1861

Set up
Bank: R 15000.
Start money: R 1260 total.

Privates
Auctioned in ascending order. Minimum bid as printed on private.
If all players pass on the same private, the minimum bid of that private is reduced by R 5.
If a minimum bid reaches R 0, the first player receives it for free.
Priority deal goes to player left of auction winner.

Privates can be sold to minor and public companies for up to face value.
Privates block construction on certain hexes until phase 3.

Share Dealing Rounds

Sell-buy only, or sell and auction a minor company.

Cannot sell shares in companies that have not yet operated.

Cannot sell minor companies or privates.
Share price moves down 1 when director sells 1 or more shares.

All shares are bought at current market value.

If at end of SDR all shares are owned by players, share price moves up 1.
If already on top row, share price moves 1 right and 1 down.

Number of Players 3 4 5 6
Certificate limit (including privates) 21 16 13 11
May own up to 60% of company. Bank pool may hold up to 50% of company.

Auction of minor company

Nikolaev must be first minor company auctioned.

In phase 4 and earlier, make starting bid of at least R 100 on eligible minor company.
Minimum raise R 5, bids must be multiples of R 5.
Pay winning bid to minor company's treasury. Place home token immediately.
Place market token on half the price paid, rounded down (max. R 135).
Priority deal goes to player on the left of auction winner.

Starting a public company

Possible from phase 4, if a home station can be placed.
Choose par price in red or purple zone of market.
Company floats immediately on purchase of director's certificate.
Partial capitalization. Remaining shares are placed in company's treasury.
Immediately place home station token on an unreserved city unconnected to any other city.
Russian State Railway
RSR starts operating after first 4 train is bought. During first OR turn, place token in St.
Petersburg. Token in Moscow is placed when upgraded to grey (if RSR not already in
Moscow).

Operating Rounds
2 ORs during the entire game, each followed by a merger round (during phases 3 to 7).
Order: privates, then minor companies, then public companies, then RSR.

When taking R 50 loan during OR, pay R 5 interest immediately.

Minor companies can have 2 loans, public company 5, RSR unlimited.

Redeem shares
Company can buy unlimited shares from bank pool. May not take loans to pay for them.

Lay track
Either place 1 tile, or upgrade 1 tile. For R 20, extra tile action; only 1 upgrade per turn.
May not lay yellow tile and upgrade same tile in one turn.

Laying tile on preprinted yellow or green hex counts as upgrade.

Plain yellow track is unlimited.

Company may take loan to pay building costs or extra tile, if not enough money in treasury.

Upgrade: for plain tiles, must be able to reach any new track on tile (using infinite train); for
large or small city tiles, must be able to reach any track on new tile (using infinite train).
When upgrading large cities to brown tiles, must use tile with 6 exits if possible.

Place tokens
Only one per company per hex.

Cost of second token: R 20 times distance from first token.

Cost of third token: R 40 times distance from one other token.
Distance is measured in hexes, regardless of laid track.

Company may not take loan to pay for token.

Running trains
Routes may also terminate in small cities.
Small cities may be skipped by trains; count towards length of run if not skipped.
Routes may not include two cities on the same hex.
Value of Ekaterinburg doubles if route also includes Moscow.

2+2: As a 2 train, but doubles revenue.

5+5E: Can run on infinite route, receives income from any 5 cities; double revenue.

Dividends
Minor company pays 50% of revenue to owner, 50% to treasury.
Share price moves 1 space left if no dividend.
Share price moves 1 space right if dividend; or up if in yellow zone of market.

Public company: may withhold, pay out 50% (rounded up), or pay out 100%.
Income from shares in treasury goes to company.
Share price moves 1 space left if no dividend.
Share price does not move, does not go to bottom of stack if dividend < share price.
Share price moves 1 space right if dividend >= share price.

RSR: always withholds.

Pay interest and repay loans

Company must pay R 5 on every loan it had at the start of the turn.
Must take new loans to pay for interest, if necessary.
If not possible, company pays entire treasury to bank, and is nationalised.

