18Texas Rulebook

Table of Contents

Table of Contents

• 1. Game Components
• 2. Introduction
• 3. The Map
• 4. The Stock Market
• 5. Private Companies
• 6. Public Companies
• 7. Setting Up the Game
• 8. Overview
• 9. Game Phases
• 10. Private Company Auction
• 11. Stock Rounds
  • 11.1 Selling Stock
  • 11.2 Buying Stock
  • 11.3 Ending the Stock Round
• 12. Operating Rounds
  • 12.1 Routes
  • 12.2 Lay or Upgrade Track
  • 12.3 Place Station Marker
  • 12.4 Run Train(s)
  • 12.5 Pay Dividends
  • 12.6 Purchase Trains
  • 12.7 Issue or Redeem Stock
• 13. Ending the Game
• 14. Etiquette
• Tile Manifest and Upgrade Chart

1. Game Components

• 1 map board with stock market and earnings track
• 1 bank pool mat
• 6 public company charters
• 54 public company share certificate cards
• 20 train cards
• 5 private company cards
• 5 player order cards (numbered 1-5)
• 1 priority deal card
• 125 track tiles
• 36 public company tokens (5-7 for each company: one for the stock market, one for the earnings track, and 3-5 station markers)
• 1 round marker
• These rules
• A $8,000 bank, which must be provided by the players

2. Introduction

18Texas is a member of the "18xx" series of games. The series is based on 1829, by Francis Tresham. Three, four, or five players represent investors in railroad companies, spending their initial capital to buy wholly-owned private companies and shares in public companies. The public companies, each controlled by the largest shareholder (its president), build station markers, and track and run trains in order to earn revenues. These can be paid out as dividends to shareholders or retained to fund further track and rolling stock. A key feature of 18Texas, as with all the other games in the series, is that the interests of the president and the interests of its shareholders are not identical, so minority shareholders need to be careful in their investments. Being a president is not without its difficulties, either; bailing out an insolvent company is the sole responsibility of its president.

18Texas, while short by the standards of other members of the series, is a fairly long game. Experienced, brisk players can expect to take up to three hours to complete a game. Novices or more deliberate players might add an hour or three to that time.

The first uses of keywords in these rules are in bold.

3. The Map

The map shows much of the US state of Texas, with portions of bordering states to the east and north, and Mexico to the south. Superimposed on the map is a hex grid on which hexagonal track tiles may be laid. Coordinates are printed on the edges for reference purposes and postal play. The left side features an area to keep track of corporate earnings. Cities are represented by large circles or, in three cases, solid black dots. Destinations beyond the edge of the map are represented by red hexes, called red off-board hexes.

The map contains a number of terrain features. Water hexes are shown in blue and desert hexes are denoted by a green desert symbol. Building track in these regions costs the first company building there a fee of $40 or $60. The fee is marked on the board.

4. The Stock Market

The stock market is shown as a grid. The price of a company's shares (also known as the share price) is indicated by the company's stock market token on this chart. Each space shows the share value it represents. There are five pink areas which are the initial positions allowed for a company's stock market token. A company's stock market token may typically move up, down, left, or right.

The bank pool mat should reside near the game board. Shares sold to the bank are placed in the pool, and may then be bought by players or redeemed by public companies.

A small round tracker to keep track of stock rounds and operating rounds (explained later) is found near the top of the game board.

5. Private Companies

The game includes three, four, or five private companies, equal to the number of players.

The Buffalo Bayou, Brazos and Colorado Railway Company (BB-B&C), Galveston and Red River Railway Company (G&RRRC), and Jay Gould (JG) private companies are always used.

The International–Great Northern Railroad (I&GN) is used if there are four or five players.

The New Orleans Pacific Railroad (NOPR) company is used if there are five players.

