The Depot: 1837 Rules

2nd English translation

translated by Paul Work

1st English translation by Stuart Dagger

Rail building in the Austro-Hungarian Empire

1837 is a development of 1835. The basic rules are those of 1835, but there are extra features which result in a game with a somewhat more complex structure. The rules unique to 1837 are in italics, so that they can be easily differentiated from the 1835 rules.

Table of Contents

    Forward
    Preparation
  1. First Stock Round
  2. Private, Coal and Minor Companies
  3. The Major Corporations
  4. The Major Corporations
  5. Operating Rounds
  6. Laying Tiles
  7. Promotion of Tiles
  8. Running Trains
  9. Income Reckoning and Payment
  10. Share Price Changes
  11. Purchase of Trains
  12. Phase Changes as a Result of Train Purchase
  13. Share Buying Rounds
  14. Options for a Player during a Share Buying Round
  15. Game End
    Acknowledgment

Foreword:

I would first like to thank Stuart Dagger for the excellent work he did in producing the first English translation of the German rules for 1837. This proved to be an immense help and reduced the workload considerably in revising the rules to follow the original German rules more closely. During any translation effort, sometimes words or phrases must be inserted to clearly convey the intent of the original passage. This is because a term or phrase in the original language may have some underlying connotation which is not conveyed by equivalent terms in the target language. The original intent and meaning of such a term or phrase can be conveyed by adding some explanatory text to take care of the problem. In those instances where either Stuart or I have added text to clarify a point, I have enclosed this text in brackets [ ] to make this clear. I have made every effort to ensure that only the original intent of the German rules is conveyed without added interpretations. Although some interpretation is necessary with any translation effort, this has been kept to a minimum. In addition, the term "town" is used exclusively for small stations (denoted by dots on the map or black crossbars on tiles with track), while the term "city" is used exclusively for large stations (denoted by white circles on the map and tiles). I hope this helps. Good luck!

1835 introduced a third type of railway company to the 18xx games. These were the small companies which were owned by a single player, which did not have a variable share price, but which did get to lay track and own trains. In 1837 this process is taken a step further. There are now four types of railway company. These are:

  1. Major Corporations: These are the traditional public corporations with stock certificates common to all the 18xx games.
  2. Minor Companies: These are like the Minor Companies of 1835. (The ones that the German rules for 1835 call the Vorpreussische Gesellschaften). They lay track, own trains and later in the game merge into a major company. The difference is that, whereas in 1835 there is just one such grouping, in 1837 there are three: the k.k National Railway, the Hungarian National Railway (ungarischen Staatsbahn) and the Southern National Railway (Suedbahn).
  3. Coal Companies: These are similar to the Minor Companies, but instead of running passenger trains, they make their money carrying coal from the mines to the cities. They lay track and they own trains. Their trains are freight trains, not passenger trains, and these have their own special rules. Later in the game the coal companies are absorbed into specific major corporations based on their geographical locations.
  4. Private Companies: These are traditional private companies, of the type familiar from 1829, 1830 and 1835. They do not own trains or lay track. They provide their owners with a fixed income each operating round and allow track to be placed free of charge in specific hexes.

Preparation

The seating order is determined randomly and the starting player is given the priority card (Erstkaufsrechtskarte). One player is nominated as the Banker and takes charge of the Bank and the other game material. Each player is given his or her starting capital (Anfangskapital); the amount each receives is shown in the table under the share price chart. (This same chart also shows the maximum number of certificates that each player may hold at any one time (Aktienlimit).

The Start Packet is then laid out in three columns as shown below.

Eisenbahn Karwin-Teschen   Eisenbahn Pilsen-Priesen   Bosna Bahn (BB)
   
   Eisenbahn Oderberg-        Reichenberg-Gablonz-       Semmeringbahn together
   Dombran                    Tannwalder Eisenbahn       with the 
                                                         Vienna-Gloggnitzer
   
   Karawankenbahn together    Arlbergbahn together with  Simeria-Petroseni Bahn
   with the Kaerntner Bahn    the North Tyrol Railway
   
   Mosty-Lemberg Bahn         Eisenbahn Hatvan           Zarnesti-Kronstadt Bahn
                              Salgotarjan
   
   Brennerbahn together with  Lugoj-Resita Bahn          Tauernbahn
   the South Tyrol Railway
   
   Wocheinerbahn              Karstbahn together with the
                              Venice-Lombardy Railway

The stock certificates reserved for exchange of k.k. National Railway and the Hungarian National Railway minor companies are placed, together with the exchange certificates [reserved for the owners of the coal companies] of the major corporations, on the appointed place on the initial offering card. [Stock certificates which may be bought by players at a later stage of the game are also placed on their respective places]

New shares [those still in the initial offering or not yet exchanged for] must be kept separate from old stock certificates (those which were at some previous time owned by a player) at all times throughout the game. Shares which have been sold belong in the Bank Pool, which at the start of the game is empty.

The train cards for the freight trains (denoted with the letter "G" after the number) should be separated from those of the passenger trains. The passenger trains should be stacked with the following order: "2" trains on top, then "3" trains, "3+1", etc., while the freight trains are ordered similarly: "1G", "2G", "3G", "4G".

The large cards used as company charters for the major corporations are placed in a convenient place. These company charters have spaces for all the assets of each major corporation: cash, trains and tokens. The smaller cards serve as company charters in a similar fashion for the Coal Companies and the Minor Companies of the Southern National Railway, the k.k. National Railway and the Hungarian National Railway. Cash in each company's treasury must always be kept strictly separate from each player's personal cash. Towards the end of the game (approximately 7-9 hours later), players may find it easier to keep track of things with paper, pencil, and a calculator!. [Note: a program has been written for the IBM PC and compatibles which will keep track of cash totals for you throughout the entire game. It speeds up the game considerably, freeing up the banker to enjoy the game more. The only drawback is that your personal cash total can be recalled at any time by any player! This program is available via ftp from a site in Germany. The same ftp site has postscript maps and tile sets for 1837, which makes tracking a play by mail or email game easier.]

