1870: The Trans-Mississippi
5 Stock Round
A stock round consists of consecutive player turns in clockwise order. The stock round
continues until all players have passed in order.
During the stock round, players buy private companies or buy and sell shares in operating
or new companies. Players may also perform actions for companies that they are the president of.
The initial stock round has special rules. See section
5.1 The Stock Market
There are seven sections to the stock market grid.
- UPPER AREA: All white spaces (including those in the Red Outlined area) above the upper
ledge, are known as the Upper Area.
- LOWER AREA: All white spaces between the upper ledge and the lower ledge are known
as the Lower Area. There are special rules for moving Stock Market tokens from the upper area
to the lower area. See rules section 5.8.1.
- RED OUTLINED AREA: These are the places where newly formed companies place their
share value token. The Red Outlined area has no other effect on play. (See Starting a Company,
- YELLOW SECTION: Shares of companies whose share value tokens are in this area do not
count towards your certificate limit.
- GREEN: Shares of companies whose share value tokens are in this area do not count
towards your stock limit. Companies whose share value tokens are in this area may be held in
excess of the normal 60% share limits.
- BROWN SECTION: Shares of companies whose share value tokens are in this area do not
count towards your stock limit. Companies whose share value tokens are in this area may be held
in excess of the normal 60% share limits. Also, during the stock round, a player may purchase all
available company shares, from the Open Market. Shares in the initial offering must still be
purchased one at a time.
CLOSING SECTION: (Grey area) A company whose share value token enters the Grey
'Closing' section of the stock market at any time is immediately removed from play. All tokens of
that company are removed from the map and stock market, and all share certificates of that
company are collected without compensation to the owners. Any trains owned by that company
are placed on the open market.
Any money in that company is returned to the bank.
Any Private Companies in that company are placed in the Open Market and are available for
purchase at their listed price.
Companies closed in this fashion may not be restarted. The share limits are reduced for each
company closed. If this happens during a stock round, the new share limit takes effect
immediately. If the change occurs during an operating round, the share limit drops immediately,
but you are not required to sell down to the new limit until your next stock action. This will be
either your first action in the next stock round or a Forced Sale to raise money for a train
5.1.2 Par Value Display
The par value display has two sections.
The six white boxes with values of $ 68, $ 72, $ 76, $ 82, $ 90 and $ 100 are used when starting
a new company. These six boxes and the six light grey boxes with values of $ 110, $ 120, $ 140,
$ 160, $ 180 and $ 200 are used when a company reissues shares. The par value boxes from $ 76
to $ 200 each have a small number in brackets in them. This number is used when you reissue
shares. This number is the minimum open market share value needed to be able to reissue at that
5.1.3 Open Market
The open market holds shares that players sell. This box is sometimes too small to hold all of the
shares, so if necessary, use the table space beside this box to hold the excess shares.
5.1.4 Share Price Chart
In the open market box is a share price display. This shows the cost of from one to six shares of a
company at each of the six possible starting values.
5.1.5 Round Marker Display
This display holds the operating round marker. This marker is adjusted at the end of each round
to indicate what the next round is. It has four boxes; Stock Round, Operating Round 1, Operating
Round 2, and Operating Round 3.
5.2 Starting and Ending a Stock Round
5.2.1 Starting a Stock Round
The stock round starts with the player with the priority card. Play in the stock round normally
proceeds from player to player in clockwise direction. If a president uses the share protection
rules, the order may change, skipping players.
5.2.2 Ending a Stock Round
The stock round ends when everybody has passed in order. The priority card is given to the
person to the left of the last person to do a stock action affecting the priority order. These actions
include, buying a share(s), selling a share(s), issuing a share(s), redeeming a share or buying a
5.2.3 Adjust For All Sold
Share value tokens of companies that have all 10 shares in the hands of players or the company
(redeemed) at the end of the stock round are adjusted up one row for being all sold. Companies
are checked in share price order.
5.3 Player Actions During A Stock Round
During a player's stock round turn, a player may do an action for himself, do an action for one of
his companies or he may pass and do nothing. If the player acts for himself, he may buy a private
company or he may buy a new share and/or sell one or more currently held shares. If he does an
action for his company, he may redeem a share or reissue shares. A player may also act to protect
his company by using the Share Price Protection Rules. When the president does an action for his
company, he may not do any other action for himself.
5.3.1 Buying Shares
When buying a share, a player may have a choice of shares from either the original offering or
the open market.
