CONTENTS
1. GENERAL
1.1. Game Components
1.2. Etiquette
2. GAME PREPARATIONS
2.1. Before the First Game
2.2. Seating Order
2.3. Starting Capital
2.4. Other Matters
3. OVERVIEW OF THE COMPANIES
3.1. Private Companies
3.1.1. Mountain Railways
3.1.2. Local Railways
3.1.2.1. Mergers
3.2. Major Companies
3.2.1. Share Splitting
4. FIRST SHARE BUYING ROUND
5. OPERATING ROUNDS
5.1. Turn Order within an Operating Round
5.2. Action Sequence for Companies in an Operating Round
5.3. Laying Tiles
5.3.1. Tunnels
5.4. Tile Promotion
5.5. Establishing Stations
5.6. Running Trains
5.7. Computing Income and Paying Dividends
5.8. Share Price Movement for Major Companies
5.9. Purchase of Trains
5.10. Consequences of the Purchase of New Trains
5.11. Effect on Share Values of the Sale & Purchase of Trains
5.12. Mail Contracts
6. SHARE BUYING ROUNDS
6.1. Turn Order in a Share Buying Round
6.2. Share Price Adjustments after a Share Buying Round
6.3. Player Turns in a Share Buying Round
6.4. Buying Shares
6.4.1. Buying Options
6.5. Share Limits
6.6. Launching a Major Company
6.6.1. Change of Director
6.7. Sales
6.8. Share Price Movement Following Sales
7. SHARE PRICE MOVEMENT (Overview)
8. END OF THE GAME
8.1. Reckoning Up
HISTORICAL BACKGROUND
THE ARLBERG-ORIENT-EXPRESS
CURRENCIES
Translator's Note: I have stayed as close to the German wording as English idiom and my limited translating skills
permit. This will sometimes mean that the form of words used in a rule is not quite the same as you would get in
an 18xx game that began its life in English. The advice from ``The Hitchhiker's Guide to The Galaxy'' applies.
Text in square brackets does not come from the German but is an additional clarification supplied by the translator.
1. GENERAL
The winner is the player who, at the end of the game, has the greatest wealth in money and shares.
In the course of the game Share Buying Rounds and [sets of] Operating Rounds alternate. In Share Buying Rounds
players buy and sell shares in railway companies. Whoever has the greatest number of shares in a company is its
Director.
In Operating Rounds Directors run their respective companies. The yellow, green, brown and grey tiles are placed
on the map to create a rail network. As with real railways, the lines connect railway stations with each other.
The trains (train cards) make notional journeys from one station to the next and thereby earn money. The (imaginary)
passengers pay for their travel. The more stations and the bigger the stations that a train calls at, the more
money it earns for the company and its respective shareholders.
1.1. Game Components
Money (24x1, 24x2, 24x5, 36x10, 36x20, 24x50, 24x100, 24x200 ) = 9672 Gulden.
1 Game Map in four sections.
1 Extra Game Map.
1 "Bank Pool'' card.
1 overview chart showing tile upgrades, etc.
125 tiles:
48 yellow,
40 green,
18 brown,
6 grey,
13 transparent.
150 small cards:
78 shares (32 of which are printed on both sides),
5 Mountain Railways,
44 train cards,
12 Mail Contracts,
1 Priority Deal card.
11 large Company Charters.
6 small Company Charters.
90 markers.
1 set of rules.
1.2. Etiquette
A player's shares should be clearly laid out so that everyone can see what certificates each player owns. The amount
of cash that a player, a company or the bank has is made known on request. The sum transferred in each deal is
announced.
2. GAME PREPARATIONS Number of Players
Starting Capital
3
860 G
4
650 G
5
525 G
6
450 G
2.1. Before the First Game
Cut out all shares, train cards, mail contracts and track tiles. Stick the stickers on to the markers as shown
on the overview chart.
2.2. Seating Order
The seating order is determined by lot. Each player draws a numbered marker and players then take their seats in
the corresponding clockwise order.
One player is chosen to act as banker. They should have sufficient nearby space to lay out the bank and other game
materials.
2.3. Starting Capital
Starting capital is distributed as shown in Table 1.
Table 1
2.4. Other Matters
The certificates of the private companies are laid out according to Table 2.
The 40% Director's Share and the three 20% ordinary shares of each Major Company are laid out in the Initial Offering
section of the Bank Pool card. The remaining 5 [10%] shares for these companies are set to one side. They come
into the game later as the result of a Share Splitting (see 3.2.1) and will then be placed in the ``Gesplittete
Aktien'' [Split Shares] section of the card. It is a fundamental principle that during the game new shares (those
not previously sold) must be kept clearly separate from old shares (those which were previously owned by a player).
Old shares belong in the Bank Pool, which is empty at the start of the game.
Train cards and yellow track tiles will also be needed soon.
The company charters for the Major Companies are made ready. During the game the collected possessions of a company,
such as trains, operating capital and station markers, are kept on its charter. The operating capital of a company
must be kept strictly separate from that of a player or another company.