Then, if company owns at least R 50, it must repay as many loans as possible.

Buying trains
May not take loans to buy train, except when trainless.

May buy train from other company (not from RSR), minimum price $ 1.

When train limit changes, excess trains go to bank pool.

RSR always buys cheapest available new train(s) if possible. RSR has no train limit.

Emergency financing: Trainless company must buy train.

May choose any available train from bank or bank pool; may buy more expensive train even
if company can afford cheaper available train. Must take loans to pay for train.
If impossible to raise enough money, no loans are taken, company is nationalised.
After emergency financing, company may buy another train, if enough money.

RSR without train always buys cheapest train in bank or bank pool. Takes loans if necessary.

Nationalisation
Companies are nationalised (even if RSR not yet active):
- at start of phase 4, 6, and 8, if it has operated but it has no train. This is optional for public
companies, obligatory for minor companies.
- at start of phase 6, for all privates (owned by players or companies).
- at start of phase 8, for all remaining minor companies.
- when company cannot take loans for paying interest or forced train purchase.

When private is nationalised, bank pays value to owner, private goes to RSR.

When minor or public company is nationalised:

Repay loans, if possible. Share price moves 1 space left, plus 1 per remaining loan.
Bank pay new share price to shareholders (minor company: double the share price).
Loans are discarded, other assets of company go to RSR.
Company's tokens are replaced by RSR tokens (not more than one per hex, not more than 6
outside Moscow and St. Petersburg). If there are insufficient RSR tokens, replace company's
tokens in descending order of current city value (ties broken randomly).
Minor company is removed from the game; public company can be restarted.

Mergers
Merger round after each OR during phases 3 to 7.
In operating order, each minor company may convert or merge into a public company.
Conversion: a single minor company in the yellow zone of the stock market can convert.
Place share price marker of new company in the red/purple zone, at same price.
Owner of minor company receives director's certificate.

Merger: between 2 and 10 minor companies (max 6 of same player) may merge.
One of the minor companies must be connected to every other (using infinite train, no
blocking by merging companies' tokens, may include two cities on same hex).
Place share price of new company in red/purple zone, at sum of highest price and lowest
price of merging minor companies (rounding down to available values).
Exchange minor company's charters for 10% share in company.
Ties for director's certificate are broken in favour of earliest operating minor company.
Director chooses two tokens to replace with new company's tokens, not on same hex.

After conversion/merger, new company owns assets (including loans) of minor companies.
Merged company is allowed to have more than 5 loans.
Remaining shares of company are placed in treasury.
Starting with director, each player with shares in company gets turns to buy any number of
shares of company. Director must buy share in first turn if he holds only 10%.
Then, all players get one turn to buy a single share, starting with current director.

End of game
Game ends:
- if first 8 train is purchased in 1st OR after SDR: complete this OR, then play 2 more ORs.
- if first 8 train is purchased in 2nd OR after SDR: complete this OR, then SDR and 3 ORs.
- if the bank runs out in a SDR: complete the SDR, then play 1 OR.
- if the bank runs out during a OR: complete the OR.
If first 8 train purchased after the bank runs out, the bank running out is ignored.

Share prices of companies fall 1 space for each loan.

Privates are worth face value, minor companies are twice their current share price.

Phase changes

Tiles Train limit

From start Yellow 2 (minor) Privates block track building.
First 3 Green 4 (public) Privates do not block track.
2 (minor) Companies may buy privates.
Minor companies may merge or convert.
First 4 3 (public) 2 trains rust.
1 (minor) Nationalisation of trainless companies.
Public companies can be started.
RSR starts operating.
First 5 Brown Minor companies cannot be started.
First 6 Grey 2 (public) 3 trains rust. All privates are nationalised.
1 (minor) Nationalisation of trainless companies.
First 8 2 (public) 4 trains rust. All minors are nationalised.
(unlimited) Nationalisation of trainless companies.
RSR stops operating.
Optionally, 2+2 and 5+5E trains available.
Eugène van der Pijll ([email protected], BoardGameGeek: pijll). 2014-02-05.