I. First Stock Round

  1. The player with the priority card starts.

  2. In each turn a player may buy one certificate or pass. Once the player has carried out one of these actions, the next player takes his or her turn.

  3. At the start of the first stock round only the certificates in the Start Packet are available. A player may only buy certificates that are at the top of a column. Initially this means that a player has a choice of three certificates [one at the top of each column]; later, when one column is completely sold out, the choice will be reduced to two; and later still, when only one column remains, only one certificate will be available.

  4. The purchase price is paid directly to the Bank.

  5. A player may not sell shares during the first share buying round.

  6. When all the shares in the Starting Packet have been sold, the three Minor Companies (Kaiser Ferdinand, Kaiserin Elizabeth and Kaiser Franz Joseph) of the k.k. National Railway are available for sale. As soon as these have been sold, the five certificates of the three Minor Companies of the Hungarian National Railway become available. Only when these five have also been sold may players buy shares in the major corporations. All major corporations are then available simultaneously. Thereafter, if a player wishes to buy a share in one of these companies, they have an unrestricted choice as to which company to invest in.

  7. If all players pass in turn and at least one certificate from the Start Packet remains unsold, the next player with the option to buy may buy one of the available shares [one which is at the top of its column] for 10K less than the marked price. If this player now makes a purchase, the certificates on offer revert to full price; if no purchase is made, the option of the reduced price purchase passes to the next player. If there is a second consecutive complete round of passes, the discount is increased by a further 10K. Whenever a player makes a purchase with a discount, the price of the remaining shares reverts back to normal. If all players continue to pass in succession, the discount continues to increase in 10K increments each time the last player to buy passes.

    Example: Four players --- A, B, C and D.

    A buys the EKT for 100.
    B buys the EOD for 100.
    C passes.
    D buys the BB for 100.
    A, B, C and D all pass.

    A can now buy either the Karawankenbahn, the EPP or the Semmeringbahn for 10K cheaper than normal. He buys the EPP for 90.
    B must again pay full price for anything he buys. He buys the Karawankenbahn for 170.
    C, D, A and B all pass.

    C can now buy either the MLB, the RGTE or the Semmeringbahn for 10K cheaper than normal. She chooses to pass.
    D, A and B also pass.

    C can now buy either the MLB, the RGTE or the Semmeringbahn for 20K cheaper than normal. She buys the MLB for 80.

    In theory this process could result in the price of an certificate being reduced to zero. If this happens the player immediately after the player who last bought must take that certificate.

    This process continues until the Start Packet is completely sold out. [After the Start Packet sells out, discounts are no longer offered]. Should all players pass in turn at any point after this, the First Stock Round ends. This is also true for any stock round after this. The player immediately to the left of the last player to buy receives the priority card (Erstkaufsrecht) for the next stock round.

  8. All the coal companies will operate in the first operating round, and each begins the game with an initial capital of 100K regardless of purchase price. This money is taken from the Bank and placed in their respective treasuries.

    The Minor Companies of the Southern National Railway which were acquired with the purchase of one of the private companies (Gebirgsbahnen) will also operate in the first operating round. These minor companies have orange company charters, and each one receives 90K from the Bank as starting capital. This money is placed in their respective treasuries and each minor's home token (orange in color) is placed on the map to mark each company's home station. The owner of the Venice-Lombardy Railway (#5) must then decide which city (Milan or Venice) to take as its home station. The token for the Venice-Lombardy Railway (#5) is then placed on this city. This decision must be made before the first tile is laid and may not be changed thereafter.

  9. The first operating round follows immediately with the game beginning in phase one.

    However, before going further we shall look at what may be bought in the first stock round.

II. Private, Coal and Minor Companies

Neither private, coal, nor minor companies companies may be sold.

  1. Private Companies (Gebirgsbahnen)

    There are seven private companies. They neither lay tiles nor own trains. At the start of each operating round each private company pays its owner a fixed income, which is paid by the Bank.

    Name

    Cost

    Income

    Semmeringbahn

    150k

    5k

    Karstbahn

    110k

    10k

    Brennerbahn

    140k

    15k

    Arlbergbahn

    185k

    20k

    Karawankenbahn

    170k

    25k

    Wocheinerbahn

    130k

    30k

    Tauernbahn

    150k

    35k

    The private companies close at the start of Phase Three.

  2. Coal Companies (Kohlebahnen)

    Coal companies are owned by a single player, but during an operating round they operate in the same way as the major corporations.

    Coal companies may only own freight trains ["G" trains]. They are not required to own a train.

    Each coal company carries with it an option on a 10% share certificate of one of the major corporations. The logo of each respective major corporation is shown on the coal company's operations card. At the beginning of the operating round immediately after at least 50% of the corresponding major corporation's shares have been bought from the initial offering, a player may exchange that coal company's operations card for one of the specially designated "exchange certificates" (Austauschaktie) of that major company. Subsequently, the player has the opportunity of making the exchange at the start of each operating round or stock round. If, at the beginning of any operating round, no shares of that major corporation remain in the initial public offering (all sold out), the exchange must take place. Upon the purchase of the first "5" train, this exchange must take place, even if the initial public offering has not yet sold out. If the corresponding major corporation is not yet in operation, the player still receives the designated "exchange certificate."

    Each Coal Company begins with an operating capital of 100 Kronen. In each operating round 50% of the company's earnings from cities and towns, are paid to the owner and the other 50% is retained by the company. The value of the coal mine from which the train runs is also paid to the treasury of the coal company which operated the train.

  3. Minor Companies

    The minor companies operate before the major corporations. They operate like the major corporations, i.e. they lay tiles and buy and operate trains.

    At an appointed time in the game each minor company certificate will be exchanged for a share of its associated major corporation.

    Each minor company is privately owned (by either one or two players). They may not be sold and their certificates have no value in and of themselves. In each operating round 50% of their earnings are paid to their owners and 50% is retained by the company.

    Minor companies may not place additional station markers and they are not required to own a train.

    There are three groups of minor companies.

