Games covered: 1829 (south and north), 1830, 1853, 1835, 1856, 2038, 1870.

1. Share Rounds:
   1. First:
      1. Five subtracted from private company price for no sale in the first round: Yes¹(1829, 1830, 1856, 1870), NA(1853), No(1835, 2038).
      2. Can you sell in the first round: No(1829, 1830, 1835, 1856, 1870), Yes at -5 from share price(1853), Yes, per normal restrictions, see I.B.6(2038).
      3. Can you make advanced bids: No(1829, 1835), Yes(1830, 1856, 2038, 1870), NA(1853).

      ¹ First company only.

   2. Subsequent:
      1. Can you buy and sell on your turn: Yes (all).
      2. Is there a specific order to buying and selling on your turn: No (all but 2038), Yes(2038).
      3. Are you limited to buying one share on your turn: Yes(1829, 1830¹, 1853, 1835, 1856, 2038, 1870¹).
      4. Can you buy shares in a company after you have sold shares in that company (in the same Share Round): No (all).
      5. Can you sell shares in a company before it floats: Yes(1829, 1830, 1853, 1856, 1870), No(1835), President only(2038).
      6. Can you sell shares in a company that has just floated this Share Round: Yes(1829, 1830, 1856, 1870), No(1853, 1835), President only(2038).
      7. Does the Bank Pool have a per company share limit: No(1829, 1853), Yes 50%(1830, 1835, 1856, 2038, 1870).
      8. Is there a player certificate limit: Yes²(1829, 1830, 1853, 1835, 1856, 1870). Yes(2038).
      9. Is there a player certificate limit for shares in one company: No(1829, 1835), Yes³(1830, 1853, 1856, 1870), Yes(2038).
      10. Does stock price drop one per share sold: NA(1829, 1853), Yes(1830, 1856, 1870.⁵), No, drops one per block of shares sold by a single player on his turn (1835, 2038).
      11. Does stock price go up at the end of the Share Round for a fully held corporation: NA(1829, 1853), Yes(1830, 1856, 2038, 1870⁴).
      12. Can you buy and immediately sell the same share of a company on your same stock round turn: Yes(1829, 1830, 1853, 1835, 1870), No(1856, 2038).

      ¹ In 1830 and 1870 shares in the brown zone

      can be bought in any amount from the Bank Pool.

      ² In 1829 shares valued below #30 do not count towards this limit.

      In 1830 shares in the yellow zone do not count towards this limit.

      In 1853 shares valued below #40 do not count towards this limit.

      In 1835 this limit may be altered if a player holds 80% of one or more companies.

      In 1856 shares in the yellow and brown zone do not count towards this limit. Also, in 1856 certificate limits change after purchase of the first 6 train.

      In 1870 shares in the yellow zone do not count towards this limit.

      ³ In 1830 orange zone shares do not count towards this limit.

      In 1853 shares valued below #40 do not count towards this limit.

      In 1856 brown zone shares do not count towards this limit.

      In 1870 green zone shares do not count towards this limit.

      Also, in 1870 share price protection allows you to exceed this limit.

      ⁴ In 1870 if the price token is at the top of the market

      it drops one row and moves to the right.

      ⁵ In 1870 the ledge may alter this.

2. Operating Rounds:
   1. Companies that float:
      1. Do you lay the base station token immediately upon floating: No(1829, 1830, 1856, 1870), Yes(1853, 1835¹), Already in play(2038).
      2. Number of shares needed to float: 60%(1829, 1830, 1870⁵), 60% or 50%²(1853), 50%(1835, 2038⁴), 20% to 60%³(1856).
      3. Shares in Bank Pool prevent floating: No(all but 1835), NA(1835).
      4. Does a company get full capitalization upon floating: Yes(1829, 1830 1853; if Public, 2038, 1870), No, only amount equal to shares sold (1835, if Growth, 2038), No and yes³ (1856).

      ¹ Except for the Baden which waits until the next OR to lay its home station token.

      ² Dependent upon the number of players in the game.

      ³ Dependent upon the type of train currently available.

      ⁴ If Public Corporation. Growth Corporations float at 20%.

      ⁵ In 1870 the St. Louis San Francisco floats at 20%.

   2. Operations:
      1. Companies operate in order by: set order(1829, 1853), Share price(1830, 1835, 1856, 2038, 1870).
      2. Ties in Share price go to: NA(1829, 1853), Token on top or further right(1830, 1835, 1856, 2038, 1870).
      3. Order of actions follows below sequence: Yes (all but 2038).
   3. Tile Lay:
      1. Can only be made to a route not blocked by another company's station marker: No¹(1829), Yes (1830, 1853, 1835, 1856, 1870).
      2. Double tile lays allowed: No(1829, 1830, 1856), Yes for first four companies (1853), Yes until first 3 train is purchased(1835), Yes for yellow tiles only(1870).
      3. Restrictions on tile placement:
         1. No route may run off map or into the blank side of a brown hex. Tiles do not have to connect to track on a brown hex. (1829)
         2. No route may run off map into a blue or grey hex (I would assume dark green also even though the rules don't explicitly state it). Tiles do not have to connect to track on a grey hex. (1830)
         3. No route may run off map into a sea, dark green or dark grey hex. Tiles played on a buff hex may have routes which leave the map board. (1853)
         4. No route may run off map into a sea, brown hex, or the dark blue bar on the Elbe river. Tiles do not have to connect to track on a brown hex. (1835)
         5. No tile may be placed so that any any track ends against printed terrain where tiles may not be placed unless there is existing track or a red off-board location connection point to that terrain. (1856)
         6. No route may run off map into a dark green, light blue, or red location without a connection point. (1870)
      4. Tile promotion must maintain existing track: Yes(all).
      5. Tile promotion must be part of a company's route: No(1829), Yes(1830, 1853², 1835, 1856, 1870).