These companies are each represented by a single certificate and, while "open," are always 100% owned by a single player. The certificates count towards the number of certificates owned by their owners. The companies pay a fixed income, printed on the certificate, to their owners each at the start of each operating round. They "close," and are removed from the game without compensation, at the start of Phase 5 (see section 9, Game Phases). This is the only way to dispose of a private company.

• P1 Buffalo Bayou, Brazos and Colorado Railway Company. Cost $50, Revenue $10. Blocks hex J13 until Phase 5.
• P2 Galveston and Red River Railway Company. Cost $80, Revenue $20. From Phase 3 on, in hex I14 (Houston), the owning president may upgrade to a #511 tile (at no cost) and place a station marker as the respective operation steps of a company for which they are president. The company does not need to have a route to this hex.
• P3 Jay Gould. Cost $200, Revenue $5. Comes with the 20% certificate of a public company randomly selected during game setup (see section 7).
• P4 International–Great Northern Railroad. Cost $210, Revenue $30. Only used in four and five player games. Comes with a 10% certificate of the randomly selected "Jay Gould" public company. From Phase 3 on, the owning president may place two tiles in the I&GN hexes (D13 and E12) during the tile laying step of a public company for which they are president. The tiles must both be placed and their track must connect to each other. This tile lay is in addition to the normal tile lay of the public company.
• P5 New Orleans Pacific Railroad. Cost $240, Revenue $40. Only used in five player games. Comes with a 10% certificate of the randomly selected "Jay Gould" public company. In hex J5 (San Antonio), the owning president may upgrade to a #511 tile and place a station marker as the respective operation steps of a company for which they are president. The company does not need to have a route to this hex and the hex may be unbuilt or have a yellow tile.

6. Public Companies

There are six public companies included in the game. Players may invest in these companies by buying share certificates in each company. Each company's stock comprises nine share certificates, one of which represents 20% of the total share in the company. This certificate is held by the majority stockholder in the company (the president), and is called the president's certificate. All other share certificates represent 10%.

The president of each company controls its actions. Each company may build track on the map, build stations on cities, buy trains, and run them. The profits may be paid, wholly or partly, as a dividend (paid to players) or retained (kept in the treasury). These actions are common to most games in the 18xx series. In addition, a company receives half its own stock to hold when it floats. This stock may then be bought by players, and the company may also buy (redeem) its own stock from the bank pool.

The actions of the company may cause its share price to rise or fall on the stock market.

After the private company auction, between two and four shares (depending on the number of players) of one randomly selected company will be held by players. Players may invest in both this and the other companies as long as funds and the rules permit.

The following public companies are available in the game. The token fee is explained in section 11.2, Buying Stock.

Company	Color	Stations	Token fee
Texas and Pacific Railway	Purple	5	$140
Southern Pacific Railroad	Orange	5	$140
Missouri–Kansas–Texas Railway	Green	4	$100
Missouri Pacific Railroad	Red	4	$100
St. Louis Southwestern Railway	Blue	3	$60
San Antonio and Aransas Pass Railway	Black	3	$60

7. Setting Up the Game

Lay the map board and bank pool open on the table between the players. Place the share certificates in stacks near the board. Each stack of share certificates should be arranged with the president's certificate on top. Place trains on the board space labeled "Future Trains," sorted in order with the lower number trains on the top and so on. Move the 2-trains to the "Available Trains" space and spread them slightly to show how many there are. Place the money, sorted by denomination, and the track tiles, sorted by type, by the board. At the start of the game, only the yellow track tiles will be used, but the other tiles should be available for inspection.

Place the station markers, share price markers, and earnings markers for each company by the board, near the share certificates. Place the public company charters nearby. Place the round marker on the operating round space marked stock round. Each player should have enough room for two or three company charters and a dozen or so certificates, and a pile of money. Most players will find writing materials and a calculator useful. Appoint one or two players to be the banker; they will bear responsibility for conducting transactions with the bank.