    3.1. Minor Companies of the Southern National Railway

    Number

    Name

    Home Station

    1

    Vienna-Gloggnitzer Railway

    Vienna

    2

    Kaerntner Railway

    Marburg

    3

    North Tyrol Railway

    Innsbruck

    4

    South Tyrol Railway

    Bozen

    5

    Venice-Lombardy Railway

    Milan or Venice

    The Minor Companies of the Southern National Railway are acquired with the private companies. Each receives 90K as their starting capital. Later in the game each certificate will be converted into a share of the Southern National Railway.

    3.2. Minor Companies of the k.k. National Railway

    Number

    Name

    Cost

    1

    Kaiser Ferdinand-North Railway

    90

    2

    Kaiserin Elizabeth-Railway

    140

    3

    Kaiser Franz Joseph-Railway

    90

    All the Minor Companies of the k.k-National Railway start in Vienna (Wien). The purchase price is as printed on the certificates. Later in the game, each share will be converted into a share of the k.k. National Railway.

    3.3. Minor Companies of the Hungarian National Railway

    Number

    Name

    Home Station

    1

    Pest-Waitzen Railway

    Budapest

    2

    Mohacs-Fuenfkirchner Bahn

    Fuenfkirchen

    3

    Pest-Czegled Railway

    Budapest

    The purchase price of each certificate is 90K.

    Minor companies #1 and #3 each have two 25% certificates for sale. Therefore, two different players may each have an interest in each of these minor companies. Each 25% certificate entitles the owner of that certificate to 25% of the revenue generated by the corresponding minor company in each operating round. The remaining 50% is retained by the company. Minor #2 of the Hungarian National Railway has only one 50% share.

    Later in the game each certificate will be converted into a share of the Hungarian National Railway.

    Minors #1 and #3 are floated with the purchase of their respective director's certificates (25%) . Each receives its starting capital of 180K. Minor #2 receives only 90K as its starting capital.

III. The Major Corporations

  1. With a share certificate the player obtains ownership of a percentage of a major company. The following companies may be formed during the course of the game.

    Name

    Home Station

    Shares for Sale

    Tokens

    k.k. National Railway

    Vienna

    70%

    3

    Hungarian National Railway

    Budapest

    50%

    3

    Southern National Railway

    Vienna

    50%

    5

    Bohemian Commerce Railway

    Prague

    80%

    3

    Moravian-Silesian Railway

    Bruenn

    80%

    3

    Galician Transverse Railway

    Tarnopol

    100

    3

    Carl Ludwigs-Bahn

    Lemberg

    90%

    3

    Theiss Bahn

    Kaschau

    80%

    3

    Siebenbuergische Railway

    Kronstadt

    80%

    3

    Bosnia-Herzegovina National Railway

    Sarajewo

    90%

    3

  2. The owner of a share receives a dividend each operating round, provided the director does not decide to retain the income for the company. Shares in major corporations may be sold.

    Each major corporation has a director. The player who buys the 20% director's certificate is the director of that corporation. (The director's certificate for each of the k.k. National Railway, the Hungarian National Railway and the Southern National Railway is only a 10% share.) This player remains the director of the corporation until another player obtains a larger percentage of the corporation than that of the current director. The director is solely responsible for the operation of that corporation.

  3. If another player obtains a larger percentage of a corporation than the current director (either as a result of purchase or sale), a change of director takes place. No change takes place if the percentages are the same.

    [When a change of directors takes place], the player with the highest percentage share of the corporation becomes the new director of that corporation. If several players have an equal percentage, then the first such player next in line to the left of the previous director takes over.

    A director may only voluntarily give up the directorship of a corporation by selling shares to the Bank. For this to happen, another player must own at least 20% of the same corporation (or only 10% of one of the three companies mentioned above) and the current director must be able to sell enough shares to the Bank [to bring his or her holding in that company lower than that of another player]. The director's certificate may only be sold to the Bank Pool if a player goes bankrupt [through the forced sale of shares to finance the purchase of a locomotive].

    The old director hands the director's certificate to the new director and receives in return the same percentage in ordinary shares. The old director also hands over the corporation's company charter, together with all its cash and assets.

IV. Operating Rounds

  1. During an operating round, the players do not act directly, but rather through the companies --- the coal companies, the minor companies and the major corporations. The owner controls the actions of the minor and coal companies which have a single owner and the director controls the actions of the remaining companies and corporations.

  2. Order of Play During Operating Rounds

    2.1. The Bank pays the owners of the private companies their respective fixed incomes.

    2.2. Next those coal companies that are still operational take their turns, doing so in the following order:
    1. EPP, 2. RGTE, 3. EOD, 4. EKT, 5. MLB, 6. ZKB, 7. SPB, 8. LRB, 9. BB, 10. EHS

    2.3. Then come the minor companies of the Southern National Railway in the order 1-5.

    2.4. Then the minor companies of the k.k. National Railway in the order 1-3.

    2.5. Then the minor companies of the Hungarian National Railway in the order 1-3.

    2.6. Finally, the operational major corporations take their turns in order of share price, highest first. Should two companies have an equal share value, the company whose marker lies furthest to the right operates first. Should two companies have markers on the same space, the company whose marker is uppermost operates first.

  3. Order of Company Actions During Operating Rounds

    Coal companies, minor companies and major corporations may carry out the following operations during an operating round. These actions must be carried out in the order given.

    3.1. Companies may lay a yellow tile (Rule V) or promote a tile in phase two or three of the game (see Rule VI). This action is not mandatory.

    3.2. Major corporations may purchase and place a station marker subject to the rules for such placements (Rule VII). [Coal companies and minor companies may not do this].

    3.3. Trains which the company owns may now be operated. (Rule VIII).

    3.4. Calculate the total revenue and either pay out dividends or withhold (Rule IX).

    3.5. Alter the share price of the corresponding major corporation on the share price index (Rule X).

    3.6. Purchase and voluntarily surrender trains (Rule XI).

    3.7. The effects, if any, of the purchase of any new trains must be carried out (Rule XII).

    3.8. The operating round ends when all the minor and major companies have operated. Either a stock round or another operating round then follows. (see Rule XIII.5).