3. OVERVIEW OF THE COMPANIES
3.1. Private Companies
Private companies may never be sold by a player. The private companies are as follows:
| Name | Cost | Income | Type | Special Properties |
| Außerfernbahn |
20 G |
5 G |
Mountain Railway | Building on a mountain is 20 G cheaper. |
| Murtalbahn |
50 G |
10 G |
Building a tunnel is 40 G cheaper. | |
| Graz-Köflacher Bahn |
70 G |
15 G |
Routes through Graz earn 10 G extra. | |
| Mariazellerbahn (1) |
150 G |
individuell |
Local Railway | Any two Local Railways may merge to form a Major Local Railway. |
| Kernhofer Bahn (2) |
150 G |
individuell |
||
| Ybbstaler Bahn (3) |
150 G |
individuell |
||
| Steyrtalbahn (4) |
150 G |
individuell |
||
| Phyrnbahn (5) |
150 G |
individuell |
||
| Salzkammergutbahn (6) |
150 G |
individuell |
||
| Arlbergbahn |
170 G |
20 G |
Mountain Railway | Receives a 20% VB share. Closes when the VB runs for the first time. |
| Semmeringbahn |
190 G |
25 G |
Receives a 20% SD share. Closes when the SD runs for the first time. |
| Name | Home City | Number of Station Markers |
| Kaiserin Elisabeth-Westbahn | Wien | 4 |
| Kaiser Franz Joseph-Bahn | Wien | 3 |
| Südbahn | Wien | 4 |
| Kronprinz Rudolf-Bahn | Linz | 4 |
| Kärntner Bahn | Klagenfurt | 3 |
| Salzburger Bahn | Salzburg | 3 |
| Nordtiroler Staatsbahn | Innsbruck | 4 |
| Vorarlberger Bahn | Bregenz | 3 |
When a player is in possession of a share which was bought with stock option of a company that splits during an OR, the share is flipped and becomes a 10% share. The owner does not get any money for it. He receives his stock option tokens for future reuse.
4. FIRST SHARE BUYING ROUND
The Start Player is the player who drew the marker with the number 1.
The principle is that on your turn you can either buy one certificate, bid or pass. When you have done one of these,
your turn is over and the next player takes a turn.
At first only the Private Company certificates are available in the order as given in Table 2. The best procedure
is to display these 11 certificates in an overlapping row. On your turn you can either buy the topmost certificate
at the printed price or bid on one of the later ones, in which case your bid must be at least 5 G more than the
printed price or the previous highest bid. As long as you have the highest bid on a Private Company, the money
you have bid is tied up. If you are subsequently outbid, you have two options: either you let your bid stand (doing
this entitles you to take part in the auction for this certificate) or you may retract your bid in order to use
the money for something else.
If the first Private Company certificate (the Außerfernbahn) has not yet been sold and all players have passed
in turn, another Share Buying Round follows immediately. The Außerfernbahn is then offered to the next player
at a price 5 G less than its previous price. The first player to be offered the certificate for 0 G must take it.
If one or more certificates have been sold and the next certificate has attracted exactly one bid, the player who
made the bid immediately takes the certificate and pays the amount bid. If more than one bid has been made for
the certificate, it is auctioned. The player who has made the lowest bid starts the auction and can either raise
the previous highest bid by at least 5 G or pass. Anyone who passes [or who does not have a current bid on the
certificate] is out of the auction. This continues in clockwise order until only one player remains. This player
acquires the certificate and pays the amount bid.
Money for certificates purchased is paid immediately to the bank.
Players may not sell certificates in the first Share Buying Round.
After all 11 Private Companies have been sold, the shares in the Major Companies become available for purchase.
The buyer of the Director's Share certificate sets the share price (67, 72, 77, 82, 87 or 93 Gulden). Note: For
the Director's Share certificate you must pay four times the share price (because this is a 40% certificate and
the share price represents just 10%).
If all players pass in turn and at least one certificate has been bought, the first Share Buying Round ends. The
player immediately to the left of the last player to make a purchase is given the Priority Deal card. Possession
of this card means that the player will have the right to go first in the next Share Buying Round. There follows
an Operating Round in which the income from the Mountain Railways will be paid out and Local Railways may possibly
operate for the first time. After that there will be another Share Buying Round.
The following applies to each new Share Buying Round: Bids are not accepted on Private Company certificates from
previous Share Buying Rounds. Private Company certificates may never be sold to the bank.
It is ascertained which Major Companies have newly sold 60% of the shares from their Initial Share Offering. These
companies have now floated and can begin operating in the next Operating Round.
5. OPERATING ROUNDS Type
Number
Cost
Type
Number
Cost
2
6
100 G
1+
6
80 G
3
5
200 G
2+
4
120 G
4
4
320 G
3+
3
160 G
5
3
530 G
6
2
670 G
8
5
900 G
Orientexpress (8)
5
1000 G
In an Operating Round it is not the players who take actions; instead it is the companies, both Local Railways
and Major Companies. The owner acts on behalf of each Local Railway and the Director on behalf of each Major Company.
5.1. Turn Order within an Operating Round
The bank pays the respective fixed income to each owner of a Mountain Railway.
Then the Local Railways operate in ascending order.
After this all the Major Companies which have floated operate in the order determined by their share price, beginning
with the company whose share price is highest. If more than one share price marker occupies the same space on the
share price chart, the company whose marker is on top begins. If there are companies with equal share prices but
markers in different spaces, the company whose marker is furthest to the right goes first.
5.2. Action Sequence for Companies in an Operating Round
The turn of each Local Railway and Major Company consists of the following activities which must be carried out
in exactly this order.
Collect any income from Mail Contracts (see 5.12).
