18xx Games 18xx Rules Difference List
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Introduction

The 18xx Rules Difference List exists as a reference to the differences in the rules of 18xx railway games and associated games. It is useful to people who are already familiar with at least one such game, and are learning to play another. This is version 3-331. It was last modified on April 14th 2008. The list is maintained by Keith Thomasson. Mail me if you have any comments or concerns about the list.

Recent changes

Contents

• Games included in this list
• Glossary
• 1 - First Share Dealing Round
• 2 - Subsequent Share Dealing Rounds
• 3 - Company Flotation
• 4 - Operations
• 5 - Tile Lays
• 6 - Station Markers
• 7 - Trains Run
• 8 - Payment of Earnings
• 9 - Purchasing Trains
• 10 - Private Companies
• 11 - Directorship/Presidency of a Share Company
• 12 - Game Phases
• 13 - End of Game
• 14 - Secrecy
• 15 - Inventories
• 16 - Miscellaneous
• Rubric and credits

Games

The following games are covered by the rules difference list.

1800 Denver and Colorado
1824 Austria-Hungary
1825 Unit 1, South Eastern England, Unit 2, The Midlands and Unit 3, Scotland and Northumbria.
1826 France
1827Jr USA. Beta version.
1829 Southern England; Northern England/Scotland. (Two games with the same rules).
1829 Mainline England
1830 Eastern USA.
1830BC Mesopotamia.
1830KAAS only listed where it differs from 1830.
1830Lummerland Lummerland is an island from the novel for children 'Jim Knopf and Lukas the engine driver' by Michael Ende. Only listed where it differs from 1830.
1830NL Netherlands. Only listed where it differs from 1830.
1831 Eastern USA.
1832 The South (USA).
1835 Germany.
1837 Austria-Hungary.
1837SX Saxony.
1838 Rheinland.
1841 Northern Italy (originally issued as 1839).
1842 Hamburg/Schleswig-Holstein.
1844 Switzerland.
1846 American Midwest.
1847 Pfalz area of Germany. Only listed where it differs from 1835.
1848 Australia.
1849 Sicily (originally issued as 1850). Releases 1, 3.0 and 4.16.
1850 The Midwest
1851 Tennessee & Kentucky.
1853 India.
1854 Austrian Republic.
1856 Ontario.
1860 Isle of Wight.
1861 Russia.
1862 North America. Helmut Ohley's version.
1870 Mississippi Valley.
1876 Trinidad. Two miniatures, one using 1830 rules, one using 1835 rules. Only listed where it differs from either of those games.
1876v2 Trinidad. Unrelated to the above. Only listed where it differs from 1830.
1889 Japan.
1895 Namibia
1898 France.
1899 Northern China and Korea. Only listed where it differs from 1830.
18AL Alabama. Only listed where it differs from 18GA.
18C2C USA coast to coast
18EC USA East Coast.
18EU Europe.
18FL Florida.
18GA Georgia.
18GL Great Lakes.
18Mex Mexico.
18MW The US Midwest.
18NL Netherlands.
18Rhl Rhineland.
18Scan Scandinavia.
18TN Tennessee.
18US USA.
18VA Virginia.
18West Western USA.
2038 Asteroid Belt.
Crisis Abstract city underground (originally called 18DT).
Steam Over Holland The Netherlands

Glossary

block

A group or tranche of shares, sold simultaneously.

city

One of the blob-shaped, or multiple-blob-shaped, places on the map, where station-markers can be. Cf. 'village'.

clarification

Statement contradicting or obfuscating an earlier statement.

crow without a passport

moves as a crow flies, i.e. as straight as possible without regard to existing track, mountains, etc.; but not leaving the country, i.e. the set of hexes potentially available for track-laying.

destinate

To achieve one's destiny. See next.

destiny

An incentive assigned to a company, to encourage it to build in a specific direction, as in 1853, 1856, 1870 and 18AL.

double-heading

Operating a pair of trains of the same size as if they were a single longer train.

ledge

A feature of the stock market in 1870.

left

References to the 'next player to the left' assume that the game is being played clockwise.

NA

Abbreviation for 'Not Applicable'.