      Note: There is no tile laying in 2038.

      ¹ In 1829 a company can lay a tile in any hex if their survey party is the last to leave that hex.

      ² In 1853 a company can not promote a tile which lays outside of its charter territory.

   4. Station Markers:
      1. Cost: #40 then #100(1829), $40 then $100(1830, 1856, 1870), #40 then #100(1853), M20xHex distance (1835), $50 (2038).
      2. Can you buy more than one per turn: No(1829¹, 1830, 1835, 1856, 2038, 1870), Yes(1853).
      3. Can you lay on another company's home station: No(1829², 1830, 1853, 1835², 1856², 2038, 1870²).
      4. In the case of a hex with two major cities which requires a tile placement to be playable and which is also a company's home station, can you lay a station marker on the hex if the home company has not operated yet: NA(1829, 1853, 2038, 1870), No(1830, 1835), Yes(1856).
      5. Can only be placed on a station that the company can trace a legal route to: Yes (all).
      6. Can a company have more than one station marker on a single hex: No (all).

      ¹ A survey party must be moved to the hex where the station marker is to be placed.

      ² If the home station has room for two or more station markers you may lay a token on the station so long as at least one spot is left open for the unstarted company.

   5. Runs:
      1. Can you run into a city with another company's station marker: No(1829), Yes (all but 1829).
      2. Can you run through a city blocked by another company's station marker: No (all but 2038).
      3. Can you run the same track twice with one train: No (all but 2038).
      4. Can you run the same track twice with two different trains: No (all but 2038).
      5. How are number of cities counted with respect to train number:
         1. Number on train must be a continuous set of large or small cities and, must begin and end in a large city. (1829)
         2. Number on train must be a continuous set of large or small cities. (1830, 1856, 1870)
         3. Number on train must be a continuous set of large cities. Any number of small cities are added in addition (for free). (1853)
         4. Number on train must be continuous set of large or small cities however, the plus number can be small cities (for plus trains only). (1835)
         5. Cargo number on ship must equal or exceed number of mines where ore was picked up (plus a final transshipment point if its delivery value was counted). (2038)
      6. Can you run to two stations on the same tile: No(1829), Yes(1830, 1853, 1835, 1856, (mines) 2038, 1870).
      7. Can you hit the same city twice with the same train: No(all).
   6. Payment of Earnings:
      1. Stock moves right for payment of dividend: Yes (1829, 1830, 1835, 1853, 1856, 1870⁵), Two spaces if full payment, one space if 1/2 payment(2038).
      2. Stock moves up if it can not move right: NA(1829, 1853), Yes(1830, 1835, 1856, 2038, 1870).
      3. Dividend to shares in the Bank Pool goes into the company's treasury: No(1829, 1853, 1870⁴), Yes(1830, 1835, 1856, 2038).
      4. Stock moves left for holding earnings: Yes(1829, 1830, 1835, 1856³, 2038, 1870³),
         No¹(1853).
      5. Stock moves down if it can not move left: NA(1829¹, 1853), Yes(1830, 1835, 1856, 2038, 1870).
      6. If the company marker moves into a price square with another marker in it, does the new marker go on the bottom: NA(1829, 1853), Yes(1830, 1835, 1856, 2038, 1870).

      ¹ Yes if there are shares of that company in the Bank Pool.

      ² In 1829 a company which can not move any further left on the share price index is removed from play.

      ³ Or for paying a dividend of $0.

      ⁴ In 1870 dividends from shares in the initial offering and redeemed shares goes into the company's treasury.

      ⁵ In 1870, a company may pay half dividends and the stock price token does not move.

   7. Purchasing Trains:
      1. May a company buy more than one at a time: Yes (all).
      2. May trains be bought from companies: Yes(1829, 1830, 1853¹, 1835², 1856, 2038², 1870).
      3. Must a share company buy a train: No(1829, 1853), Yes(1830³, 1835, 1856³, 2038, 1870³).
      4. If a company is forced to buy a train does the director make up the difference from personal cash and then sale of stock: NA(1829), Yes(1830⁴, 1853⁵, 1835, 1856⁴, 2038, 1870⁴).
      5. Can a company buy a train in excess of its limit if it will cause enough trains in that company to become obsolete to meet the new limit: No (all).
      6. Can trains be sold back to the bank: No (all).