The number of private companies in the game is equal to the number of players. If there are only three players use the BB-B&C, G&RRRC, and JG. If there is a fourth player, add the I&GN. If there is a fifth player, add the NOPR. Set aside any unused private companies; they are not used in the game.

Distribute the starting capital to each player.

• $500 each for 3 players
• $430 each for 4 players
• $400 each for 5 players

Determine seating order at random (the player number cards can be used for this purpose) or by mutual agreement. Set out the private companies and conduct the private company auction.

8. Overview

The game begins with a private company auction (see section 10). Then the game proceeds in a series of alternating stock rounds and sets of operating rounds. During stock rounds, players buy and sell shares in the six public companies. During operating rounds, private companies earn revenues, and the public companies lay track, place station markers, operate trains to earn revenues, and purchase more trains. The number of operating rounds between stock rounds depends on the current phase of the game; one in Phase 2, two in Phases 3 and 4, and three thereafter. The game starts in Phase 2, reflecting the fact that the first train is a 2-train. The change in the number of operating rounds per stock round only occurs after the next stock round, despite phase changes occurring during operating rounds. See section 12.6, Purchase Trains, and section 9, Game Phases, for details.

9. Game Phases

The game starts in Phase 2. During Phase 2:

• Yellow track is available
• Companies may lay one or two yellow track tiles each round
• Red off-board hexes and tan hexes count the lower value
• Companies may own no more than four trains
• There is one operating round between stock rounds

Phase 3 starts on the purchase of the first 3-train. Following the next and subsequent stock rounds after the start of Phase 3 there will be two operating rounds. During Phase 3:

• Yellow and green track is available
• Companies may lay one or two yellow track tiles, or upgrade one tile, per round
• Red off-board hexes and tan hexes count the lower value
• Companies may own no more than four trains

Phase 4 starts on the purchase of the first 4-train. At the start of Phase 4, 2-trains become obsolete and are eliminated without compensation. During Phase 4:

• Yellow and green track is available
• Companies may lay one or two yellow track tiles, or upgrade one tile, per round.
• Red off-board hexes and tan hexes count the lower value
• Companies may own no more than three trains

Phase 5 starts on the purchase of the first 5-train. At the start of Phase 5, all private companies close, and are eliminated without compensation. Following the next and subsequent stock rounds after the start of Phase 5 there will be three operating rounds. During Phase 5:

• Yellow, green, and brown track is available
• Companies may lay one or two yellow track tiles, or upgrade one tile, per round
• Red off board hexes and tan hexes count the higher value
• Companies may own no more than two trains

Phase 6 starts on the purchase of the first 6-train. At the start of Phase 6, 3-trains become obsolete and are eliminated without compensation. During Phase 6:

• Yellow, green, and brown track is available
• Companies may lay one or two yellow track tiles, or upgrade one tile, per round
• Red off-board hexes and tan hexes count the higher value
• Companies may own no more than two trains

Phase 8 starts on the purchase of the first 8-train. At the start of Phase 8, 4-trains become obsolete and are eliminated without compensation. During Phase 8:

• Yellow, green, brown, and gray track is available
• Companies may lay one or two yellow track tiles, or upgrade one tile, per round
• Red off-board hexes and tan hexes count the higher value
• Companies may own no more than two trains

10. Private Company Auction

During the private company auction, players bid on the private companies. Each player will leave the auction having bought exactly one private company.

The first player begins by placing a bid on any private company. The bid may be any multiple of $5 that is at least face value. Then the turn passes to the player to the left. This player may either place a bid on a private company that has no bid or may overbid a bid that has been already made. An overbid cancels the previously winning bid for that item. Repeat this process. If on a player's turn, they already have a winning bid, they must pass. Repeat this process until all private companies have exactly one bid, at which time the auction immediately ends. Then all players pay their bid to the bank and take the private company card on which they bid.