V. Laying Tiles

  1. Yellow tiles may be laid directly onto the hexes printed on the map and represent railway track. Hexes printed in brown contain previously laid track and may not be built on. Yellow hexes [with pre-printed track] may only have green tiles laid on them in phases two and three of the game, when such are available. [Dark] green hexes [with pre-printed track] may only have brown tiles laid on them in phase three, when such are available.

  2. Each coal company, minor company or major corporation that is operational may lay tiles in each phase of the game.

  3. At the start of the game, [during phase one], only yellow tiles are available and these may be laid directly on to the map [on the light green hexes]. The track on the tile must be a continuation of a route already available to the company or corporation building it. The new track must lead off from a token of that company and may not be laid if a token of another company or corporation blocks the route.

  4. On its first turn a company or corporation may either lay a city tile on its starting hex or extend previously existing track if its home hex already has track on it (printed or previously laid by another company or corporation).

  5. On hexes with no markings only track with no stations may be laid.

  6. On a hex with a small town (black dot) only a tile with a small station (black cross bar) may be laid.

  7. On a city hex (one with a white circle) only a tile with a large station (also a circle) may be laid.

  8. On city hexes which contain one of the letters X, T or Y only a tile with a large station and the corresponding letter may be laid.

  9. Hexes with two black dots contain two towns and require tiles that have two small stations (black crossbars) and two separate sections of track [for example, tile #1 or #2]. Only one of these separate tracks need be a continuation of a previous route.

  10. Hexes with two large white circles contain two cities and require tiles with two large stations and two separate sections of track [for example, tile #404. Only one of these separate tracks need be a continuation of a previous route].

  11. No tile may be laid in such a fashion that one or more tracks run into the sea or off the edge of the map. Track may not be laid to run into one of the blank sides of a [pre-printed] brown hex.

  12. A tile may be laid so that it does not connect with track on adjacent tiles [provided that all other rules have been observed].

  13. Building on hexes containing mountains or rivers entails costs which must be paid when the first tile is laid on that hex. The cost of each such hex is printed on the map. These costs must be paid from the treasury of the company or corporation placing the tile and must be paid before the tile is laid.

  14. Hexes which contain the name of a private company [are controlled initially by the owner of that private company. If the same player is also the owner of a company or the director of a major corporation, during that company's or corporation's turn, the company or corporation may place a tile on that hex free of charge (subject to the normal rules for the placement of tiles). Laying a tile on a private company's hex is considered the normal tile lay of that company or corporation for that turn. In other words, no company or corporation may lay two tiles in one turn by using this special power. This special power may be exercised in any phase, including phase one.] Beginning in phase two, other companies or corporations [owned or operated by someone other than the owner of the corresponding private company] may place a tile on one of these hexes upon payment of the price printed there (110K) [(again subject to the normal rules governing the placement of tiles)].

  15. The pale yellow hexes in Bosnia-Herzegovina may not be built on until phase two, at which point they are treated in the same fashion as the pale green hexes, that is to say they can have yellow tiles placed on them.

VI. Promotion of Tiles

  1. Instead of laying a new tile a company may promote an existing tile, yellow to green, or green to brown. Green tiles become available at the start of phase two; brown ones at the start of phase three. Once introduced, these tiles remain available throughout the rest of the game. Some tiles, however, may not be promoted (see the tile promotion chart --- Gleisaustauschtabelle). A company or corporation may only promote a tile if the new track so formed conforms with the normal rules for building track. Consequently one may only promote a tile if some of the new track on the new tile could hypothetically be used [given a sufficiently powerful train].

  2. Existing track must be preserved during a tile promotion.

  3. Tiles without stations may not be replaced by tiles with stations. In the same way, tiles with towns may not be converted to cities (or vice versa) and single cities may not be converted to double cities (or vice versa). Tiles with stations marked T, X or Y may only be promoted to tiles with the same corresponding letter. Tiles with two separate cities may only be replaced by a tile that also has two separate cities.

  4. When a green tile which has both track through a town and a branch [which bypasses the town] is used for a promotion, the town must remain on the same stretch of track. [So, for example, tile #58 to tile #420 is legal, but tile #58 to tile #410 is not: the town cannot move from the curved piece of track to the straight one.]

  5. Promotion of a tile may result in an increase in the number of stations in a city on that tile. If a free space is so created, then any company or corporation may run trains through that city, and any company or corporation may also build beyond the previously blocked city [subject to the other rules for the placement of tiles].

  6. Tiles which have been replaced are once again available for building.

  7. Map hexes that are printed in yellow or dark green and have track printed on them may also have green or brown tiles laid on them respectively. This counts as a tile promotion.

VII. Placing Tokens

Each company or corporation begins with a token on its home station. The major corporations may also lay additional tokens. Tokens have the following purposes.
  1. Each route run by a company's or corporation's trains must include at least one station occupied by that company's or corporation's tokens.

  2. If a town's stations are all occupied by tokens of companies or corporations, then companies or corporations without a token in that town may only run train routes to, but not through that town.

  3. Every route built by a company must be connected to a token of that company.

  4. The home token is placed free of charge. [For major corporations], a second token costs 20K times the distance in hexes from the home token to the hex which will contain the new token. Placement of a third token costs 40K times the distance in hexes between the home station and the hex which will contain the new token. This cost must be paid immediately from the major corporation's treasury to the Bank.

    Example: The Southern National Railway wishes to place a station marker in Krakow. It is its first extra station. Krakow is five hexes from Vienna and so the cost is 100K.

  5. A company may place only one token each turn. The home token does not count towards this limit.

  6. A token may be placed on a free station of a city [where a white circle exists]. A corporation may not place more than one token on a hex or tile, even though the tile may have several separate cities or one city with several additional free positions.

  7. A token may only be placed on a free station that is connected to an existing token of that corporation (the connection may be arbitrarily long). The connecting route must not be blocked by tokens of other companies or corporations. Backtracking is allowed [in the tracing of such a route] for this purpose [only].