OBH

Abbreviation for 'Off-Board Hex'. These are areas near the edge of the board, usually red and rarely hexagonal, at which routes may start or finish.

OR

Abbreviation for 'Operating Round'.

rust

The process which causes small trains to disappear when certain larger ones are bought.

SR

Abbreviation for 'Share-dealing Round' or 'Stock Round'.

village

One of the blip-shaped places on the map, with no room for a station-marker. Cf. 'city'.

wounded

A 'wounded' train may operate once more, and then dies. It may not be transferred between companies.

Section 1 - First Share Dealing Round

1.1 - How much cash do players start with?

1.2 - Does the price of a private company drop by 5 for no sale in the first round?

1800, 1827Jr, 1829, 1830, 1830BC, 1832, 1844, 1849v4, 1850, 1854, 1856, 1862, 1870, 1895, 18EC, 18GA, 18Mex, 18Rhl Rhineland, 18TN Yes, first private only.
1824, 1835, 1837SX, 1838 Rheinland, 1848, 18Scan, 2038 No.
1825 No. One private per player dealt at random and sold compulsorily. With more than 4 players, the others get LNWR shares.
1826 No. First player must buy the first private if round passes out.
1829 Mainline Not applicable - initial share holdings are dealt, not sold.
1830NL Yes, but the second company, not the first which pays no dividend.
1831, 1841, 1849v1&3, 1853, 1898, 18EU, 18West, Crisis Not applicable.
1837 10 subtracted.
1842 Not stated.
1846 No. Players draw from a mixed deck of private companies and dummy cards, choosing which items to keep. The last drawn private company may be passed round the table, reducing in price by $10  each time it is passed on, until it is either bought, or taken at no cost.
1851 No. One private per player is dealt at random and sold compulsorily.
1860 No. All auctions start at zero.
1861 Yes, for all private companies. Any private company price may drop to zero as a result of this.
1889 Yes, Takamatsu ER(A) only. Must buy if 0 Yen.
18C2C Yes, but after an operating round. May apply to the Great River Shipping Company and/or the Schuykill Valley Railroad.
18FL, 18US No. Privates are bought at face value, following a bidding process to determine the order in which players make their purchases. 18US has Concessions instead of Privates.
18GL No. If all players pass without buying the first private, the player with the priority must buy it for its face value.
18MW No. There are in effect seven simultaneous auctions for the privates.
18NL Yes, for the first two privates only.
18VA No. A series of auction is undertaken. Any private that has not been bid on at the end of each auction is reduced in price by $10.
Steam Over Holland No. A number of privates equal to the number of players are selected at random and auctioned in sequence. If nobody bids the private is removed from the game.

1.3 - Can you sell company shares in the first round?

1824, 1826, 1837SX, 1841, 1849, 1851, 1898, 18FL, 18GL, 18VA, Steam Over Holland No: a company's shares may only be sold once it has operated.
1830BC, 1831, 1846, Crisis Yes.
1853 No; except for the shares you received with your initial bid, which may be sold for £5 less than you paid for them.
1860 Yes, for half the current market price.
18EU Not applicable.
18West Only for the UP.
2038 Only its President may do so.
Rest No.

1.4 - Can you make advance bids?

1800, 1827Jr, 1830, 1830BC, 1832, 1849v4, 1850, 1854, 1856, 1862, 1870, 1889, 18C2C, 18EC, 18GA, 18Mex, 18NL, 18Rhl Rhineland, 18TN Yes, at 5 or more over par and over any other bid.
1824, 1825, 1829, 1835, 1837, 1837SX, 1838 Rheinland, 1844, 1842, 1848, 1851, 1860, 1861, 1895, 18EU, Steam Over Holland No.
1826, 18GL, 18VA Yes, at a multiple of 5 over par and over any other bid.
1829 Mainline, 1831, 1846, 1853, 18US, 18West, Crisis Not applicable.
1841, 1898 Initial sale is by tender.
1849v1&3 Yes, at 5 over any other bid, for the initial concessions.
18FL No. Privates are bought at face value, following a bidding process to determine the order in which players make their purchases.
18MW Yes, the first on a private must be at par, others must be at least 5 over any other bid.
18Scan No, but bids are made in multiples of 5 for the right to make the next purchase.
2038 Yes, at or over par and 5 or more over any other bid.