      ¹ Minimum price of sale is #10.

      ² After first 3 train purchased (1835) or 2nd phase entered (2038).

      ³ If it has an existing route.

      ⁴ Furthermore, the director must buy the cheapest train available for the company.

      ⁵ While a director is never forced to buy a train for a company in 1853, he may opt to spend his personal cash to do so.

3. Private Companies:
   1. Sellable to share companies: No(1829, 1835, 1835), Yes¹(1830, 1856, 2038, 1870).
   2. Block share companies from building in that hex: Yes(1829, 1830, 1856), No (1835, 2038), NA(1870).
   3. Doing the company's special action closes it: NA(1829), No(1830², 1856³,1870⁵, 2038), Yes (1835).
   4. All companies close on: First 7 train(1829), First 5 train(1830 1835, 1856⁴, 1870⁴), Phase V entered(2038).

   Note: 1853 has no private companies.

   ¹ After the first 3 train is purchased (or Phase II entered, 2038).

   ² Except for the M&H and the B&O (after the share company buys its first train).

   ³ Except for the W&S and GLSC.

   ⁴ In 1856 the GLSC port token is removed after the first 6 train. In 1870 the port token and cattle token are removed after the first 6 train.

   ⁵ Except for the Gulf Shipping Company if it builds a closed port.

4. Share Company Directorship:
   1. Can sell the directors share to the Bank Pool: Yes(1829, 1853), No(1830, 1835¹, 1856, 2038, 1870).
   2. Can you exchange the director's share for regular shares from another player when you sell shares to the Bank Pool: NA(1829, 1853), Yes(1830, 1856, 2038, 1870), No(1835).
   3. After a sale of shares forces a change in director does it pass to the next player on the left in case of ties: No²(1829, 1853), Yes(1830, 1835, 1856, 2038, 1870).
   4. Directorship only changes when someone buys more shares than the original director: Yes (all).

   ¹ Yes in the case of a Bankruptcy only.

   ² In 1829 and 1853, the directorship passes to the player who held stock in that company first in the case of a tie.

5. Phases of the Game:
   1. Train Scrapping:
      1. 4s scrap 2s: No(1829¹), Yes(1830, 1853, 1835, 1856, 2038², 1870).
      2. 6s scrap 3s: No(1829¹, 1853³), Yes(1830, 1835, 1856, 2038², 1870).
      3. Diesels scrap 4s: NA(1829, 1853, 1835, 1870), Yes(1830, 1856⁴, 2038²).
      4. Are trains scrapped immediately: Yes (all).
      5. 4+4s scrap 2+2s: NA(all but 1835), Yes(1835).
      6. 6+6s scrap 3+3s: NA(all but 1835), Yes(1835).
      7. 8s scrap 4s: NA(all but 1870), Yes(1870).
      8. 12s scrap 5s: NA(all but 1870), Yes(1870).

      ¹ 5s scrap 2s, 7s scrap 3s.

      ² Phase IIIs scrap Phase Is; Vs scrap IIs; VIs scrap IIIs.

      ³ 5s scrap 3s.

      ⁴ Unless using the optional 8s in which case they scrap 4s.

   2. Company Train Limits:
      1. Starts at 4, drops to 3 at first 4, and 2 at first 5: No(1829¹, 2038²), Yes (1830, 1853, 1835, 1856, 1870).
      2. Excess trains are placed in the Bank Pool without payment: Yes (all).

      ¹ Starts at 4, drops to 3 at first 5, and 2 at first 7.

      ² Starts at 4, drops to 3 in Phase III and 2 in Phase VI.

   3. Number of Operating Rounds.
      1. 2 OR between each Share Round: Yes(2038), First 3 (all but 2038).
      2. 3 OR between each Share Round: First 5(1829, 1830, 1856), First 4(1853), First 5(1835, 1870).
      3. 4 OR between each Share Round: First 7(1829), NA(1830, 1853, 1835, 1856, 1870).
   4. Tile Availability:
      1. Greens available: First 3 (all but 2038).
      2. Browns available: First 5(1829, 1830, 1835, 1856, 1870), First 4(1853).
      3. Greys available: First 7(1829), NA(1830, 1835), First 5(1853), First 6(1856, 1870).
      4. Doesn't change within game: (2038).
   5. Red Space Values:
      1. Change at: NA(1829, 1853), First 5(1830), First 3 and First 5 (1835), First 5 and First Diesel(1856), Phase IV (2038), First 5 and First 8(1870).
6. Game End:
   1. Game ends immediately with a bankruptcy: No(1829, 1853, 1835), Yes(1830, 1856, 2038, 1870).
   2. Game ends after current set of ORs when bank runs out of money: No¹(1829, 1835), Yes (1830, 1853, 1856, 2038, 1870).
   3. Game ends immediately when first stock hits the top end of the market: No(1829, 1830, 1835, 1856, 2038, 1870), Yes(1853).

   ¹ When the bank runs out of money, only the current OR is completed (if money runs out during a SR, then one additional OR is run).