Lay a yellow tile or promote either a previously laid tile or one of the pre-printed hexes. [This activity is not
compulsory.]
Purchase and placement of station markers. [This activity is not compulsory.]
Operate owned trains.
Calculate income [from trains] and either pay it out or retain it.
Adjust the company's share price.
Purchase trains. [This activity is not compulsory.]
Deal with any consequences that follow from the purchase of a new train.
Buy a Mail Contract. [This activity is not compulsory.]
The Operating Round ends when all operating companies have taken their turn. It is followed either by a Share Buying
Round or another Operating Round.
5.3. Laying Tiles
Yellow tiles can be laid on the map in the spaces formed by the hexagonal grid. They depict track. The red spaces
are regarded as already containing track and can not be built on. Only tunnels may be built on the grey spaces.
The yellow space `Wien' may not be built upon before the green tiles become available in Phase 3.
Each Local Railway and each Major Company may lay a tile in each Operating Round.
In the early stages of the game only yellow tiles may be placed on the map. The track on the tile must be an extension
of a route which is already accessible to the company building it. The new track must connect to a station marker
of this company and may not be built if a marker of another company blocks the route.
In its first turn a company places a tile on the site of its home station, unless it starts from a hex [such as
Wien/Vienna] where the station is already printed on the map or one where the corresponding station tile has already
been placed.
Only tiles with no stations on them may be placed on plain hexes [those with no dots indicating towns or cities].
On small cities (small black dots) the stations placed are those with the broad crossbar [numbers 3, 4 and 58].
They may not be upgraded in the later course of the game [see the upgrade sheet].
On medium-sized cities (small black dot surrounded by a circle) the first stations are placed are those with the
broad crossbar, just as for the small cities. However, from Phase 5 onwards these tiles may be upgraded. The tile
with the broad crossbar is replaced by the corresponding one with the large city. [See the upgrade sheet.]. (This
promotion can still be made if there is a tunnel in the hex.). Subsequent promotion to a green tile is permitted.
Brown tiles may not be placed on medium-sized cities. [All of this is clearly summarized on the upgrade sheet.].
In order to mark a medium-sized city which has been built upon, place a white marker with a black dot on to the
tile.
On large cities (white circles) large stations (circles) are placed.
The only tiles that may be placed on the Wien hex are those marked with a `W' [numbers 433, 451, 456].
Hexes with two black dots contain two small towns. On these one places a tile with two pieces of track and two
crossbar stations [numbers 1, 2, 55, 56 and 69]. When this is done only one of the two track sections need be a
legal extension of the network of the company laying the tile. These tiles can subsequently be promoted to green
tiles with two large cities.
No tile may be laid in such a fashion that one or more tracks run off the edge of the map (no further hexes). Track
may only end at a red space if there is a long distance connection (black arrowhead) on the side where it joins.
A tile may be promoted in such a way that track on it does not join up with track on a neighbouring tile. Track
may also end at a gray hex, because the line could be continued through the grey hex by means of a tunnel.
Building on hexagons containing mountains or rivers involves costs, which are incurred by the very first development
of the hexagon. These costs are marked on the map. The payment is made to the bank from the operating capital of
the company doing the building and before the tile is placed.
Hexagons which contain Mountain Railways can be built upon free of charge if the Director of the company doing
the building is also the owner of the Mountain Railway. Other players may build on the hexagon, but only on payment
of the stated cost. Building on the hexagon does not close the Mountain Railway.
Prior to the purchase of the first 8-train, a yellow tile may only be placed on one of the three hexes adjacent
to Wien that are marked with a small shield if you have the permission of the appropriate company. Promotion of
the tile does not require permission.
The six Local Railways do their building on the extra map following the rules given above. [Note that these rules
include the one about track not running off the edge of the map.]. When all the Local Railways have either closed
or been converted to Major Local Railways (at the latest this will be when the first 6-train is bought) all the
tiles on the extra map are removed and are once more available for use elsewhere.
On the extra game map Sankt Pölten may, in the appropriate Phases, be upgraded to a green tile (number 442
or 444) and later to a brown tile.
5.3.1. Tunnels
At any time, instead of placing or promoting a tile, a company may build a tunnel. A tunnel costs 100 G. A tunnel
may be built on any hexagon that does not contain a major city (white circle), irrespective of whether there is
already a tile there or not. To build a tunnel, place a tunnel tile on the vacant hexagon or already placed track
tile. The tunnel must be a continuation of a line which leads up to the tile concerned. Neither end of the tunnel
may overlie another track connection. A hex or tile can be developed (or promoted) after a tunnel has been built
there. The tunnel continues to exist. However, after the promotion it remains the case that the tunnel may not
overlie other track. A second tunnel is not permitted on a hex with two small cities. Although two (or even three)
tunnels are allowed in a hex, they may not cross.
For examples of what is and isn't allowed when building tunnels, see the illustrations on the promotions chart.
5.4. Tile Promotion
Instead of placing a tile, a company may promote a tile: yellow to green, green to brown, brown to grey. Green
tiles become available at the start of Phase 3, brown tiles at the start of Phase 5 and grey at the start of Phase
8. Once introduced, tiles remain available for the rest of the game. Some tiles can not be promoted (see the tables
on the promotions chart). A company may only promote a tile if it can travel on at least one of the new stretches
of line or if a city is increased in value as a result of the promotion ("semi-restrictive tile replacement''
-- see ``18xx rules difference list'' at www.maproom.demon.co.uk/18xxcomp.htm)
Existing track may not be broken or lost as a result of a promotion.