  8. No corporation may lay a token on a free station which is the home base of another corporation which is not yet in operation unless at least one station in that hex remains free for that corporation.

  9. The minor companies of the Southern National Railway, k.k. National Railway and Hungarian National Railway may only place their home token. These will eventually be replaced by tokens of the corresponding major corporation. If this results in more than one token of the same corporation on the same tile, any extra tokens must be removed without compensation. Any free station(s) thus created are then available to the other corporations. When Vienna (Wien) is upgraded to a brown tile, the three tokens of the k.k. National Railway are replaced with one and this token is placed on the station that has track leading away in three directions. The k.k. National Railway is the only corporation that is allowed to run trains through Vienna.

    The Southern National Railway [after its formation] has one extra token to be used at its director's discretion. (Four of its five tokens were used [to replace the tokens of the minor companies] for the exchange [of stock certificates when the Southern National Railway was launched]).

    In the phase three, the k.k. National Railway has two tokens to be used at its director's discretion. It gains these once its three Vienna tokens have been combined into one [Vienna has been upgraded to a brown tile].

    In the phase three, the Hungarian National Railway has one marker to be used at its director's discretion. It gains this once Budapest [has been upgraded to a brown tile and] the two tokens there have been combined into one.

    All the other major companies have, in addition to their home token, two more tokens to be used at their director's discretion.

VIII. Running Trains

  1. A company may run each of its trains over one route per turn. Since the purchase of a train is the last action of a company's turn, a train may not be used in the same turn it is purchased.

  2. A route comprises at least two different towns or cities (a start and an end point) which are connected by track.

  3. Each route run must include a station occupied by a token of the company or corporation operating the train. [A coal mine is considered the home station for that corresponding coal company.]

  4. A route may include both cities and towns. A train may not include more towns or cities in its route than it is rated for (printed on the card). The various trains have the following ratings:

    Freight Trains (with a "G" next to the number) and Passenger Trains are used in the game.

    Passenger Trains: The number [rating] on the card is the [maximum] number of towns or cities that the specified train may run to or through. A "3" train may, for example, run a route from Vienna through Pressburg and end its run at Budapest but may not include a fourth town in its route. A "4+2" train may include four cities and two towns in its route. A town may be substituted for a city in a route for such a train, but not vice versa.

    Both towns and cities may be used as the starting and/or end points of a route.

    The letter "E" after a number denotes an Express Train. Such a train only includes cities as part of its route. Any towns included in its route are ignored, both for the calculation of the train's range and for the calculation of its revenue.

    Freight Trains: A freight train must begin its route from a coal mine. (Similarly, only freight trains may depart from a coal mine.) The coal mine does not count as a town. The number before the "G" is the number of cities that the freight train may include in its route. A freight train may include any number of towns in its route. Both towns and cities contribute towards the revenue generated by a freight train. A freight train may not include a second coal mine in its route.

    The number and cost of each type of train is as shown:

    Passenger Train

    Freight Train

    Type

    Cost

    Number Available

    Type

    Cost

    Number Available

    2

    90k

    14

    1G

    100k

    10

    3

    180k

    5

    2G

    230k

    6

    3+1

    280k

    2

    3G

    590k

    2

    4

    470k

    4

    4G

    1000k

    3

    4E

    500k

    1

    4+1

    530k

    1

    4+2

    560k

    1

    5

    800k

    2

    5E

    830k

    1

    5+2

    860k

    1

    5+3

    900k

    1

    5+4

    960k

    1

  5. A route must be continuous. It may not run through or to the same town or city more than once, including Vienna, even though it has several distinct stations. In phase two, both Buda and Pest may be counted [separately]. In practice, however, only the Hungarian National Railway minor companies #1 and #3 can take advantage of this. Therefore, it is possible for these two companies to operate a "2" train between Buda and Pest, earning 100K [with that train].

    [If two separate towns or cities are located on the same tile], it is permissible to include both towns or cities on that tile [if track exists linking the two cities or towns together. Examples of this are the Raab and Tatabanya hex just to the west of Budapest and the two small towns hex immediately to the west of that]. This right to visit both towns is lost if, as a result of a tile promotion, the two separate stations are replaced with one double station (happens only with small towns).

  6. A route may have as a start or end point a city which has no free stations. A train's route may not run through such a city [unless one of the tokens in that city belongs to the company or corporation operating the train].

  7. A route may run freely through a city which is not completely occupied with tokens [i.e. at least one free (open) station exists in that city].

  8. No route may use the same stretch of track more than once, no matter how small. Separate tracks on the same tile may be used in the same route [if they are connected by track external to that tile].

  9. A route which runs into a town or city may leave by any other available route.

  10. If a company owns more than one train, then each must run an entirely separate route, [no piece of track, however small, may be included in more than one of the company's routes]. Routes may cross or meet at towns or cities as long as they use separate tracks [to enter and/or leave the station]. For example, green tiles with branches may be used by exactly one train, because the two lines of track merge into one [at some point on the tile].

IX. Income Reckoning and Payment

  1. The revenue generated by a train is the sum of the values of all the towns or cities included in that train's route.

  2. The total revenue generated for a company or corporation [in an operating round] is the total of the revenue generated by each train operated by the company or corporation.

  3. The total revenue for each company or corporation is paid out by the Bank.

  4. Each coal company retains 50% of the revenue [generated by its train] in its treasury, the remaining 50% is paid to the owner [of that coal company].

  5. Each minor company of the Southern National Railway and the k.k.National Railway retains 50% of its earnings in its treasury, the remaining 50% is paid to the respective owners [of each minor company]. No other division of revenue is possible.

  6. Each of the minor companies of the Hungarian National Railway retains 50% of its earnings in its treasury and pays the other 50% in the correct proportions to its owner(s). Minors #1 and #3 pay 25% to the owner of each certificate [of which there are two]. Minor #2 [which has only one certificate] pays the full 50% to its owner.

  7. For major corporations the director decides how to divide the company's revenue for each operating round. The director may decide to pay either the entire revenue to the shareholders [as dividends], only 50% of the revenue to the shareholders [as dividends, retaining the remaining 50% in the corporation's treasury], or retain the entire revenue generated in that turn in its treasury. No other [partial] distribution of the revenue is possible.

  8. When a corporation declares a dividend, each shareholder each receives a percentage of the total dividend, with the percentage [of the dividend] equal to his or her fractional holding in that corporation.

  9. When a corporation declares a dividend and some of its shares lie in the Bank Pool, then the appropriate percentage of the dividend is paid into that corporation's treasury.

  10. Each minor company or major corporation may own one or more freight trains, which must begin their journeys from a coal mine. The value of the coal mine [from which the freight train departs] is not added to the revenue [generated by that freight train]; instead, this money [an amount equal to the value of the coal mine] is paid by the Bank into the treasury of the company or corporation [operating the freight train]. This payout is in addition to the 50% of the train revenue. The first value on each coal mine is used for phases one and two, with the second value used in phase three.

X. Share Price Changes

  1. If a company declares a 100% dividend, then its share price will increase. The share price marker is moved one hex to the right. When this is not possible it moves upwards and to the right (following the arrow). Once the marker reaches the top right corner of the Share Price Index, the share price can not increase further and the marker remains where it is.

  2. If a company declares a 50% dividend, the share price marker moves one hex diagonally down and to the right. If such a movement is not possible, the marker remains where it is.

  3. If a company retains the revenue for that turn in its treasury, then its share price will decrease. The share price marker is moved one hex to the left. When this is not possible it moves diagonally down and to the left (following the arrow). Once the marker reaches the bottom left-hand corner of the Share Price Index, the share price can fall no further and the marker remains where it is.

  4. If a marker is moved to an already occupied hex, then it is placed underneath the markers that are already there.

XI. Purchase of Trains

  1. Trains may be purchased at the end of a company's or corporation's turn and may not be used until the turn following their purchase.

  2. New trains are bought from the bank. The purchase price is printed on the train card. More than one train may be purchased during a company's or corporation's turn in an operating round.

  3. Once the game reaches phase two, trains may be bought from other companies or corporations. The purchase price is freely negotiable but must be announced to all the other players. Train purchases may only be carried out during the turn of the purchasing company.

  4. Each operational corporation must own a train at the end of its turn. If a major corporation begins its turn without a train, it must purchase one at the end of that turn. Coal companies and the minor companies of the Southern National Railway, k.k. National Railway and Hungarian National Railway may own trains but are not required to.

  5. New trains must be bought in order of size: first the "2" trains, then the "3" trains, then the "3+1", and so on. [New types of] freight trains become available after a specified type of passenger train is first sold. (See either rule XII or the phase change reference chart.)

  6. 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.

  7. The number of trains that a company or corporation may own is dependent on which phase the game is in. The actual number allowed is shown on the phase reference card. A company which already owns the maximum number of trains allowed for the current phase may voluntarily surrender one or more trains in order to buy new trains. In order to surrender a train voluntarily the company must pay half of that train's purchase price to the Bank. This amount must also be paid even if the voluntary surrender of a train allows the company or corporation to purchase a new train which would cause a phase change which would require the scrapping of enough of the company's trains to bring it below the limit. Trains which have been voluntarily surrendered are returned to the Bank [and are available for resale at full price as an alternative to the new trains on offer].

  8. If a phase change leaves a company or corporation with too many trains, then that company or corporation must surrender enough trains to the Bank (without compensation) [to bring its train holdings in line with the new limit]. The company or corporation pays nothing for such a compulsory surrender of a train. Trains surrendered to the Bank in this way are available for purchase at full price as an alternative to the new trains on offer.

  9. Trains may not be sold back to the Bank.
  10. [When buying a train from the bank,] companies and corporations pay the full list price [printed on the train card] from their treasuries. If the treasury of a coal or minor company does not contain enough money, that coal or minor company may not buy a train [from the bank].

  11. If a major corporation is required to buy a train but its treasury does not contain sufficient cash for the purchase, then the director must make up the difference from his or her own personal cash. If there is a choice of trains available (either from the Bank Pool or from another company) the director is free to decide which to buy. The director may not use personal cash to buy an additional train for the corporation, nor may the corporation receive any other form of direct assistance. [The director may only make up the difference between the purchase price and the treasury]. This means that the treasury of a corporation so assisted may not contain any cash after such a forced purchase. If the director's cash is insufficient to make up the difference, then he or she must immediately and out of turn sell sufficient shares to raise the cash. By the sale of such shares, all the rules relating to the sale of shares must be followed. The director may only sell shares in the stricken corporation if the sale of such shares does not result in a change of directorship. If a director cannot raise the necessary capital through the sale of shares, he or she is declared bankrupt and leaves the game. Any remaining shares (which may be at most 50% of the beleaguered corporation) are taken over by the Bank. The Bank then finances the remainder. The player who now holds the largest percentage of the company takes over control of the corporation. If two or more players tie for the position of the largest percentage, control goes to whichever of the tied players is either the holder of the priority card or the first to the left of the holder of the priority card. If no one owns any shares in that corporation, the holder of the priority card takes over the running of the corporation. The director's certificate is left in the Bank Pool, where it is available for purchase in the next stock round. A player who is also the owner of an operational coal or minor company or the director of another corporation in addition to being the director of a stricken corporation may arrange a sale between companies or corporations but need not. If the Bank has financed the purchase of a train [in a forced purchase], that corporation may not pay out dividends until the amount financed has been repaid. The effect of this enforced withholding on the corporation's share price is the same as if the corporation had voluntarily withheld dividends.

XII. Phase Changes as a Result of Train Purchase

  1. With the sale of the first "3" train, the game enters phase two. This means that the green tiles are available and yellow tiles may be promoted. Trains may now be purchased from other companies or corporations. After the end of a stock round there will be two operating rounds [before the next stock round]. Tiles may now be laid in Bosnia-Herzegovina. The train limit for major corporations is reduced to three.