The winner of the Jay Gould private company must set the value of the associated public company by placing its stock market token on any one of the pink squares on the stock market. They receive the 20% president's certificate of that company at no cost. If the I&GN/NOPR are in the game, the winner(s) of those companies receive a 10% share of the associated Jay Gould company. Give the winner of the Jay Gould private company the associated company charter and place money from the bank on it equal to the share value times the number of shares obtained in the auction.

Give the priority deal card to the player to the left of the player that placed the last bid and proceed to the first stock round.

11. Stock Rounds

A stock round consists of a series of turns, starting with the holder of the priority deal card and proceeding clockwise. On each turn, the player may sell any number of certificates, subject to the constraints set out below, and then may buy one certificate. A player doing neither is deemed to pass. The stock round ends only when all players pass consecutively. Thus, a player buying or selling stock is guaranteed another turn in the current round. At the end of a stock round, the player to the left of the last player to buy or sell stock in the round takes the priority deal card; if there were no transactions in the round, the priority deal card does not move.

All stock transfers in a stock round are done between a player and either the bank or a company. Players may never buy stock directly from one another.

11.1 Selling Stock

To sell shares, the player transfers any number of share certificates from their holdings into the bank pool, subject to the following constraints:

• Private companies may never be sold
• Shares in a company which has not yet completed its turn in an operating round may not be sold
• There may never be more than 50% of the shares of any company in the bank pool
• President's certificates may never end up in the bank pool

The player receives from the bank the current share price for each share sold.

If as a result of selling shares, the holding of a company president drops below that of another player (who must own at least 20% of the company), that other player becomes the new president. If there is more than one eligible player, the new president is the player with the largest holding, or, in the case of a tie, the tying player closest to the outgoing president's left. The outgoing president exchanges their president's certificate for two ordinary 10% shares of the affected company belonging to the new president. This exchange takes effect before resolving the rest of the sale. This is the only way a player can dispose of a president's certificate once it has been purchased; it must always remain in the hands of one of the players.

Selling shares normally causes the company's price to drop. This is done by moving the company's stock market token vertically down by a number of squares equal to the number of 10% shares sold, or to the bottom of the chart if there is insufficient room for the full drop. If the token is already at the bottom of the chart ("on the ledge"), it does not move. If the token moves to a square on the stock market which is already occupied by other stock market tokens, it is placed at the bottom of the pile; if the token remains on its original square, it retains its relative position in the pile. The player receives the original price for each of the shares sold.

If the player sells shares in more than one company in a single turn, they decide on which order to sell them; this will decide the order of companies whose stock market tokens drop to the same square.

The certificate limit varies based on the number of players:

• 3 players: 15 certificates
• 4 players: 12 certificates
• 5 players: 10 certificates

A player who owns stock in excess of the certificate limit (which can only happen legally if another player buys stock to cause a presidency transfer) must sell stock, if possible, to bring themself within the limit at their first opportunity in a stock round. If they can sell some stock, but not enough to bring themself within the limit, then they must sell what they can.

11.2 Buying Stock

To buy stock, the player whose turn it is transfers one certificate (which may be a president's certificate) from the piles of unopened company stock, an open company, or the bank pool, into their own holdings. Only one certificate may be bought per stock turn. If the certificate is from unopened company stock or the company treasury, then its price is paid to the company charter. If the certificate comes from the bank pool, then its price is paid to the bank. The president of the company concerned may not block the sale. In all cases, the price for the certificate is the current share price, or twice that for a president's certificate. Buying stock does not cause the current share price to change.

If the certificate being purchased is a president's certificate, the player must first set its initial price by placing the respective stock market token on any one of the pink squares on the stock market before paying twice that amount to the company's charter. If the selected square is already occupied, the new token goes at the bottom of the pile.

If the player buys the fourth certificate from the company (making 50% sold altogether) the company is floated, and the following actions are performed:

• The president receives the company charter, station markers, and the remaining five 10% stock certificates. Place the station markers and stock certificates on the relevant places on the charter.
• The company treasury now has five times the stock value and the president must pay (from the company's treasury) the token fee printed on the charter to the bank.
• One station marker is placed on the company's Home Station (in the marked location on the map).
• The stock market token moves one square upwards. If the new square is already occupied, the token goes at the bottom of the pile.
• The earnings marker is placed at the top of the earnings track.

If, as a result of a share purchase, the player's holding exceeds that of the current president, they become the new president, exchanging the president's certificate for two 10% shares of their own.

A player may not buy stock in any company of which they have sold stock earlier in the same stock round.

A player may never own more than 60% of any company.

A player may not purchase any certificate if their holdings already equal or exceed the current certificate limit, even if the purchase would cause a change of presidency and immediately reduce the player's holding back to the limit.

11.3 Ending the Stock Round

The stock round ends when all players pass consecutively. At the end of the stock round, if 100% of any company is in players' hands (i.e. there is no stock in the bank pool or company treasury), the stock market token for each such company rises one space vertically on the stock market, if possible. If the price is already on the top row, it does not move. All affected stock market tokens move simultaneously, and do not change relative order. If a company's token moves to a square which is already occupied, it goes at the bottom of the pile.

The round marker is moved to the appropriate operating round space - the yellow space in Phase 2, the green one in Phases 3 and 4, and the brown one in Phases 5-8.

12. Operating Rounds

In each operating round, every private company and floated company operates once. The private companies operate first, by paying their incomes to their owners. The company whose stock value is highest operates next, then the next-highest unoperated company, and so on. If the stock values of two or more companies are equal, then the one whose stock market token is furthest to the right operates first. If two or more stock market tokens are on the same square on the stock market, the one on top operates first. The decision about which company is to run next is deferred until the end of the previous company's operations; sales of stock during an operating round may affect this order.

When a company operates, it performs the following activities. Most are optional, but if done, they must occur in this order:

• Optionally lay or upgrade track
• Optionally place one station marker
• Run train(s), if any, to establish earnings
• Optionally pay dividends
• Buy train(s), usually optionally but sometimes compulsorily
• Optionally issue or redeem corporate stock

These activities are described in the next sections. All decisions made on behalf of the company are made solely by its president.

At the end of each operating round, the round marker is moved, following the arrows, to the next space.

12.1 Routes

The concept of a route is central to many of the activities of a company. A route of a company is a continuous length of track, including on it at least one city with a station marker on it belonging to the company. It may not reach or pass through any city, or reach any red off-board hex, more than once. Note that the two cities in the printed Dallas/Fort Worth hex are separate, and a route may pass from one to or through the other. A route may not pass through any city completely filled with station markers belonging to other companies, although it may terminate in such a city. It may not use any segment of track more than once, not even the small section of track at the junctions on some non-city tiles; this implies that it may not back-track over the sharp angle at such a junction. If a route visits a red off-board hex, it must terminate there.

12.2 Lay or Upgrade Track

In Phase 2, the active company may lay one or two yellow tiles per operating turn. In subsequent phases, it may lay one or two yellow tiles, or upgrade one yellow, green, or brown tile to green, brown, or gray respectively, when available. Green tiles are available from Phase 3, brown from Phase 5, and gray from Phase 8. When laying a yellow tile, it must be placed on and aligned with one of the pale green hexes on the map. While there is no track in the company's home hex, the company may lay any suitable city tile there, and may not lay a tile anywhere else. Otherwise, the track on the tile must be part of a route of the company. Note that Dallas/Fort Worth and Houston have track in their hexes at the start of the game. Track may not run off the hex grid, or into the blank side of a red hex or the Galveston hex (J15). If the hex is labeled with a sum of money, representing difficult terrain, the company must immediately pay that sum to the bank. If the map hex is marked with a large open circle, representing a city, then so must the tile; if the map hex is also marked with a Y then so must the tile, and Y tiles may not be laid in ordinary cities. If the map hex does not contain an open circle, then plain track (i.e., track without an open circle) must be used.