Original offering shares are available at their original issue (par) price. These shares may be 10%
shares or they may be the President's Certificate of a new company. See section 5.5 Starting A Company.
Reissued shares are available at their (new) par value. When reissued shares are purchased, the
company receives the money for all reissued shares of that company sold that stock round at the
end of the stock round.
Shares on the open market are available at their current market price.
5.3.2 Buying a Private Company
Instead of buying a share, a player may purchase a private company from another player or the
When purchased from a player, the price paid for the private company can be any price
negotiated between the two players (minimum $ 1). When purchased from the Open Market, the
price will be the listed price on the Private Company.
5.3.3 Selling Shares
A player may sell a share or shares into the open market.
When a player sells a share or shares, he receives the current market price for them as indicated
on the stock market when sales made by him occurred.
When shares are sold, inform the president(s) of the relevant railroad(s). The president of a
company whose shares are sold may immediately buy them using share price protection rules.
See rules section 5.9.
As shares are sold, adjust their token position on the stock market display down one level for
each full share sold and not protected. Multiple shares sold by the same player during their stock
round turn are sold into the open market at the price indicated by the share value token when that
player's stock turn began. If a player sells more than one share in a company he must sell them in
When a player sells shares in more than one company, he must specify in what order they are
Once a player has sold a share of a company, that player may not buy another share in that
company from the initial offering or the open market until after the next set of operating rounds.
5.3.4 Selling to Buy Shares
If you sell a share or shares to raise money to buy a share (or shares), you may not then
immediately sell that purchased share (or shares). You may not sell - buy - sell.
5.3.5 Buy/Sell Order
When buying a share, the player may buy a new share first and then sell held share(s) or he may
sell held share(s) and then buy a new share.
5.4 Certificate Limits
5.4.1 Player Certificate Limits
Player Certificate Limits
|Number of Players
Number of Companies
The game certificate limit per player varies with the number of players and whether any
companies have closed. At no time during a stock round may a player exceed his certificate limit.
Note that certificates of companies whose share price token is in the yellow, green or brown
section of the stock market do not count towards this total. Unless otherwise noted, private
companies count as one certificate each.
The normal share limit per player in any one company is 60%. The position of the company share
value token on the stock market, or the use of the Share Price Protection rules may allow a player
to exceed this 60% limit.
5.4.2 Open Market
There may be no more than five shares (50%) of a particular company in the open market at any
time. Players may not sell shares if by doing so they exceed this 50% limit.
5.5 Starting A New Company
To start a company a player must first buy the president's two share (20%) certificate and set the
share par value at one of the values in the red outlined area ($ 68, $ 72, $ 76, $ 82, $ 90, $ 100).
5.5.1 Stock Market Tokens
The square company token is placed in the appropriate par value box on the stock market display
to show the cost of shares from the initial offering. One of the company's round station tokens is
placed on the appropriate par starting value box in the red outlined area on the stock market
display. This station token becomes the share value token and indicates the value of the shares
for purchases and sales to and from the open market.
If one or more share value tokens is already in this value box, this new token is placed below all
5.5.2 Initial Shares Needed to Operate
A company must have six shares sold from the initial offering for it to commence operating
(Exception: See 22.214.171.124). If a company does not have six shares sold at the start of an operating
round, it does not operate and may not perform any actions listed under section B2 in the sequence of play.
If the company fails to operate, the company does not operate until its turn during the operating
round in which the required number of shares have been sold from the initial offering. Shares
required to commence operations may be owned by players or on the open market, they may not
be in the initial offering.
A non-operating company's share value token is flipped over on the Stock Market and is not
126.96.36.199 The St. Louis-San Francisco Railway
The St. Louis-San Francisco Railway may operate with fewer than six shares sold. It begins
operations with only the president's 20% certificate sold.
5.5.3 Company Charter
When a company is started the current holder of the president's share takes the company charter
as well as the remaining station tokens and places them in front of him. This charter is used to
keep track of the various assets of the company.
The number and type of trains, any private companies owned and the number of shares redeemed
is public knowledge and must be easily discernible through casual visual inspection. The amount
of money in the corporate treasury may be kept secret by the current president, but must be
stacked on top of the company charter. The charter, with the assets, is given to the new president
if the company should change presidency.
5.5.4 Public Company Starting Treasury
A new public company receives as its initial treasury, 10 times its initial par value at the start of
the stock round in which it was started.
Monies in public companies' treasuries must be kept separate from each other and from monies
in player's hands.
