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1830: Railways & Robber Barons

Designer: Francis Tresham

The classic reference 18xx: Northeastern USA, stock market, trains and bankruptcy.

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1830: Railways & Robber Barons Contents

How it works

Setup
  • 2-6 players: $2,400 split among them (4 players: $600 each)
  • $12,000 bank
  • Auction of the 6 privates: all must be sold before the first stock round
  • The [CA] comes with 10% of the [PRR]; the [BO] with the [B&O] president's certificate
  • 8 companies, each with its own home city
Stock round ×1
  • In turn: sell as many shares as you like (not in round 1)
  • and buy a single certificate
  • Whoever buys a president's certificate sets the par price: $67-$100
  • Each share sold drops the share price one row
  • Floats at 60% sold: the company receives 10 × par
  • At the end: sold-out companies go up
Operating round ×1-3
  • Privates pay income to their owner
  • Each company, highest share price first:
  • 1. One tile (new or upgrade)
  • 2. One station
  • 3. Run trains: the best route is mandatory
  • 4. Pay out (up) or withhold (down)
  • 5. Buy trains; with no train and a route, it must
  • Phases 3 and 4: the company may buy privates
↻ Repeats until the end
End
  • The bank runs out of money
  • Play continues to the end of that set of operating rounds
  • Or a player goes bankrupt: the game ends at once
  • Most cash plus shares at current share price wins

Components

Players
  • Cash
  • Shares: normally at most 60% of a company
  • Privates
  • Certificate limit (4 players: 16)
Companies
  • 10 shares; the president holds the 20% certificate
  • Treasury, trains (4, then 3 and 2), stations
  • Fixed home city
Bank
  • $12,000
  • Initial offering and market (max. 5 shares per company)
  • New trains and trains in the market
Privates
  • Fixed income every operating round
  • Abilities: tiles, stations, shares…
  • All close with the first 5-train
Map
  • Northeastern US and southeastern Canada
  • Terrain: water $80, mountain $120
  • Off-boards: low value until phase 4, high after

Where the money goes

  • Players Bank Shares (from the initial offering or the market) and privates in the auction
  • Bank Companies On floating, 10 × par in one go; withheld revenue
  • Bank Players Dividends, private income, share sales
  • Companies Bank Trains, terrain, stations
  • Companies Players Buying a private from a player (between half and double its value)
  • Players Companies The president tops up a mandatory train the company can't afford
  • Players Companies Shares bought after floating: that money goes to the bank, not the company

Phases

2
Start
2 · $80
Yellow; 4 trains; 1 operating round
3
1st 3-train
3 · $180
Green; 2 operating rounds; companies can buy privates
4
1st 4-train
4 · $300
2s rust; 3 trains
5
1st 5-train
5 · $450
Brown; privates close; 2 trains; 3 operating rounds
6
1st 6-train
6 · $630
3s rust; diesels become available
D
1st diesel
D · $1,100 ($800 trading in a 4, 5 or 6)
4s rust; the diesel has no city limit
  • Full capitalisation: the company gets all its capital at once when it floats, and whatever players pay for shares afterwards goes to the bank.
  • Selling shares hurts the company: each share sold drops it one row. A classic way to drain a company and dump it on someone else.
  • Trains rust fast: whoever buys the train that opens a phase can leave other players' companies trainless.

A round, step by step

The auction is the rulebook's example (section 1.2), with 4 players at $600 each; the rest is an illustrative example. We follow [P2], who ended up with the [BO] private and, with it, the [B&O], through the first stock round and the first two operating rounds.

  1. Initial auction Bids and purchases Phase 2

    In turn, each player either buys the cheapest private at face value or leaves a bid on another one. [P2] bids $225 on the [BO] (value $220) and later buys the [SV] for $20. Nobody else bids on the [BO]: it's theirs for $225.

    When someone buys the cheapest private, any bids on the next one are resolved.

    [P2] cash
    $355
    B&O treasury
    —
    B&O share price
    —
    B&O trains
    —
  2. Initial auction The [BO]'s bonus Phase 2

    With the [BO], [P2] gets the [B&O] president's certificate (20%) and must set its par price straight away: they pick $100, the maximum. The others end up with the [MH] [P1], the [DH] [P3], and the [CA] and [CL] [P4]; the [CA] gives [P4] 10% of the [PRR].

    Possible par prices: $67, $71, $76, $82, $90 or $100.

    [P2] cash
    $355
    B&O treasury
    —
    B&O share price
    $100
    B&O trains
    —
  3. Stock round 1 Three more shares Phase 2

    [P2] has priority. On three separate turns they buy three [B&O] shares at $100: they now hold 50%. You can only buy one certificate per turn.

    Nothing can be sold in the first stock round.

    [P2] cash
    $55
    B&O treasury
    —
    B&O share price
    $100
    B&O trains
    —
  4. Stock round 1 The B&O floats Phase 2

    [P1] buys 10% of the [B&O]. With 60% sold, the company floats and the bank pays it 10 × $100 in one go. Shares sold from now on, still at $100, won't bring it a single dollar.

    [P2] cash
    $55
    B&O treasury
    $1,000
    B&O share price
    $100
    B&O trains
    —
  5. Stock round 1 Everyone passes Phase 2

    The round ends when everyone passes in a row. The [B&O] isn't sold out (there are shares left in the initial offering), so its share price doesn't rise.

    [P2] cash
    $55
    B&O treasury
    $1,000
    B&O share price
    $100
    B&O trains
    —
  6. Operating round 1 Private income Phase 2

    Before operating, the privates pay: [P2] collects $30 from the [BO] and $5 from the [SV].