Section 2 - Subsequent Share Dealing Rounds

2.1 - Is there a specific order to buying and selling on your turn?

1800 No.
1824, 1826, 1827 Jr., 1831, 1841, 1842, 1844, 1846, 1848, 1849, 1851, 1854, 1860, 1861, 1862, 1895, 1898, 18EU, 18FL, 18Rhl Rhineland, 18Scan, 18US, 18VA, 18West, 2038, Steam Over Holland Sell then buy.
1825, 1829, 1830BC, 1835, 1838 Rheinland, 1853, 18GA, 18MW No (i.e. sell-buy-sell).
1829 Mainline Shares can be sold at the beginning of a stock ROUND (not each turn). Shares may then be purchased from a number of sources.
1830 Sell then buy, or buy then sell. But the author's intention was to allow sell-buy-sell, and many people, also the computer version, allow this.
1832, 1837SX, 1850, 1856, 1870, 1889, 18C2C, 18EC, 18GA, 18Mex, 18NL, 18TN Sell then buy, or buy then sell.
1837 Paul Work's translation of the German rules reads '.. a player may buy one certificate and may sell as many shares as desired. Either or both actions may be carried out in any order.' Interpretations of this differ. Stuart Dagger's translation reads '.. They may buy or sell during their turn in whichever order they please.'
1876v2 Sell then buy, or buy then sell but no "panic selling".
Crisis No (i.e. sell-buy-sell). Moreover, a company may not both buy and sell shares in the same company in the same round.

2.2 - Are you limited to buying one certificate on your turn?

1827Jr, 1841, 1849, 1898 Yes; except that when launching a company you may buy up to 40% at once.
1829 Mainline No.
1830, 1832, 1850, 1870, 18C2C, 18MW Yes, unless in brown zone of market.
1831 Yes, with Government Intervention. Without GI, yes until 4 trains are bought, then 2 certificates until 7 trains, then 4 certificates.
Crisis Yes, unless the grey zone of market applies. This restriction does not apply to forced purchases. 'Fast floating' is an alternative.
Steam Over Holland Yes, unless starting a company, when you must buy a number of shares equal to the current phase number as one purchase.
Rest Yes.

2.3 - When can you first sell shares in a company?

1800, 1825, 1829, 1829 Mainline, 1830, 1830BC, 1831, 1832, 1848, 1850, 1856, 1862, 1870, 1889, 18C2C, 18EC, 18GA, 18Mex, 18MW, 18NL, 18TN, Crisis From the second stock round onwards.
1824, 1826, 1827 Jr., 1837, 1837SX, 1838 Rheinland, 1841, 1849, 1851, 1853, 1861, 1895, 1898, 18EU, 18FL, 18GL, 18Rhl Rhineland, 18Scan, 18US, 18VA, Steam Over Holland After it has operated.
1841, 1849 You may not voluntarily sell them until it has operated. You may be forced to sell them earlier in an emergency money-raising step.
1835 After it has operated; except that you may sell Prussian shares once they have floated.
1844 In the second SR. But if it has not yet operated, you receive the price it is at after moving down.
1846, 2038 For the President, as soon as you like. For other shareholders, after it has operated.
1854 As soon as the Director's certificate has been bought (but not in the first SR).
1856 As soon as you like; but you may not sell a share in the same share turn in which you bought it, though you may sell other identical ones. (The rules say 'certificate', but author Bill Dixon explains that 'share' is meant.)
1860 As soon as you like, but shares in companies with no trains are sold at half the current market price.
18West After it has operated, but the UP is considered to have operated prior to the start of the game and may be sold in the first stock round.

2.4 - Does the bank pool have a per-company share limit?

1800, 1825, 1829, 1829 Mainline, 1830BC, 1853, 1854, 1860 No.
1824 50%, but note that there is no separate bank pool. After shares are sold to the bank they are treated the same as new shares.
1826, 1827 Jr., 1830, 1832, 1837, 1844, 1842, 1848, 1850, 1851, 1856, 1861, 1870, 1889, 1895, 18C2C, 18EC, 18EU, 18FL, 18GA, 18Mex, 18MW, 18NL, 18Rhl Rhineland, 18TN, 2038, Steam Over Holland 50%.
1831 5 certificates.
1835, 1838 Rheinland 50% - but bear in mind that the rules indicate this is checked before selling shares, after which you may sell as many shares as you wish in one block. This can result in more than 50% of the shares in the pool.
1837SX 60%.
1841, 1849, 1898, 18Scan 50%. But more can get there as the result of an emergency money-raising step.
1846 50%, or more due to a bankruptcy. A President that owns just the President's certificate can sell 'half' of this to the bank, exchanging certificates with the incoming President.
1862 5 certificates (so 50% or 25%).
1876v2 5 certificates, or more by 'panic selling'.
18GL 50%, or more due to bankruptcy or the formation of CONRAIL.
18US No, but the President's certificate may never enter the bank pool.
18VA 50%, can be exceeded when companies convert to ten-share companies.
18West No, but the Presidents's certificate may never go back into the bank pool once purchased.
Crisis 50% for type I companies, 60% for type II companies. Applies to bank sales only.

[The bankruptcy rules for 1826, 1835, 1837 and 18EU (and probably 1842 and 1847, though it's less clear there) allow more than 50% of a company to end up in the pool if someone goes bankrupt. In 1835, 1837, 1842 and 1847 it is essentially impossible to go bankrupt without a deliberate effort.]

2.5 - What are the player certificate limits?

Comments key:
§§ - Shares in the yellow and other colored zones do not count towards the limit.
## - Shares in the yellow and darker zones do not count towards this; shares in the cream zone count half (rounded down) towards the limit.

2.6 - What are the player certificate limits for shares in one company?

1800 70%.
1824 Normally 60%. This can be exceeded, up to 100%, due to exchanges with Mountain Railways or Coal Railways.
1825, 1829, 1829 Mainline, 1830BC, 1835, 1838 Rheinland, 1860, 1895, 18C2C, 18Rhl Rhineland None.
1826, 1827 Jr., 1837SX, 1846, 1849, 1851, 1861, 18EC, 18GA, 18FL, 18GL, 18Mex, 18NL, 18Scan, 18TN, 18VA, 2038, Steam Over Holland 60%.
1830 5 certificates. Shares in the orange and brown zones do not count towards this. Note that if you play the Reading variant you may hold 70% of the Reading.
1831 None, unless Government intervention is in play, then 70%.
1832, 1850, 1870, 18MW 60%; may be exceeded by 'price protection'. Shares in orange and brown zones do not count towards this.
1837, 18EU 60%. This may be exceeded by minor company exchange but the excess must then be sold at the next opportunity.
1841, 1898 60%. This applies to the total number of shares under each player's control. It may be exceeded by transfers of control but the excess must then be sold at the next opportunity.
1842 60%. Shares in the marked zone of the stock market do not count towards this.
1844 None. But once the player has more than 50% of a company, he may not buy its shares from the initial offering.
1848 In a 3-player game, 70%. Ina 4-, 5- or 6-player game, 60%.
1853 3 or 4 players, 60%; 5 players, 50%; 6 players, 40%. Shares worth 40 or less do not count towards this.
1854 5 certificates.
1856, 1889 60%. Shares in the brown zones do not count towards this.
1862 70% if there are 3 or 4 solvent players, and 60% if there are 5 or more solvent players. Thus if a company redeems half its shares one player may be able to own all that is left of it.
18US For 4-share and 5-share companies, up to 3 shares, for 10-share companies, up to 5 shares, for systems, all 10 shares.
18West 60%; may be exceeded by 'acquisition'.
Crisis 50% for type I companies, 60% for type II companies. Shares in the blue and grey zones do not count towards this.

2.7 - Does the stock price drop when stock is sold?