Tiles without cities may only be promoted to tiles without cities. Likewise small cities to small cities and large
cities to large cities. Only tiles marked with a `W' may be placed on the Wien hex.
On the extra game map Sankt Pölten may, in the appropriate Phases, be upgraded to a green tile (number 442
or 444) and later to a brown tile.
Green tiles with two cities serve as upgrades for the double small cities. They must be placed so that both of
the original stretches of track are preserved. Station markers may be placed on the green cities. These tiles do
not upgrade any further. Observe that all three entrances/exits from such a city can be used. [The three sections
of track do not come together before the station and so all three can be used by a company in the same Operating
Round.]
Extra places for station markers can come into being as a result of a promotion. Provided that a tile has at least
one free space for a station marker, any company can travel through the station and can extend the track on the
other side of it.
Exchanged tiles are available for re-use.
5.5. Establishing Stations
Each company starts from its home station. As soon as the company operates for the first time, its (free) station
marker will be placed here. The Major Companies can establish further stations. Stations serve the following purposes:
A company may place at most one of its markers on each hex.
Each route travelled by a company must have one of its station markers at some point along its length.
If all the stations in a city are occupied by station markers of other companies, a company can run into the city
but not through it.
Each section of track built by a company must be part of a route that is connected to one of the company's station
markers.
The first extra station costs 50 G, the second 100 G and a possible third 150 G.
A company may only establish one station in an Operating Round. The home station does not count on this occasion.
A station may only be established if there is a connection to a station of the same company. The connecting route
may be of any length, but it must be one that the company could travel along and it may not be one that is blocked
by station markers of other companies. Backtracking is not permitted when tracing the route.
In a city where a company that has not yet begun to operate has its home station, another company may only establish
a station if at least one place for a station marker will be left free for the use of the company that has still
to commence its operations.
Station markers of Major Companies may be placed in the Sankt Pölten and Steyr hexes from Phase 6 onwards,
but not before then.
Local Railways have additional station markers, which cost 40 G. These may be placed on the extra game map subject
to the above rules.
Major Local Railways have additional station markers, which cost 50 G. These may be placed on the extra game map
subject to the above rules.
5.6. Running Trains
A company can run each of its trains over one route per round. Because train purchase is the last action of a company
in an Operating Round, a train may not be used in the turn in which it is bought.
A route must contain at least two different stations which are connected to each other by track.
Each route must contain a station marker of the operating company at some point along its length.
The route can include small and large stations. However, the number of stations must not exceed the train's range
(the number printed on the card). The ``Plus Trains'' (1+, 2+, 3+), which may only be used by Local Railways, may
include the stated number (1, 2, 3) of large stations and an unlimited number of small ones. This should be taken
into consideration when ``double small city'' tiles are upgraded.
A route must be continuous. No city (Wien, Zürich, Sankt Pölten on the extra game map) may be included
twice in a route. On the other hand, it is permissable to include both cities on the green tiles 457 to 464.
A route can have either its start or endpoint at a station which has no remaining free spaces for station markers,
but it can not go through a station which is blocked by markers of other companies.
A route can go through a station which is not completely blocked by markers of other companies.
If a route passes through Germany (one of the track sections with a customs sign), the income from the route is
reduced by 10 G. The customs sign does not count as a station (for the purposes of the train's range).
The train ``Orient Express'' may start not just from the cities available to other trains but also from Paris or
Constantinople. It is available as an alternative purchase to the 8-trains. As soon as the last 6-train has been
sold, both the 8-trains and the Orient Expresses are available.
The Orient Express has a range of 8 stations. The first two can be Paris & Zürich or Constantinople &
Budapest. From Budapest/Zürich the route may be chosen freely, but it must include one of the operating company's
station markers.
The cities of Paris and Constantinople may not be included on the routes of other trains.
No route may use the same stretch of track more than once, no matter how small the stretch is. However, a route
may use different stretches of track on the same tile.
A route which runs into a station may leave by any [other] route.
If a company owns more than one train, the routes they travel must be completely separate. The routes can meet
or cross at stations, provided separate track is used. Green tiles with junctions may only be used by one train,
because at some point on them the two stretches of track merge into one. [This refers to tiles such as 23, 24 etc.]
5.7. Computing Income and Paying Dividends
The income of each company is paid out by the bank.
The income of a company is the sum of the revenues from each of its trains.
The revenue from a train is the sum of the values of all the stations on its route. The red, foreign connections
have variable values which depend on the phase the game is in.
50% of the income of a Local Railway is retained [by the company] as operating capital; the other 50% goes to the
owner.
The foreign connections are necessarily termini.
The Director of each Major Company decides whether the income for that company is to be paid out to the shareholders
or withheld, in its entirety, by the company.
If a company pays a dividend, each player receives the percentage of the total that corresponds to the percentage
of the shares that they hold.
If a company pays a dividend and some of its shares are in the Bank Pool or the `Split Shares' space, nothing is
paid out for these shares.
5.8. Share Price Movement for Major Companies
If a Major Company has paid out a dividend, its share price goes up. Its marker on the share price chart moves
one space to the right or, if it is already at the right-hand end of a row, it moves one space diagonally upwards
to the right (as shown by the arrow). If it is at the right-hand end of the top row, it stays where it is.
If a Major Company retains the revenue, its share price goes down. Its marker on the share price chart moves one
space to the left or, if it is already at the left-hand end of a row, it moves one space diagonally downwards to
the left (as shown by the arrow). If it is at the left-hand end of the bottom row, it stays where it is.
If a marker moves to a space which is already occupied, it is placed underneath the markers already there.
5.9. Purchase of Trains
Trains are bought at the end of a company's turn and are therefore not available for use until its next turn.
New trains are bought in ascending order from the bank. The purchase price is shown on the train cards. A company
can buy more than one train at a time.
From Phase 3 of the game, trains can also be bought from other companies. The purchase price is freely negotiable
but must be at least 1 G and must be made known to everybody. Such a purchase can only take place in the buying
company's turn. The share prices of both the buying company and the selling company change as a result of the transaction
(see 5.11).
Each Major Company which is in operation and which has a route must own a train at the end of its operating round.
Trains which become obsolete as the result of a phase change must be returned to the bank without compensation
and take no further part in the game.
The number of trains that a company may own is dependent on the phase. The exact numbers are given in Table 5.
Trains which become surplus as the result of a phase change must be returned to the bank without compensation.
They are then available for sale at the full price as alternatives to the current trains.
A company which is already at its train limit may not buy a new train, even if the purchase of such a train would
cause some of the company's other trains to be scrapped and thereby create a space for the new one.
Trains can not be sold back to the bank.
Trains can not be voluntarily given back to the bank.
The company pays the full purchase price of the train from its operating capital.
There are the following types of train:
Table 4
The Orient Express is available for purchase as an alternative to the 8-train. So, after the sale of the last 6-train
one can choose between an 8-train and an Orient Express.
The number of 8-trains and Orient Expresses is not unlimited; rather, there are 5 of each.
Local Railways can use only the `Plus Trains'. Conversely the `Plus Trains' can be used only by the Local Railways.
However, both the Major Companies and the Local Railways may own each type of train in order to sell them on, though
when doing this the train limits must be respected.
the 2+ trains become available with the sale of the first 3-train. The 3+ trains become available after the purchase
of the last 2+ train.
The `Plus Trains' (1+, 2+, 3+) are not sufficient to meet the train ownership requirement of a Major Company. Consequently,
a Major Company which owns only `Plus Trains' must buy a ``normal train''.
If a company is obliged to buy a train and does not have enough capital to do so, the Director must make up the
shortfall from his personal funds. If there are different trains available (either in the Bank Pool or on offer
from other companies), the Director can choose freely which to buy. He may also choose between an 8-train and an
Orient Express, should these be available. He does not have to buy the cheaper 8-train but may buy an Orient Express
instead. The price paid for a train bought with the aid of this sort of ``emergency funding'' may not be more than
the face value printed on the train card. The Director may not contribute any of his private money in order to
buy extra trains for a company or to subsidize it in any other way. This implies that a company which buys a train
with the aid of funds from its Director can have no money left in its treasury after the purchase. If a Director
does not have enough cash to make up the shortfall, he must immediately sell shares in order to raise the money.
The normal rules concerning the sale of shares are followed. The Director may not sell shares if this would lead
to a change of Director for either this or any other company. If a Director is unable to raise the necessary money,
the player is bankrupt and the game ends immediately.
5.10. Consequences of the Purchase of New Trains
At the beginning of the game (= Phase 2, named after the trains on offer) only yellow tiles and tunnels are available.
For the foreign connections (the red spaces on the game map) and on the Mail Contracts the yellow value is the
one that is valid. Each Major Company may own a maximum of 4 trains (the current `Train Limit'). The Train Limit
for the Local Railways is just 2. There is exactly one Operating Round after each Share Buying Round.
When the first train of a new type is bought, the following changes take place:
Phase 3 (which begins with the purchase of the first 3-train):
The green tiles are now also available.
Trains may be traded between companies.
Starting after the next Share Buying Round, there will be two Operating Rounds between Share Buying Rounds.
The green value is the valid one for both foreign connections and Mail Contracts.
The 2+ trains are now available and once these have all been sold, the 3+ trains become available.
Phase 4 (which begins with the purchase of the first 4-train):
All the 2-trains and all the 1+ trains are scrapped and are removed from the game without compensation. However,
the 2-trains will still be needed for the Major Local Railways.
The Train Limit for Major Companies drops to 3.
The Train Limit for Local Railways drops to 1.
Phase 5 (which begins with the purchase of the first 5-train):
The brown tiles are now also available.
All the 2+ trains are scrapped.
Starting after the next Share Buying Round, there will be three Operating Rounds between Share Buying Rounds.
The brown value is the valid one for both foreign connections and Mail Contracts.
All the Mountain Railways are closed.
Local Railways can either merge to become Major Local Railways (Train Limit: 2) or close. [They can also continue
to operate.]
Medium-sized cities may be upgraded. [See the upgrade chart.]
Phase 6 (which begins with the purchase of the first 6-train):
All the 3-trains and all the 3+ trains are scrapped.
Local Railways must either merge to become Major Local Railways or close.
Phase 8 (which begins with the purchase of the first 8-train or the first Orient Express):
The grey tiles are now also available.
All the 4-trains are scrapped.
The grey value is the valid one for both foreign connections and Mail Contracts.