If two yellow tiles are laid, they may form part of the same route, or of different routes.

When upgrading track, the old tile is removed (and is available for reuse) and the new substituted. Plain track, normal city, and Y city tiles must be replaced with corresponding tiles. Track segments on the old tile must be represented, in the same orientations, on the new. For plain track upgrades, some part of the track on the new tile which is not on the old must be part of a route of the company. For city upgrades, at least some part of the track (not necessarily a new part) on the new tile must be part of a route of the company. If the tile has one or more station markers on it, they are replaced on the new tile. There is no charge for upgrading track on difficult terrain hexes.

The Dallas/Fort Worth and Houston hexes are treated specially. They act as if they already had a yellow Y city tile, and their first tile placement must be to have a green Y city tile placed upon them and some part of the track on the new tile must be part of a route of the company. This counts as an upgrade. These hexes then upgrade normally to brown and gray tiles.

The tile mix of all track tiles is intended to limit play. If a vital tile is in play, then it must first be upgraded in order to free it.

12.3 Place Station Marker

A company may place one of its station markers per operating round on a vacant city space which is on a route of the company. Each company has three to five station markers, one of which is placed on its home hex when the company floats.

One space on each company's home hex is reserved for that company and any other company must leave a space free if that company has not yet been floated. No more than one station marker of any company may be placed in any hex. The placement is done without charge to the company. Once placed, station markers may never be moved.

No station markers may be placed on Piedras Negras, Galveston, or Corpus Christi.

12.4 Run Train(s)

If the company has one or more trains, it runs them to establish earnings. Each train runs on a separate route; these routes may not share any track segments, but they may meet or cross at cities or red off-board hexes. The route may include no more cities and red off-board hexes than the number of the train, but must include at least two. It follows that a 2-train must visit exactly two. Intermediate cities may not be skipped.

The value of a route is equal to the sum of the values of the cities and red off-board hexes it passes through or reaches. The value of a city is the number printed in the small circle, and ranges from $10 to $60. The value of a red off-board hex and tan hex is one of the numbers printed in the rectangle; the lower value in Phases 2 to 4 and the higher value in Phases 5 to 8 (see section 9, Game Phases).

A company's earnings are the sum of the values of the routes run by its trains. The highest legal earnings announced by any player must be declared, but players are not obliged to announce earnings higher than those declared by the president.

Remember that tan hexes are cities. They function like other cities on the board including counting against the train's number.

The earnings marker should be placed on the earnings track to reflect the amount earned. This step can be omitted, but it serves to remind players later what each company's earnings were and hence speed up the game.

12.5 Pay Dividends

The company may keep all of its earnings, pay its earnings as dividends, or pay half (rounded up to the next multiple of $10) and keep the rest. 10% of the dividend is paid to the holder of each share. Payments for shares in the company treasury go to the company, while payments for shares in the bank pool are lost.

If the company keeps all of its earnings, or if the earnings are zero, its price marker is moved one square to the left on the stock market, or one square down if the current square is marked with a downwards-pointing arrow. Note that a company's price must fall in this manner during its first turn of operation, since it necessarily has no train. If the price marker is already at the bottom left, it does not move. If ten times the dividend per share equals or exceeds the current share price, the price marker is moved one square to the right, or up if the current square is marked with an upwards-pointing arrow. If the price marker is already at the top right, it does not move. In any case, if the price marker moves to a square which is already occupied, the marker goes to the bottom of the pile, and retains its position if it does not move.

12.6 Purchase Trains

If the company has fewer trains than the current limit, then it may purchase a train. The train may be from another company with the same president as the active company; the price is any amount, at least $1 and not exceeding the active company's treasury. The train may be any from another company with a different president with that president's consent, or the cheapest new train in the bank; the price paid must be the face value. The company may buy multiple trains each operating round if it has the room and resources, but the effects of each train purchase apply immediately after each is bought. A company currently below its train limit may purchase a train even if this triggers a phase change which causes the company to be over the limit. A company currently at the limit of trains may not buy one, even if the purchase would trigger a phase change and eliminate enough trains to make room.