    [P2] cash
    $90
    B&O treasury
    $1,000
    B&O share price
    $100
    B&O trains
    —
  7. Operating round 1 Towards Atlantic City Phase 2

    The [B&O]'s station is in Baltimore. It lays a yellow straight on the hex to the east, which has a river: it pays $80 for terrain. Baltimore ($30) is now linked to Atlantic City ($10).

    Just one tile per turn in 1830.

    [P2] cash
    $90
    B&O treasury
    $920
    B&O share price
    $100
    B&O trains
    —
  8. Operating round 1 No trains, price drops Phase 2

    No trains yet: no revenue, no dividend, and the share price moves one space left, from $100 to $90.

    [P2] cash
    $90
    B&O treasury
    $920
    B&O share price
    $90
    B&O trains
    —
  9. Operating round 1 Two 2-trains Phase 2

    It buys two 2-trains from the bank at $80 each. With the [B&O]'s first train, the [BO] private closes: [P2] won't collect its income any more.

    [P2] cash
    $90
    B&O treasury
    $760
    B&O share price
    $90
    B&O trains
    2 + 2
  10. Stock round 2 [P2] comes up short Phase 2

    While there are only 2-trains, each stock round is followed by a single operating round. [P2] has $90, and a share from the initial offering costs par, $100: they pass. Before the round ends, the others buy [B&O] shares, but not all of them.

    [P2] cash
    $90
    B&O treasury
    $760
    B&O share price
    $90
    B&O trains
    2 + 2
  11. Operating round 2 Washington Phase 2

    The [SV] pays [P2] $5. The [B&O] lays the yellow Washington city on Baltimore's other exit. There's a river there too: $80.

    [P2] cash
    $95
    B&O treasury
    $680
    B&O share price
    $90
    B&O trains
    2 + 2
  12. Operating round 2 Two trains, two routes Phase 2

    One 2-train runs Baltimore–Atlantic City: $30 + $10 = $40. The other runs Baltimore–Washington: $30 + $20 = $50. Total: $90.

    Two trains can leave from the same city, but they can't share any track section.

    [P2] cash
    $95
    B&O treasury
    $680
    B&O share price
    $90
    B&O trains
    2 + 2
  13. Operating round 2 Paying out Phase 2

    The [B&O] pays out: $9 per share. [P2], with 50%, collects $45. The share price moves one space right, from $90 to $100.

    Shares still in the initial offering get nothing: that money stays in the bank.

    [P2] cash
    $140
    B&O treasury
    $680
    B&O share price
    $100
    B&O trains
    2 + 2
  14. Operating round 2 The first 3-train Phase 3

    The other companies have already bought the four remaining 2-trains. The [B&O] buys the first 3-train for $180 and phase 3 begins: green tiles arrive and companies can now buy privates.

    [P2] cash
    $140
    B&O treasury
    $500
    B&O share price
    $100
    B&O trains
    2 + 2 + 3
  15. Towards stock round 3 What now? Phase 3

    After the next stock round there'll be two operating rounds. The [B&O]'s 2-trains will rust with the first 4-train: there are four 3-trains left to sell before it arrives.

    [P2] cash
    $140
    B&O treasury
    $500
    B&O share price
    $100
    B&O trains
    2 + 2 + 3

1830 — Summary

Capitalization type

  • Full capitalization: once it floats (60% sold), the company receives its entire capital (par price × 10) into the treasury at once.

Floating percentage and per-player share limits

  • Floats once 60% of shares are sold (a single threshold for every corporation)
  • No player may hold more than 60% (6 of 10 certificates) of a single corporation, no exceptions
  • Certificate limit per player: 2 players — 28; 3 players — 20; 4 players — 16; 5 players — 13; 6 players — 11

Starting cash by player count

  • 2 players: $1,200 starting cash
  • 3 players: $800 starting cash
  • 4 players: $600 starting cash
  • 5 players: $480 starting cash
  • 6 players: $400 starting cash
  • The bank always starts with $12,000, regardless of player count

End game triggers

  • The bank runs out of money: immediate end
  • A company goes bankrupt and cannot complete payment for a mandatory train: immediate end

Number of phases

  • 6 phases (2, 3, 4, 5, 6, D), triggered by the purchase of the first train of each type

Train list and prices

  • 2 train — $80 (6 units; rusts with the first 4-train)
  • 3 train — $180 (5 units; rusts with the first 6-train)
  • 4 train — $300 (4 units; rusts with the first Diesel)
  • 5 train — $450 (3 units; buying it closes the private companies)
  • 6 train — $630 (2 units, or 3 with the optional 6-train rule)
  • Diesel (D) — $1,100 (unlimited; allows trading in old trains at a discount)

List of private companies

  • Schuylkill Valley (SV) — $20, revenue $5
  • Champlain & St.Lawrence (C&StL) — $40, revenue $10
  • Delaware & Hudson (D&H) — $70, revenue $15
  • Mohawk & Hudson (M&H) — $110, revenue $20
  • Camden & Amboy (C&A) — $160, revenue $25
  • Baltimore & Ohio (B&O) — $220, revenue $30; whoever buys it also receives the B&O corporation's first presidential share

List of corporations

  • Pennsylvania Railroad (PRR) — home at H12
  • New York Central Railroad (NYC) — home at E19
  • Canadian Pacific Railroad (CPR) — home at A19
  • Baltimore & Ohio Railroad (B&O) — home at I15
  • