibit the purchase of stock from out of the Corporation's Treasury.
• If stock is purchased from the Corporation's Treasury, then the money goes into the Treasury. If stock is purchased from the Bank Pool, then the money goes to the Bank.
• At the end of a Stock Round, if 100% of the stock is owned by the players (i.e. there is no stock in the Bank Pool and Corporation Treasury), then the stock value will be moved one space upwards. If on the top row, it will not move.

• A Corporation floats when 50% of the stock is sold (4 certificates).
• As soon as 50% of the stock is sold the following is issued to the President.
  • the Charter of Incorporation
  • the Corporation's tokens (4 off)
  • the initial capitalization (5 times current stock value)
  • the remaining 5 stock certificates (which are placed in the Treasury)
• The Corporation pays $100 from the Treasury and places a token on its home base.
• The stock value goes up one space.

• A player may not hold more than 5 certificates (60%) in the same Corporation.
• The Bank may not hold more than 5 certificates (50%) in the same Corporation.
• A Corporation may not hold more than 5 of its own certificates (50%) in its Treasury.
• Certificate limits for the players vary depending on the number of players.
  3 players = 15 certificates, 4 players = 12 certificates, 5 players = 10 certificates

• From Phase 3 onwards, a Corporation may lay TWO yellow tiles during track construction. These two tiles may be adjacent or consecutive if so wished. If a tile upgrade is performed (Yellow to Green, Green to Brown or Brown to Grey), then no yellow tiles may be placed.
• If a non-City tile is upgraded, then at least part of the NEW track on the NEW tile must be part of a route which is open to that Corporation. This does not apply to a tile which contains a City.
• Birmingham does not 'exist' before Phase 4. The pre printed track may not be used until then, track may be built up to the tile but the track may not be utilized in any way until Phase 4.
• Track may not be built so it terminates against a side of an impassable hexside. These hexsides are represented by thick black lines on the map and indicate a lake.
• There is NO cost to place a token. All four tokens have already been paid for ($100 in total) when the Corporation floated. Please note that a Corporation does not pay $100 for each token but pays a total of $100 for all four.
• A Corporation may offer HALF or FULL dividends. The stock value will ONLY move to the right if the dividend payout if greater or equal to the current stock value. In the case with half dividends, round up to the shareholders advantage (this value is used to determine if the stock value moves or not).
  Example - a revenue of $170 will be split $90 to shareholders ($9 per share) and $80 to the Treasury. The stock value will only go up if the current value is at $90 or lower.
• Stock held in a Corporation's Treasury will receive dividends. Stock in the Bank Pool pay their dividend to the Bank.
• If a route connects a red off-board area to a different red off-board area then the revenue of the route is increased by $10 for each stop (naturally such red off-board area must comprise of the start and end of a route, this increase applies to the red off-board areas as well).
  Example - a '3' Train runs between Little Rock - Memphis - Gulf during Phase 4 (Memphis is currently a green 'Y' tile and is Tokened). The revenue is now $140 ($40 + $50 + $50) instead of $110.
• The red off-board areas increase in value at the start of Phase 4 and Phase 6.
• Birmingham and Johnson City are treated as normal Cities except that Tokens may not be placed on them. They change revenue values at the same time as the red off-board areas.
• If a Train is purchased from the Bank, Bank Pool or from a Corporation owned by another player, then FACE VALUE must be paid. If a Train is purchased between Corporations owned by the SAME player, then any amount from $1 upwards can be paid.
• At the end of the OR (after Train Purchases), a Corporation may sell OR buy any number of its own certificates. It may not sell certificates until it has completed a full OR (i.e. it may not sell until the end of its second OR) and it may not exceed the usual stock holding limits, i.e. 50% in either Bank or Treasury. Stock sold during this step may lower the stock value as per the usual rules.

• If a Corporation requires a Train and cannot afford to purchase one with existing funds then the President must make up the shortfall out of his own money. Stock in the Corporation Treasury cannot be sold at that point to help raise the cash.
• Private Companies may not be sold during the Emergency Fund Raising step.
• If a player is required to sell stock then it is sold BEFORE the train is purchased. This means that if a forced sale of stock causes a change of control for a Corporation, the change takes place before any trains are purchased.

• When the Bank runs out of money the game ends on the completion of the current OR (not on completion of the set of ORs that are currently in progress).
• The game ends immediately if a player goes bankrupt.

• The start location, or home base, for each Corporation is marked on the map and on the charter. The Corporation must place it's first token on the city indicated. The L&N must place it's first token on the northern city of the yellow Louisville hex.
• Before Louisville is upgraded to a green #511 tile, Corporations may run a route between the two cities located in the hex. The L&N may not token both cities while it is still a yellow hex.
• Please note the special "Y" tiles used in Louisville, Memphis, Nashville and Chattanooga.
• The grey "Y" tile can be used as soon as the first '8' train is purchased.
• The bank contains $8,040 at the start of the game.
• Personal cash and Corporation capital is open to all players.

• Each Corporation has an extra token for use on the Dividend Payout Track (located on the map). During play it can simply keep track of the dividend payout, it has no bearing on the game and has no effect on any rules. All it is there for is to allow players to record the last dividend payout for each Corporation. If the players do not wish to use this play aid, then it can be ignored. During playtesting, the DPT was found to help speed up play and served as a useful reminder during a stock round to how much each Corporation was paying out during the last OR.
  Example - The L&N has a revenue of $120, so the token is moved on the DPT to the 12 space (this represents a dividend payout of $12 per 10% stock). The token on the stock market can be moved up as long as the current stock market price is $110 or below (it will not move if the price is $122 or above)
  Example - The GM&O President upgrades a tile on his route. Since he knows this has increased the revenue by only $10, there is no need to recalculate the entire revenue. The token on the DPT can be moved up one space.
• Each Corporation has a Floatation Reference Card. Place this between the 4th and 5th certificate in each stack of stock. This will remind players that the Corporation has now floated, it also lists the actions that need to be carried out. Again, if so wished, this play aid does not have to be put into use.
• See the separate Tile Upgrade chart for tile replacements.
• See the separate Tile Manifest for the tile distribution.
• There are a set of small cards that indicate the certificate limit (as well as the start capital). Place the appropriate card (for either the 3, 4 or 5 player game) somewhere on the stock market so all players can see it.

© Chris Lawson, March 1998

Operating Round - Sequence

• Track Construction
  Place one or (from Phase 3 onwards) two yellow track tiles, or upgrade one tile.
• Token Placement
  Place a station marker (at no cost).
• Operate Trains
  Runs trains and calculate revenue.
• Distribute Dividends
  Pay out FULL, HALF or withhold dividends (adjust stock market value).
• Purchase Trains
  Buy one or more trains.
• Financial Step
  SELL or BUY own corporate stock.

• Train Purchases : When a Train is purchased between players, any amount from $1 upwards can be paid. Players may wish to use this optional rule to bring Train Purchases back into line with other 18xx games.
• Selling Stock : When a player sells stock (during either a Stock Round or Emergency Fund Raising Step) then the price drops one space for each BLOCK of stock sold instead of the usual one space per 10%. If a Corporation sells stock during the Financial step, then it drops one space per 10%.

© Chris Lawson, March 1998

Designed and Developed by
Chris Lawson & Mark Derrick

Rules Design by Chris Lawson

Map Design by Mark Derrick & Chris Lawson

Development aided by Martin Higham and Steve Thomas

The 18xx railway game system was originated by Francis Tresham and Hartland Trefoil Ltd.

1830 was designed by Francis Tresham and Bruce Shelley and published by the Avalon Hill Game Company.

1830 is a trademark of the Avalon Hill Game Company