Train	2-train	3-train	4-train	5-train	6-train	8-train
Count	5	4	3	2	2	4

If the company has a route on which it could legally run a train, but it has no train, it must buy one even if it has insufficient resources. If it does have the resources, it may arrange to buy a train from another company. Otherwise, it must buy the cheapest train from the bank and the president must make up the shortfall. If there are no new trains remaining in the bank, the company is absolved from the requirement to buy a train. A company is not compelled to buy a train from another company even if its price is lower than one from the bank. The company first uses its own money; stock in the company treasury is useless at this time. Then the president uses their own cash. If this is insufficient, they must sell stock. These stock sales are done immediately. The normal constraints on stock sales apply; additionally, the president must retain the president's certificate of the active company. The sales may be done in any order, and must stop as soon as the necessary cash is raised. As with sales in a stock round, the president receives the full value of each share sold (i.e. its value at the start of the train-buying action), even if the price drops as a result of those sales. If the president is unable to raise the purchase price of the train, they are bankrupt and the game is over.

If the purchase of a train lowers the train limit, companies with too many trains discard the excess from the game. If more than one company has excess trains, they decide which to discard in descending order of price. Of companies having the same price, those whose price is furthest right on the stock market discard first. Of companies with prices on the same square on the stock market, those whose tokens are on top discard first.

12.7 Issue or Redeem Stock

The company may either issue or redeem its own stock, but not both in one turn. Issued stock is transferred from the company treasury to the bank pool, and the company receives from the bank the current price for each 10% sold. Issuing stock may not cause more than 50% of the stock to be in the bank pool, and may not be done during a company's first operating turn. As in the case for sales, issuing stock normally causes the company's price to drop. This is done by moving the company's stock market token vertically down by a number of squares equal to the number of 10% shares issued, or to the bottom of the chart if there is insufficient room for the full drop. If the token is already on the ledge, it does not move. If the token moves to a square on the stock market which is already occupied, it is placed at the bottom of the pile; if the token remains on its original square, it retains its relative position in a pile.

Redeemed stock is transferred from the bank pool to the company; the current price must be paid from the company treasury to the bank. More than one certificate can be redeemed in a single operating turn, but no more than 50% of the stock may be in the company treasury as a result of redemptions. Redeeming stock does not cause the company's price to change.

13. Ending the Game

The game ends immediately if any player goes bankrupt. Otherwise, the game ends at the next end of a set of operating rounds after the bank breaks, i.e., has less than $0 in it. The game still ends at that point, even if the bank subsequently becomes solvent. The bank continues to pay demands due of it even when broken; players should record these (on paper or some more modern equivalent), or each lend the bank some money.

Each player's total wealth is the value of their stock, at current prices, plus their cash on hand. Private companies, if they are still open, count face value. Company assets, including treasury and trains, count for nothing. The richest player wins. It is possible, though unlikely, for a player to go bankrupt and still win.

14. Etiquette

Players should attempt to speed play as much as possible. Determining what share to buy, and which tile(s) to lay should preferably be done during other players' turns.

All personal and corporate assets are public knowledge, and must be disclosed to any player on request. Assets should be kept neatly so that the need for explicit requests is minimized.

Players may negotiate with each other and strike deals. Such deals are not binding.

Tile Manifest and Upgrade Chart

Tile	#	Upgrades
5	4	14, 15, 619
6	4	14, 15
7	5	18, 21, 22, 26, 27, 28, 29, 30, 31, 624, 625, 626
8	18	16, 17, 19, 21, 22, 23, 24, 25, 28, 29, 30, 31
9	18	18, 19, 20, 23, 24, 26, 27
57	4	14, 15, 619
202	3	511
14	3	611
15