If a Major Local Railway buys one of the 4-trains that are now available to them, all the 2-trains are finally
scrapped.
Table 5: (Phase Overview)
Phase 2
Phase 3
Phase 4
Phase 5*
Phase 6
Phase 8
Starts with the
start of the game
sale of the first 3-train
sale of the first 4-train
sale of the first 5-train
sale of the first 6-train
sale of the first 8-train
Operating Rounds
1
2
2
3
3
3
Available Tiles
yellow, Tunnels
yellow, green, Tunnels
yellow, green, Tunnels
yellow, green, brown, Tunnels
yellow, green, brown, Tunnels
yellow, green, brown, grey, Tunnels
Train Limit for Major Companies
4
4
3
2
2
2
Train Limit for Local Railways
2
2
1
1
-
-
Train Limit for Major Local Railways
-
-
-
2
2
2
Local Trains
1+
1+, 2+, 3+
2+, 3+
3+
-
-
Obsolete Trains
-
-
2, 1+
2+
3, 3+
4
Mail Contract 100G
10G
20G
20G
40G
40G
60G
Mail Contract 200G
20G
30G
30G
50G
50G
80G
Foreign Connections
gelber Wert
grüner Wert
grüner Wert
brauner Wert
brauner Wert
grauer Wert
* Special Rules: At the start of Phase 5 all the Mountain Railways are closed and it becomes possible to upgrade
the medium-sized cities.
5.11. Effect on Share Values of the Sale & Purchase of Trains
If a company buys a train from another company, its share price marker moves diagonally upwards to the left. For
each train bought the marker moves one space. When trains are bought from the bank, the share price of the company
remains unchanged.
If a company sells a train to another company, its share price marker moves diagonally downwards to the right.
For each train sold the marker moves one space.
5.12. Mail Contracts
A company may, as its last action in a turn, acquire a mail contract.
Each company may own at most one mail contract.
Mail contracts may not be sold.
There are two types of mail contract to choose from.
Table 6: (Mail Contracts)
|
Cost |
Number |
Income for the Company |
|||
|
Yellow Phase (= Phase 2) |
Green Phase (= Phase 3 & 4) |
Brown Phase (= Phase 5 & 6) |
Grey Phase (= Phase 8) |
||
| 100 G |
6 |
10G |
20G |
40G |
60G |
| 200 G |
6 |
20G |
30G |
50G |
80G |
6. SHARE BUYING ROUNDS Number of Players
Number of Companies whose Shares have Split
0
1
2
3
4
5
6
7
8
3
10
12
14
15
17
19
20
22
24
4
8
9
10
11
13
14
15
16
18
5
6
7
8
9
10
11
12
13
14
6
5
6
7
7
8
9
10
11
12
During a Share Buying Round players trade. They can sell shares, buy shares or pass. The principle is that each
share transaction takes place between the player and the bank. New shares (shares from the Initial Offering) are
only obtainable from the bank at the set price. The price of old shares (shares from the Bank Pool) and new shares
that result from a share splitting is always taken from the share price chart. The marker on the share price chart
always shows the value of a 10% share, unless the company is a Major Local Railway, in which case it shows the
value of a 50% share.
6.1. Turn Order in a Share Buying Round
The player with the Priority Deal Card begins the Share Buying Round. After a player has completed their turn,
the turn passes to the next player to the left. When all players have passed consecutively, the Share Buying Round
ends and the Priority Deal Card is given to the player to the left of the last player to either buy or sell a share.
If no transactions take place in a Share Buying Round, the Priority Deal Card remains with its present owner.
After a Share Buying Round there will be at least one Operating Round.
After the sale of the first 3-train, there will be two Operating Rounds after a Share Buying Round.
After the sale of the first 5-train, there will be three Operating Rounds after a Share Buying Round.
6.2. Share Price Adjustments after a Share Buying Round
If at the end of a Share Buying Round all the shares of a company are in player hands, the share price of the company
rises. The marker on the share price chart is moved diagonally one space upwards to the right. If this space is
occupied, the marker is placed underneath those already there. If the share price marker is already on the top
row of the chart, the share price is not altered.
6.3. Player Turns in a Share Buying Round
When on turn in a Share Buying Round a player can sell any number of shares and can buy one share certificate.
A player may both sell and buy, but only in that order. If a player wishes neither to sell nor to buy, they pass.
In the course of a Share Buying Round a player will normally have several turns and the fact that they have passed
in one of them does not prevent them from buying or selling in a subsequent one.
6.4. Buying Shares
As long as Private Companies are for sale (which will only be at the beginning of the game), these are the only
certificates one can buy.
A player can buy a new certificate from the bank at its set price.
A player can buy an old certificate from the Bank Pool at its current price.
A player can buy a certificate from the `Split Shares' section at its current price.
A player may not buy shares in a company if they have already sold shares in the company this Share Buying Round.
However, the player may buy shares in the company during subsequent Share Buying Rounds.
The act of buying a share guarantees that the purchaser will have at least one more turn during the current Share
Buying Round.
Shares in the Bank Pool are available as alternatives to new shares.
Once all the Private Companies have been sold, shares in all the Major Companies become available for purchase.
The first share certificate to be bought in each company is the Director's Share and its purchaser sets the [initial]
share price for the company. There are six prices that may be chosen: 67, 72, 77, 82, 87 and 93 (the dark spaces
on the share price chart).