1800, 1824, 1835, 1838 Rheinland, 1844, 1848, 1862, 1895, 18Rhl Rhineland, 2038 Yes, 1 row per block.
1825, 1829, 1829 Mainline, 1853 No.
1826, 1830, 1837SX, 1841, 1849, 1851, 1889, 1898, 18EC, 18EU, 18GA, 18GL, 18Mex, 18MW, 18NL, 18Scan, 18TN, 18VA, Crisis Yes, 1 row per share.
1827 Jr. Complex. See table in rule 3.3.2, or http://www.fwtwr.com/18xx/rules_difference_list/1827_junior.htm.
1830BC Yes, 1 place per share, maximum 3 per block (1 in red zone).
1831 No for preferred stock, complex for common stock.
1832. 1850, 1870 Yes, 1 row per share, but if this means it would end up one row below the ledge, then it stops above the ledge. Share prices do not change until after a player's stock turn and any ensuing 'price protection'.
1837 Yes, 1 row (down and to the left) per block.
1842 Yes, 1 row for a sale of 10% or 20%; 2 rows for a sale of 30% or more.
1846, 18US, 18West Yes, 1 column per block of shares sold, but only when sold by the company President.
1854 Yes, 1 row (down and to the left) per certificate.
1856 Yes, 1 row per complete 10% sold; e.g. selling 25% drops the price two rows. The CGR's price cannot change for any reason until it owns a permanent train.
1860 Yes, if the company has operated.The price moves down once for each share sold, zig-zagging between the top and bottom levels. However, when shares are worth less than 40 or more than 150, the first share sold has no effect on the share price, i.e. the price moves down one less space than normal. Once the 8+4 train is bought, sales do not reduce share prices.
1861 Yes, 1 row per block of shares sold, but only if they are sold by the company President.
18C2C Yes, 1 row per share; but if this would take it to just below ledge, then 1 less.
18FL Yes, 1 column to the left per block.
Steam Over Holland Yes, 1 row per share, but if sold by someone other than the president, can not drop below a ledge. If sold by a company during an OR, it drops 1 row less than the number of shares sold.

2.8 - Does the stock price go up at the end of the share dealing round for a fully-held corporation?

1800, 1824, 1830, 1831, 1835, 1837SX, 1838 Rheinland, 1842, 1846, 1848, 1851, 1854, 1856, 1862, 1889, 1895, 18EC, 18EU, 18GA, 18GL, 18Mex, 18NL, 18Rhl Rhineland, 18Scan, 18TN, 18VA, 2038 Yes.
1825, 1829, 1829 Mainline, 1830BC, 1853, 1860, 18FL, 18US, 18West, Steam Over Holland No.
1826 Yes, for 10-share companies only.
1827 Jr. No. But see table in rule 3.3.2, or http://www.fwtwr.com/18xx/rules_difference_list/1827_junior.htm.
1832, 1850, 1861, 1870, 18MW Yes; and if already at top, goes diagonally down and right.
1837 Yes: up and (left if someone holds 50% or more, else right).
1841, 1849, 1898 Yes. And if stock in bank pool, goes down.
1844 Yes. And if stock in bank pool, goes to the left.
18C2C Yes; and if already at top, goes diagonally down and right. If in the $500 space it is moved to the $250 space on the top row and is worth double the market value at the end of the game.
Crisis Yes, when certain other conditions apply.

2.9 - Can you buy a certificate and immediately sell a certificate in the same company?

Note that in games in which selling must precede buying, buy-then-sell must be impossible.

1800, 1829, 1830, 1830BC, 1832, 1837, 1837SX, 1850, 1870, 1889, 18C2C, 18EC, 18GA, 18Mex, 18MW, 18NL, 18TN Yes.
1824, 1826, 1827 Jr., 1829 Mainline, 1831, 1841, 1842, 1844, 1846, 1848, 1849, 1851, 1854, 1860, 1861, 1862, 1895, 1898, 18EU, 18FL, 18GL, 18Rhl Rhineland, 18Scan, 18US, 18VA, 18West, 2038, Steam Over Holland No. All selling precedes all buying.
1825, 1835, 1838 Rheinland, 1853 No.
1856 Yes, but you can't sell the particular share that you just bought. (The rules say that you can't sell the particular certificate that you just bought, but designer Bill Dixon has stated that they don't mean it.)
Crisis Players may, companies may not.

2.10 - Can companies buy shares?