  2. With the sale of the first "3+1" train, the train limit for each coal company and minor company is reduced to one.

  3. With the sale of the first "4" train, all "2" trains are scrapped. The "3G" trains become available and may be purchased once all the new "1G" trains and "2G" trains have been sold. With the sale of the first "3G" train, the "1G" trains are scrapped.

    Italy is now off limits. All tiles on Italian soil are removed. The green station tile for Bozen is placed on the city of Bozen. [This tile has the letters Bo on it and is numbered 426.] Tiles may no longer be laid in Italy.

    The minor companies of the Southern National Railway are closed and the Southern National Railway is launched. Players exchange each of their minor company charters for a 10% exchange share of the Southern National Railway. The player with the most shares in the Southern National Railway becomes the director of that corporation. In the event of a tie, the tied player who had the minor Southern National Railway with the lowest number becomes the director.

    The share price marker of the Southern National Railway is placed on the hex marked with its coat of arms, and the company receives 710K as its operating capital in its treasury. It also takes over the trains and treasuries of the minor companies which folded into it. The tokens of the minor companies [#1 through #4] are replaced by tokens of the Southern National Railway.

    It is a fundamental principle that a player may not gain a double profit or double income through exchanging a minor for a share during an operating round. [Therefore the Southern National Railway will not be able to operate trains in this operating round which have already been used by its minor companies. Nor will it be able to pay out to those shares which were exchanged for minor companies which have already operated].

    The owner of the Kaiser Ferdinand Nordbahn (k.k. National Railway #1) may now declare the k.k. National Railway open. If the k.k. National Railway opens at this time, the company charter of minor #1 is exchanged for the director's certificate of the k.k. National Railway. The director of the k.k. National Railway (former owner of minor #1) then asks the owners of the other two k.k. minor companies [#2 and #3] if they wish to convert their companies into shares in the k.k. National Railway. Those that wish to convert hand over the assets of their minor company to the k.k. National Railway and receive in return one of the 10% "exchange certificates" (Austauschaktie). The formation of the k.k. National Railway is then handled in the same manner as was used with the Southern National Railway. The k.k. National Railway may be formed and operate normally even though none of its shares have been bought from the initial offering.

    [Minor companies of the k.k. National Railway which are not absorbed at this time continue to operate in the usual way and may convert at the start of any stock or operating round until this conversion is forced].

    If the owner of the k.k. National minor #1 chooses not to open the k.k.National Railway at this point, the opportunity to do so presents itself again at the beginning of each operating round or stock round. [The owners of the other two minor companies of the k.k. National Railway also have the same option after the k.k. National Railway has been declared open.]

    The train limit for both the Southern National Railway and the k.k. National Railway [in this phase of the game] is 4.

  4. With the sale of the first "4E" train, the Director of the Pest-Waitzen Railway may declare the Hungarian National Railway open. This is handled in the same manner as the opening of the k.k. National Railway.

  5. With the sale of the first "4+1" train, the k.k. National Railway must be formed if this has not already happened. [Any unconverted minor companies of the k.k. National Railway must convert at this time.]

  6. With the sale of the first "5" train, the game enters phase three. This means that the brown tiles are available and green tiles may be promoted. After the next stock round there will be three operating rounds before the next stock round.

    All the "3" trains are scrapped. The "4G" trains become available and may be purchased [once all the new "3G" trains have been sold]. With the sale of the first "4G" train, the "2G" trains are scrapped.

    The Hungarian National Railway must be formed if this has not already happened. [Any unconverted minor companies of the Hungarian National Railway must convert at this time].

    All remaining coal companies are exchanged for shares of their respective major corporations, and all private companies are closed.

    New train limits take effect. For the Southern National Railway, k.k. National Railway and Hungarian National Railway the limit is three trains. All other corporations have a limit of two trains.

  7. With the sale of the first "5+2" train, the "3+1" trains are scrapped.

XIII. Stock Rounds

  1. During a stock round players may buy and sell shares. Each transaction takes place between the player and the Bank. [Players may not sell shares to each other]. New shares are bought from the Bank at the price set when the company is formed. The price of old shares is determined by the position of that company's share price marker on the share price chart. Any transaction involving old shares takes place at this price.

  2. The player with the priority card begins each stock round. After each player completes a turn, the next player to the left [in a clockwise fashion] then takes a turn. Once all players have passed consecutively the round is at an end. The player to the left of the last player to buy something receives the priority card and will start the next stock round.

  3. If no shares are bought in a stock round, the priority card stays with its current holder.

  4. If at the end of a stock round all the shares of an operational corporation are held by players, the share price of that corporation will rise. [The rule for this upward price movement is as follows:] If one player (the director) owns 50% or 60% of one such corporation's shares, then the price marker of that corporation moves diagonally up to the left; if no player owns 50% or more of that corporation's shares, then the price marker is moved diagonally up to the right. If the movement described is not possible for a particular marker, then it stays where it is.

  5. There then follows at least one operating round. In phase one, only one operating round is played before the next stock round. In phase two, two operating rounds, and in phase three, three operating rounds.

XIV. Options for a Player during a Share Buying Round

  1. In each turn of a stock round a player may buy one certificate and may sell as many shares as desired. Either or both actions may be carried out in any order. If a player chooses not to or cannot take one of these actions, he or she must pass. During a stock round a player will normally have several opportunities to buy and/or sell shares.

  2. Purchases

    2.1. A player may buy either new certificates [from the initial offering] or, if available, old certificates which are in the Bank Pool.

    2.2. After a player has sold one or more shares in given corporation he or she may not buy any more shares of that company during the current stock round. Only in the next stock round may that player again buy shares in the affected corporation.

    2.3. If a player buys [or sells a share], he or she is guaranteed the opportunity to buy or sell shares again, [since the round does not end until all players have passed consecutively].

    2.4. As long as certificates from the Starting Packet remain unsold, players may only buy certificates from that source.

    2.5. Shares in the Bank Pool are available as an alternative to new shares.

    2.6. Once all the certificates in the Starting Packet have been sold, the certificates of the other minor companies are for sale, in the following order: First the three minor companies of the k.k. National Railway go on offer. Once these three have been sold, the five certificates of the minor companies of the Hungarian National Railway go on offer. In the case of minor companies #1 and #3 of the Hungarian National Railway, the director's certificate must be bought before the second 25% certificate [of that minor company].