5.6 Change of Presidency
If a player should acquire more shares in a company than the current president, either through his
buying or the president selling, that player becomes the new president and assumes all
responsibility for the railway.
This transfer of presidency may occur during an operating round.
The president of a company must always hold at least two shares of that company. The president
may not sell any part of his remaining two shares unless there is both another player with two or
more shares in that company, and space for at least one share on the open market. Providing that
both these conditions are met, the president may sell share(s) up to the open market limit to
reduce his total below that of another player who becomes the new president. If two other players
should hold equal numbers of shares and both be eligible to become the new president, then the
player closest to the left of the old president becomes the new president. The new president
immediately trades two of his normal certificates with the old president for the presidential two
share certificate. A presidential certificate once sold from the initial offering must
always be held by a player, it may not be placed in the bank pool.
5.7 Initial Stock Round
The game starts with a special modified stock round. During this round no player may sell any
certificate that he buys. Initially, the private companies are offered for sale in ascending cost
order to each player, starting with the player with order card # 1 and proceeding clockwise
around the table. While private companies are still available for sale, each player may, in turn,
pass, bid on a higher value private company, or buy the lowest cost private company. Bids must
always exceed the current cost or bid by at least $ 5. If a player has a bid on a company, he must
set the bid amount aside until that company is sold.
If a company is bought and the next company that would normally be offered for sale has one bid
on it, then that company is sold to the player who bid on it at the bid price. If two or more players
have bid on the next company being offered, an auction is held starting with the bidding player to
the left of the player with the highest bid. Only players who initially bid on the company for
auction may participate. The company for auction goes to the player with the highest bid after all
other participating players have passed. If the next company offered also has bid(s) on it, the
same procedure is followed for it. Normal play then resumes with the player to the left of the
player who bought the company that initiated the auction(s).
Should all players pass before the Missouri-Kansas-Texas Railroad private company is sold,
there is one operating round in which only the private companies run (note the St. Louis-San
Francisco Railway is a public company) and the Great River Shipping Company, if still available
for sale, is reduced in cost by five dollars. There is then a second initial stock round, following
the rules above, starting with the player to the left of the last player to buy or bid, or with the
first player in the last stock round if no player bought or bid.
If the Great River Shipping Company is reduced to a cost of $ 0 it is automatically sold to the
first player it is offered to.
After the last private company is sold, the next player is offered his choice of the public
companies as per the normal rules on starting a company. See section 5.5. Note that this will still be during the initial stock
round, so shares bought may not be sold until the following stock round.
5.8 Token Movement on The Stock Market
If a share value token moves on the stock market, it will move in one of four directions.
- UP: The Token will move up one space. If the Token is at the top of the market, it
will instead move one space to the right and one space down. If the token is in the $400 space it
stays put. A token moving up, may move from the lower area to the upper area.
- DOWN: The token will move down one space per share sold. If the token is on a
ledge it will not move unless it is the upper ledge and two or more shares are sold. If the token is
on the upper ledge when a share is sold, it stays on the ledge. Two full shares must be sold to
push the token through the upper ledge to the lower area. Similarly when the token is one or
more spaces above the ledge, enough shares must be sold to push it two spaces below the ledge
or it stops on the upper ledge.
- RIGHT: The token moves one space to the right. If the token starts in a space with
an up arrow in it, it will move up one space.
- LEFT: The token moves one space to the left. If the token starts in a space with a
down arrow in it, it will move down one space. The token may enter the closing area. The token
may move from the lower area into the upper area.
5.8.2 Reasons for Movement
The share value token moves as indicated when any of the following events take place:
- Moved Down for each full share sold (and unprotected by the Share Price
section 5.9) either during a stock round or during a forced
sale by a company president.
- Moved Up if no shares are available in the initial offering or on the open market at
the end of a stock round. I.e., all shares are in the hands of players or redeemed by the company.
Tokens are checked and moved in share price order.
- Moved Right if during an operating round the railway pays a full dividend.
- Moved Left if during an operating round an operating railway pays no dividend or
a dividend of $ 0.
- When a company declares a half dividend the token stays in the same box but is placed at
the bottom of the operated companies pile.
Several boxes on the stock market contain arrows. These arrows indicate the share value token's
direction of movement if the token is required to move left or right and is unable to do so
because of the market edge or upper ledge.
5.8.4 Token Ordering in A Box
There can be two piles of tokens in a box; a pile of unoperated company tokens and a pile of
operated company tokens.
If a share value token of an unoperated company is moved into a box where there are one or more
tokens, the newly arriving token is placed below the other stock value tokens of unoperated
companies that are already there.
If a share value token of a company that has finished operating, is moved into a box where there
are one or more tokens, the newly arriving token is placed below the other stock value tokens of
companies that have finished operating, that are already there.
If a company declared a half dividend, the share price token stays in the same box but is
moved to the bottom of the stack of operated company tokens.
When shares of a company are sold, the president may stop the fall in share price by purchasing
them immediately from the selling player at full market price. As this is a private off market sale,
the share price is not adjusted for share sales.
- The president is not required to use the 'Share Price Protection Rules'.
- Should the president elect to share price protect, he must buy all of the shares
of his company being sold at this time by that selling player. The president must have the cash on
hand for the shares and the space to hold the shares. He may not sell shares at this time to
generate cash or make share room. If the president purchases the shares, he does so after the
selling player has finished his stock buying/selling. It then becomes the president's stock phase
and he purchases the share(s).
- During this special stock phase, the president may only buy shares, he may not
sell shares to create space or raise cash.
- Play in the stock round then resumes with the player to the left of the last
president to purchase shares. Note this may cause some players to miss their stock phase this
- If the selling player sells shares in two or more companies, he decides in which
order he sells them. After he has finished his sales, the presidents of the companies he has sold
shares in decide whether they wish to price protect them. If more than one of them purchase their
shares(s), the stock round moves to the left of the purchasing president whose shares were sold
- The purchasing president may end up with more than 60% of the shares in his
company through private purchases. He is allowed to keep this excess in share holdings until he
sells one or more shares in this company, then he must sell enough shares to bring his holdings
down to the 60% share limit.
- These rules are also in effect during forced sales. I.e., to buy a train.
- During the Stock Round, purchasing shares using the Share Price Protection
rules is an action for purposes of changing the location of the priority card.
- When share sales cause a new president of a company, the new president may not share
price protect the shares that were sold to mnake him the president.
5.10 Railroad Share Redemption
- An operating company may redeem its own shares from the open market or from player
- A company may hold a maximum of four shares and may only redeem a share if after
redeeming, there would still be at least six shares in the hands of players or the open market. For
an operating company there must always be at least six shares of a company held by players or
the in open market.
- If a company wishes to redeem a share and there is a share of that company in the open
market, it must redeem that share from the open market. If there are no shares in the open market,
it may redeem a share from a player. It may redeem them from any player it wishes, but share
redemptions may not cause a change in presidency.
- Share redemptions are not forced sales. A player may refuse to allow his share to be
- Allowing a company to redeem one of your shares does not prevent a player from buying
further shares in that company, nor does it change the market price.
- To redeem a share, the president during his stock turn, pays money out of the company
treasury, to either the bank if the share is in the open market, or the player holding the share. The
price paid is the current market value. As the player is acting for the railroad he may not do a
stock action for himself that stock turn. Redemption of a share counts as a stock action and
moves the location of the priority card.
- A Railroad may only redeem one share per complete stock round. Shares on the initial
offering display, whether original issue or reissued may not be redeemed. A railroad may redeem
a share in the same stock round that it reissued if it had enough money before it reissued.
- A newly formed company may not redeem a share in the stock round that it was floated as
it has no money until the end of the stock round.
- Redeemed shares should be placed on top of the money in the treasury section of the
railroad charter. The number of shares that a railway has redeemed is public knowledge.
- When the company has redeemed one or more shares, "All Shares Sold" refers only to
5.11 Railroad Share Reissue
A railroad may issue redeemed shares after the original initial offering has been sold out. During
a game, a company may reissue as often as it wants to, but it may only reissue once per complete
The new par value will be the higher of the old par value or 75% of the current market price
rounded to the nearest available par price. Use the closest par value space on the stock market
display (either higher or lower). All par values including the starting values ($ 68 to
$ 100) and the grey values ($ 110 to $ 200) are available. The par value
boxes from $ 76 to $ 200 each have a small number in brackets in them.
This number is the minimum share value needed to be able to reissue at that price.
The reissued shares are placed on the initial offerings display.
The company will receive the money for these shares as they are sold. The company may not use
this money until the end of that stock round.
The reissuing of shares is a stock market action on behalf of the railroad.
When a company reissues shares, it must reissue all the redeemed shares it holds.
Table of Contents -
Sequence of Play and Game Phases -
Laying Track -
Last Modified: November 12, 2003. Copyright 1999-2010. W.R.Dixon.
Contact Bill Dixon designer.