1800, 18GL Their own, in ORs. They can also sell, but cannot buy and sell in the same turn.
1824, 1825, 1827 Jr., 1829, 1829 Mainline, 1835, 1837, 1853, 1854, 1860, 1895, 18EC, 18FL, 18NL, 18Rhl Rhineland, 18Scan, 18VA No.
1826, 18EU Their own, in ORs.
1830, 1830BC, 1838 Rheinland, 1844, 1848, 1856, 1889, 18GA, 18Mex Privates, in ORs, once a 3 train has been sold.
1831 Yes, in SR, limit of 25% of own common stock. May buy up to limit immediately after any share is sold into bank pool.
1832 Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold. The West Virginia Coal Fields can be bought in phase two for half to full face value. The London Investment Company, the Central Rail Road and Canal Company and the Southern Bank (if in play) may not be bought by companies.
1837SX Yes, one of their own from the bank pool, which is then placed in the initial offering. They may alternatively sell one of their own shares from the initial offering to the bank pool.
1841 Yes, up to five certificates, but not their own; in ORs.
1842 Only in the HAV.
1846 Their own; in ORs. Privates, in ORs, in Phases I and II.
1849 Their own; in ORs.
1850 Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold. The Mississippi River Bridge Company and the Mesabi Mining Company can be bought in phase two for half to full face value.
1851 Their own, in ORs. But they may not own more than 50% of themselves.
1861 Privates, in ORs, once a 3 train has been sold, and their own from the bank pool, by 'redemption', in ORs.
1862 Their own, by 'redemption', in ORs.
1870 Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold. The Mississippi River Bridge Company can be bought by the MP or the SSW in phase one for half to full face value.
1898 Yes, up to five certificates, but not their own; in ORs; or they may buy back per turn one of their own from the bank pool to their initial offering.
18C2C Their own, by 'redemption', in SRs. Also privates, in ORs, once a 3 train has been sold.
18MW Their own, in SRs.
18TN Privates, in ORs, once a 3 train has been sold. May also buy one private at face value in the first OR of the game.
18US Western Concessions once the Western Railroad Convention has taken place, except for the Denver and Rio Grande and the Pacific Railway Act.
18West Yes, Granger Road companies in a Merger and Acquisition round.
2038 Privates, in ORs, once phase II has started.
Crisis Yes, but not their own.
Steam Over Holland Yes, their own from the bank pool during ORs. Also privates, in ORs, once a 3 train has been sold.

2.11 - What ends a share dealing round?

1800, 1824, 1826, 1830, 1831, 1832, 1835, 1837SX, 1838 Rheinland, 1841, 1846, 1848, 1849, 1850, 1851, 1854, 1856, 1860, 1861, 1862, 1870, 1889, 1895, 1898, 18C2C, 18EC, 18EU, 18FL, 18GA, 18GL, 18Mex, 18MW, 18NL, 18Rhl Rhineland, 18Scan, 18TN, 18US, 18VA, 18West, 2038, Steam Over Holland Each player consecutively not making a purchase or a sale. The priority then goes to the player after the one who last made a purchase or a sale.
1825, 1829, 1853 Each player consecutively not making a purchase. The priority then goes to the player after the one who last made a purchase. In 1853 he may sell the elephant that confers priority to another player.
1827 Jr., 1842 Unknown. Your input is welcome.
1829 Mainline Each player consecutively not making a purchase. The round ends immediately if all share certificates are sold.
1830BC Each player consecutively not making a purchase or a sale. The priority then goes to the player who has bid highest for it, or remains with the same player if no bids.
1835 Round ends as in 1830, priority assigned as in 1829.
1837 Round ends as in 1830, priority assigned as in 1829. The designer's intention was as in 1830.
1844 Each player consecutively not making a purchase. The priority, and subsequent places, are then assigned according to cash held.
Crisis Not applicable.

2.12 - Can a player sell private companies to another player?

This is covered in section 10.1, which is essentially the same question put a different way.

For other questions about private companies, see section 10.

Section 3 - Company Flotation

3.1 - Do you lay the base station token immediately upon floating?

This item has more than a few similarities to item 6.4 (When is a company's first station marker laid). A review may lead to the consolidation of the answers..