    2.7. Once the certificates of the minor companies are all sold, the shares of all the major corporations are available for purchase. A player may buy shares from any of the corporations.

    2.8. With the exception of the any of the national railways, the first share certificate bought in a major corporation must be the director's certificate. The player who buys this certificate sets the initial share price for that corporation. Seven initial prices are available to choose from, but only two companies may use each price. [See the table under the game title on the map and the light grey starting hexes on the share price chart.]

    2.9. The major corporations fall into two groups:
    (1) The Southern National Railway, the K.K. National Railway, and the Hungarian National Railway.
    (2) All other major corporations

    2.10. For the second group the rules are as follows:
    (1) The first share bought is the 20% Director's Share Certificate.
    (2) As soon as 50% of the company has been sold the company floats and will be active in the next operating round.

    2.11. For the first group the rules are as follows:
    (1) The shares are available for purchase [as soon as the minor companies of the k.k. National Railway and Hungarian National Railway have been sold].
    (2) The company does not become operational until the owner of the relevant minor company #1 exchanges the minor company charter for the relevant director's certificate.

    2.12. No player may own more than 60% of a major company at any time during a share buying round.

  3. Share Certificate Limits

    No player may own more certificates than shown on the share limit table. Shares in companies whose share price marker is on one of the dark grey hexes in the bottom left-hand section of the share price chart do not count towards the share certificate limit.

  4. Flotation of Companies

    The flotation procedures for the k.k. National Railway, Southern National Railway and Hungarian National Railway are described in rule XIII. For the other major corporations the procedure is as follows:

    4.1. As soon as 50% of a corporation's shares have been bought [from the initial offering], it is floated and will be active during the next Operating Round. The director takes the charter and all the tokens for that company.

    4.2. A marker is placed on the share price index on the light grey hex which is marked with the initial share price of the company. If the hex already has a marker of another company on it, the new marker is placed under the old.

    4.3. A token [of the new corporation] is placed on the corporation's home station.

    4.4. Operating capital is paid by the Bank into the corporation's treasury. The initial operating capital is equal to the sum [of the initial values] of the shares that make up that corporation's initial offering.

    Example: The initial share price of the Siebenbuergischen Bahn has been set at 85K. 80% of the Siebenbuergischen Bahn are included in its initial offering (two 10% shares are reserved [for the exchange of coal mines]). The initial operating capital in this example is thus 8 X 85K = 680K.

  5. Exchanging Coal Companies for Shares in Major Companies

    5.1. After a stock round ends, meaning all players have passed in turn, and a new corporation has been floated, players owning coal companies associated with the new corporation have the option to exchange their coal companies for shares in the new corporation. [The major corporation associated with a particular coal company is indicated by a coat of arms on the coal company's certificate.]

    5.2. If a player exchanges a coal company for a share in the corresponding major company, proceed as follows:

    • All the operating capital possessed by the coal company is handed over to the major corporation.
    • All the trains of the coal company are handed over to the major corporation. If taking over these trains puts the major company over its train limit, the [director of that] corporation decides which of the trains the company will take over. Any it does not take over are surrendered to the Bank Pool, where they are available for sale to any other company or corporation [subject to the usual rules regarding the sale of trains].
    • The certificate of the coal company is exchanged for the corresponding exchange certificate (Austauschaktie).

    5.3. Since these exchanges take place at the start of an operating round, they do not count towards the 60% maximum holding that a player may own in a corporation. [However, the 60% restriction will come into effect in the next share buying round.]

    5.4. A player who chooses not to make the exchange at this point [in the game] may do so at the beginning of each operating round and each stock round [that follows].

    5.5. If all the shares in a major corporation have been sold [from the initial offering], all coal companies associated with that major corporation must be traded in for shares of that corporation.

  6. Sales

    6.1. Only shares of major corporations may be sold. Minor companies, coal companies and private companies may not be sold.

    6.2. When a share is sold, it is placed in the Bank Pool and may then be bought by other players when it is their turn. The seller receives the share price [that was in effect immediately prior to the sale] from the Bank.

    6.3. A player may sell as many shares during their turn as they wish. The only exceptions are:,br.

    • No shares may be sold in a company if 50% of its shares are already in the Bank Pool.
    • No shares may be sold in a company which has not yet operated.
    • A director's share certificate may not be sold to the Bank.

    6.4. If, for example, as a result of a change of directorship, a player exceeds the share certificate limit, the situation must be rectified at the first available opportunity.

  7. Share Price Changes as a Result of Sales

    7.1. Every time shares of a corporation are sold, the share price marker for that corporation is moved diagonally down and to the left. The number of shares sold is not a factor. This price change takes place after the sale of the shares is complete.

    7.2. If several players sell shares in a corporation, or if one player sells on two or more occasions, then the share price marker is moved to the left and down each time.

    7.3. If the share price marker reaches one of the edges of the Share Price Index [either the bottom edge or the left-hand edge], it stays where it is.

XV. Game End

  1. When the Bank runs out of money, the current operating round is played to the end. Payouts after this may be noted on paper and added to a player's net worth after everything finishes.

  2. Calculation of net worth

    2.1. All players count up their cash on hand and add in any amounts that were noted on paper. Players should then add in the value of all shares they owned to their own personal totals.

    2.2. Corporation assets in the form of treasury or trains do not count.

    2.3. The player with the greatest total net worth wins the game.

Acknowledgment

This translation borrows from an earlier translation of the 1835 rules done by John Webley. Since 1837 uses many of the rules from 1835, using the translation of those rules that are in common proved to be very useful. The sections in the standard font, which are the rules that Leonhard took from 1835, referenced John's work. Stuart Dagger did the initial translation of the rules unique to 1837, and this proved to be valuable in this effort.

Go back to the main 1837 page.
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dmreed@bihs.net last updated 15 May 1996