6.4.1. Buying Options
At the beginning of the game each player has two options markers (white counters with the same blue number). These
give the player the possibility of buying a 20% share (but not a Director's Share Certificate) at half price (irrespective
of whether the purchase is from the Bank Pool or the Initial Share Offering). When such an option is exercised,
the player places one of the two markers on the certificate just bought in order to indicate that for the moment
it is only a 10% share. The player will also receive dividends as though it were only a 10% share.
If the share is bought from the Bank Pool, the player places the second marker on the share price table so as to
indicate the price paid.
If the share is bought from the Initial Share Offering, the second marker is placed in the appropriate `Par' space
in the bottom left-hand corner of the game board.
The share may not be sold in this Share Buying Round.
Before a player buys anything else (in either this or a subsequent Share Buying Round), they must pay for the remaining
10% part of the share. The price paid is that indicated by the second options marker, i.e. the same as that for
the first 10% part. If a player does not have enough money, they may either sell this share (receiving the basic
share value) or sell another share in order to raise the cash or they must cease buying this Share Buying Round
and wait until the next one. Selling shares and passing remain possible at any time in the Share Buying Round.
A player who has only paid for 10% still receives the 20% certificate. Consequently, if the Director's Share Certificate
has been bought, the exercising of an option in the company is sufficient to float it. It also counts towards the
``all shares in player hands'' condition which sends up the share price at the end of a Share Buying Round.
The paying of the second 10% counts as a buying action in a Share Buying Round. A player who makes such a payment
when on turn may not purchase another share at this time but must wait until their next turn in the Share Buying
Round.
6.5. Share Limits
During a Share Buying Round no player may own more certificates (shares and private companies) than is allowed
by the Share Limit [see table 7].
The Share Limit changes throughout the course of the game, doing so whenever a Share Split takes place. Use a marker
on the table on the game board to enable players to keep track of the current limit.
Table 7: (Share Limits)
Shares in a company whose share price marker is on one of the orange spaces at the bottom of the chart do not count
towards the Share Limit.
If a player is over the Share Limit, they must sell the appropriate number of shares as soon as it is their turn
in a Share Buying Round.
Before the shares in a company split, a single player may own up to 100% of the company's shares. After the shares
have split, the maximum single holding is only 60%.
6.6. Launching a Major Company
As soon as the Director's Share Certificate is bought, its purchaser sets the par value of the shares. (As a result
any shares in the company that came with a Private Company now have a value and so become sellable.). A company
marker is placed in the corresponding par box in the bottom left part of the game board.
As soon as 60% of a company has been bought (if an option has been exercised, this figure is theoretically only
50%), the company is floated and will begin operating in the next Operating Round. The Director receives the Company
Charter and all the company markers.
The initial operating capital (= 10 times the par price) is placed on the Company Charter.
A further marker is placed on the dark space on the share price chart that corresponds to the company's par price.
If this space is already occupied, the marker is placed underneath the markers that are already there.
As soon as a company takes its first turn in an Operating Round, a marker is placed on its home station. It is
possible that this will mean that the tile on the hex may need to be placed or promoted before this can be done.
6.6.1. Change of Director
If (as the result of the buying or selling of shares) a player owns a greater percentage of a company than does
its existing Director, a change of Director will take place.
If the percentage is merely equal to that of the existing Director, there is no change.
The player with the largest percentage of the shares is the new Director. If more than one player has the joint
largest share, the tied player who is next to the left of the old Director becomes the new Director.
A Director can only give up his office voluntarily by selling [enough] shares to the Bank Pool. In order to take
over as Director a player must own a percentage of the company which is at least as big as that corresponding to
the Director's Share Certificate (40% or 20% for a Major Company, 50% for a Major Local Railway).
When there is a change of Director as the result of the sale of shares, the old Director begins by handing the
Director's Share Certificate to the new Director, receiving in return ordinary shares representing the equivalent
percentage of the company. Some or all of these shares are then sold to the Bank Pool. For each share sold, the
share price marker moves one space diagonally downwards to the left on the share price chart.
The new Director is given the Company Charter together with all the company's trains, station markers, Mail Contracts
and capital.
6.7. Sales
Only shares can be sold.
Private railways (Mountain Railways and Local Railways) may not be sold.
Sold shares are placed in the Bank Pool, from where they can be bought by other players in their turns. The seller
receives from the bank the price that all the sold shares were worth immediately prior to the sale.
During their turn in a Share Buying Round a player can sell any number of shares. The exceptions to this are:
in the first Share Buying Round
if the Director's Share Certificate of the company has not yet been bought, since this means that a price for the
shares does not yet exist.
if the certificate is a Director's Share Certificate. The Director's Share Certificate can only be given up in
the manner described in 6.6.1.
if a player exceeds the Share Limit as the result of the loss of a Director's Share Certificate, they must sell
shares as soon as it is their turn, so as to bring themselves back inside the limit.
Note: The Bank Pool may contain any number of a company's ordinary share certificates but never the Director's
Share Certificate.
A player who is selling shares in different companies chooses the order in which they are sold.
6.8. Share Price Movement Following Sales
For each certificate sold, irrespective of whether it is a 50%, 20% or 10% share, the share price marker of the
company concerned moves one space diagonally downwards to the left. This price alteration takes place after the
sale. You therefore receive, for all the shares that you sold, the price that held immediately prior to the sale.