1800, 1824, 1827 Jr., 1829, 1830, 1831, 1832, 1837SX, 1844, 1848, 1850, 1854, 1856, 1862, 1870, 1889, 1895, 18C2C, 18EC, 18GA, 18Mex, 18NL, 18Rhl Rhineland, 18TN, Crisis, Steam Over Holland No.
1825, 1826, 1829 Mainline, 1835, 1837, 1838 Rheinland, 1841, 1842, 1846, 1849, 1851, 1853, 1860, 1861, 1898, 18EU, 18GL, 18MW, 18Scan, 18VA Yes.
1830BC Not applicable.
18FL, 18US, 18West All base station tokens start the game on the map.
2038 Yes (relevant only for the Asteroid League).

3.2 - How many shares must be sold for a company to float?

1800, 1824, 1826, 1835, 1837, 1838 Rheinland, 1842, 1844, 1851, 1854, 1860, 1889, 18EU, 18GL, 18Mex, 18Rhl Rhineland 50%.
1825, 1827 Jr., 1829, 1830, 1832, 1837SX, 1848, 1850, 1862, 1895, 18C2C, 18EC, 18GA, 18MW, 18NL 60%.
1829 Mainline The Director's certificate, or three ordinary certificates.
1831 50% (all preferred stock).
1830BC 6 (variable percentage).
1841, 1898 20% (40% of a minor).
1846, 1849, 1861 20%.
1853 3 or 4 players, 60%; 5 players, 50%; 6 players, 40%.
1856 Depends on the size of the train currently for sale.
1870 60%; but 20% for Frisco.
18FL 60% for five-share companies, 50% for ten-share companies.
18Scan Depends on the current phase number.
18TN 60%, but only 20% for the L&N.
18US For an Eastern (4-share) company, the President's certificate. For a Land Grant (5-share) company, the President's certificate and one other certificate.
18VA 20% for ten-share companies, 40% for five-share companies (one certificate in each case).
18West The President's certificate.
2038 50%; but 20% for growth companies.
Crisis 50% for type I companies, 60% for type II companies.
Steam Over Holland A number of shares equal to the current phase number, which have to be bought as one purchase.

3.3 - Does a company get full capitalisation upon floating?

1800, 1829 Mainline, 1830BC, 1835, 1837SX, 1838 Rheinland, 1841, 1849, 1851, 1861, 1895, 1898, Crisis, Steam Over Holland Only for shares sold.
1824, 1827 Jr., 1829, 1830, 1832, 1837, 1842, 1848, 1850, 1853, 1860, 1862, 1870, 1889, 18C2C, 18EC, 18GA, 18Mex, 18MW, 18NL, 18TN Yes.
1825 Nine-certificate companies do, four-certificate companies don't.
1826 Only for shares sold until phase 10H, then fully capitalised when floated.
1831 Only for shares sold. (Par increases upon floating.)
1837 You get full capitalisation for the shares that have been and will be sold, but not for the coal and minor companies that will fold in.
1844 Regional companies get full capitalisation on floating. Other companies get 50% on floating, the rest when they reach their destination. Companies that float after the sale of a 6/6H train are fully capitalised.
1846 Only as shares are issued from the company treasury to the stock market (bank pool).
1854 100% capitalisation on floating, more on splitting.
1856 Depends on the size of train currently for sale; and on reaching destination.
18EU, 18Rhl Rhineland Only for shares sold until phase 5, then fully capitalised when floated.
18FL A five-share company gets five times its starting value, while a ten-share company gets ten times its starting value.
18Scan Only for shares sold in phases 2 to 4, full capitalisation from phase 5 on.
18US Yes, when initially floated. 4-share and 5-share companies gain additional capital later on.
18VA No, it gets it share by share until the sixth share of a ten-share company is sold, when it gets all the rest.
18West Granger Road companies are fully capitalised. Land Grant and public companies started prior to phase 6 are funded as shares are sold, and fully capitalised once phase 6 has begun.
2038 Yes, except for growth companies, which get capitalised for shares sold, i.e. excluding the President's double; and for the Asteroid League, which gets capitalisation for the President's double share, and for other shares as sold, but not for independents traded in.

3.4 - How is a share company's initial (par) price determined?

1825 Major companies have fixed par prices. For minor companies the price is set by the player who purchases the Presdient's certificate, using any value on the stock market no lower than one tenth the price of the company's built-in train.
1829, 1829 Mainline, 1835, 1842, 1853 Companies have fixed par prices.
1826, 1846, 1849, 1851, 1895, 1898, 18EU, 18GL, 18VA There are no par prices. The initial price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. All further share dealing is done at the current market price.
1827 Jr, 1831, 2038, Crisis Unknown.
1830BC Not applicable.
1837 The three National Railways have fixed par prices. For the seven major companies the initial price is set by the player who purchases the Director's certificate, choosing a value selected from a range of predefined prices.
1841 There are no par prices. The initial price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. All further share dealing is done at the current market price. The exception to this is companies created by a merger or promotion (or the Ferdinandea Succession). These have their initial price calculated from the prices of the predecessor companies.
1848 The CAR always has an initial price of 100. for all other companies the price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices.
1856 For most companies, the price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices. For the CGR, the price is calculated from the prices of the companies that form the CGR.
2038 The par values of "growth corporations" (minor companies that have been promoted to major companies) and the TSI and Asteroid League are fixed. For "growth companies" the par value is 67 but the starting market value is only 10. Those of other "public companies" are set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices.
Rest The price is set by the player who purchases the President's certificate, choosing a value selected from a range of predefined prices.

Section 4 - Operations

4.1 - In what order do companies operate?

1824 Mountain Railways, Coal Railways, pre-Staatsbahnen, then major companies in dynamic share price order (See 'Rest' for details of this).
1825 Set order of initial value; ties broken by flotation order.
1829, 1829 Mainline, 1853 Set order.
1830 As for 'rest' below. However, note the special case of the three value '67' spaces one above the other in the same column. The rules resolve issues where more than one company is on the same priced space by giving preference to companies further to the right, which does not resolve this situation. It seems to be generally agreed that companies further up the chart run first.
1830BC Order of fewest shares in player hands; ties broken in set order.
1846 Current 'dynamic' share price. By 'dynamic', this means that each time a company finishes operating, you look at the current stock price chart to see who is next. The highest value company that has not operated operates next. If two companies occupy the same space, the company with a token on top operates next. If two companies have the same value but are in different spaces, the company with a token furthest to the right operates next. For the first operating round only, this is reversed, with the companies operating from lowest to highest price.
1850 The rules simply state (4.1.2) that companies 'operate in share price order'. I have confirmed with John Tamplin that this works as current 'dynamic' share price, as stated under 'rest' below.
1861 Private companies, the Minor companies in descending order of share price, then Public companies in descending order of share price, then the Russian State Railway. If two companies occupy the same space, the company with a token on top operates next. If two companies have the same value but are in different spaces, the company with a token furthest to the right operates next.
1862 Current static price, i.e. in order of stock price as at the start of the operating round.
18FL, 18US, 18West The highest value company that has not operated operates next. If more than one company occupies the same space, the  company with a token on top operates first.
Steam Over Holland In descending price order, with ties being resolved from left to right.
Rest Current 'dynamic' share price. By 'dynamic', this means that each time a company finishes operating, you look at the current stock price chart to see who is next. The highest value company that has not operated operates next. If two companies occupy the same space, the company with a token on top operates next. If two companies have the same value but are in different spaces, the company with a token furthest to the right operates next.

4.2 - If you sell shares so that their tokens end up in one stack, what order are they stacked in?

1800, 1830, 1835, 1838 Rheinland, 1846, 1848, 1856, 1862, 1870, 1889, 1895, 18C2C, 18MW Unspecified.
1824, 1832, 1837SX, 1850, 1860, 1861, 18EC, 18FL, 18GL, 18Mex, 18NL, 18Rhl Rhineland, 18Scan, 18TN, 18US, 18VA, 18West, 2038 New arrivals are placed below existing tokens.
1825, 1829, 1829 Mainline, 1830BC, 1853 Not applicable.
1841 Unspecified in the original rules. A clarification means that the final order is the reverse of the original operating order.
Steam Over Holland Unspecified for stock sales; to the right of existing tokens for adjustments due to payment or otherwise of company dividends.
Rest Unknown, but will be grateful for information.