If several players sell shares or if one player sells shares several times, the share price marker moves down each
time.
If the share price marker reaches the [bottom] edge of the share price chart, it is not moved any further downwards.
7. SHARE PRICE MOVEMENT (Overview)
The share price movements for a company are as follows:
When the company pays a dividend, the share price marker moves one space to the right. If the marker is at the
right-hand end of a row, the movement is instead one space diagonally upwards to the right. [Follow the arrow.]
When the company does not pay a dividend, the share price marker moves one space to the left. If the marker is
at the left-hand end of a row, the movement is instead one space diagonally downwards to the left. [Follow the
arrow.]
For each sale of a share, the share price marker moves one space diagonally downwards to the left.
If, at the end of a Share Buying Round, all the shares [of a company] are in player hands, the share price marker
moves one space diagonally upwards to the right. This upward movement still takes place even if one or more of
the shares are not yet fully paid for (i.e. if they still have an options marker sitting on them). However, if,
after a share splitting, there are shares of the company in the ``Split Shares'' space, the upward movement does
not take place.
If a company buys a train from another company, its share price marker moves diagonally upwards to the left. The
marker moves one space for each train bought. The marker does not move when trains are bought from the bank.
If a company sells a train to another company, its share price marker moves diagonally downwards to the right.
The marker moves one space for each train sold.
Whenever a marker moves to a spce that is already occupied by other markers, it is place underneath them.
8. END OF THE GAME
The game ends:
if the bank runs out of money. The current set of Operating Rounds is then played out. If the bank runs out of
money during a Share Buying Round, one further set of Operating Rounds is played.
if a share price marker reaches the ``Game End'' space on the share price chart. In this case it is only the current
Operating Round that is played out.
if a player becomes bankrupt, when the game will end immediately.
Amounts that can not be paid out are noted and then included in the final totals.
8.1. Reckoning Up
All players count their cash in hand, add in any amounts that were noted on paper and then add to this total the
value of the shares that they own.
Company assets in the form of trains or operating capital do not count.
The player with the greatest total (cash + share values) wins the game.
HISTORICAL BACKGROUND
On the 17th July 1854 the world's first mountain railway was opened. The line over the Semmering had been six years
in the building under the supervision of Carl, Ritter von Ghega. Ghega's Semmering route coped with an altitude
difference of 460 metres in a total length of 41 km. The line included 14 tunnels (among them the 1431 metre long
Scheiteltunnel), 16 viaducts (several of them two-storeyed) and over 100 vaulted stone bridges, as well as 11 small
iron bridges. 60% of the length of the Semmering track has a gradient of 20-25%. The line is almost without exception
curved, with 16% of the track exhibiting the tightest track radius of 190 m. At the same time as all this track
construction, they built support walls, track maintenance buildings and stations, in many cases using materials
that came from the building of the tunnels.
The double-tracked line begins in Gloggnitz (Lower Austria) at a height of 438 m. It climbs to 898 m. at Semmering
and then descends to 682 m. above sea level at Mürzzuschlag (Steiermark).
When construction started there was no suitable locomotive which could cope with the planned route.
Therefore, in late Summer 1851 a competition was organized on an already completed section of the Semmering line.
Four locomotives took part in the test:
the ``Bavaria'' from Maffei in Munich,
the ``Wiener Neustadt'' from the locomotive factory in Wiener Neustadt,
the ``Searing'' from the Cockeril Firm in Belgium and
the ``Vindobona'' from Haswell in Vienna.
None of these proved up to the task. So the engineer Wilhelm von Engerth constructed a new type of locomotive,
the trebly coupled ``Engerth-Stütztenderlokomotiv''.
In 1999 UNESCO included the Semmeringbahn on its World Heritage list.
THE ARLBERG-ORIENT-EXPRESS
By the end of the century the jewel of the traffic through the Arlberg was the ``Arlberg-Orient-Express''. It ranked
among the great international expresses and, as a luxury train, carried only first class carriages. It was used
by diplomats, industrialists, world famous artists and, naturally, by confidence tricksters. In the late 19th and
early 20th centuries the express linked London, Dover, Boulogne, Paris, Zurich, Innsbruck, Salzburg, Vienna, Budapest
and Bucharest. A fast train provided connections to Athens and Istanbul. There were restaurant and sleeping cars,
with sleeping cars being available from Boulogne and Paris to Bucharest and Paris to Athens. The train ran three
days a week in each direction.
Over the Arlberg it had precedence over all other trains so as to ensure its punctuality. Also, if the load was
even a ton over the regulation, a second locomotive was added. And there was even a safety precaution: out of consideration
for the prominent passengers, a trolley car went in front of each train in order to guarantee the safety of the
line. After the Second World War the traditional luxury train lost its attractiveness, but since 1983 the atmosphere
and nostalgia of the train has again been on offer, though only between Paris and Innsbruck.
CURRENCIES
For a long time the currency of the Austro-Hungarian Empire was the Gulden (= 100 Kreuzer).
On the 11th August 1892 it was decided to introduce the Krone (= 100 Heller) and from the 1st January 1900 this
was the sole currency.
The Schilling (= 100 Groschen) came into force on the 1st March 1925. Since the 1st January 2002 the legal currency
in Austria has been the Euro.
Translation: Stuart Dagger (e-mail: SWDagger@aol.com), June 2002.
Many thanks to Stuart for this translation!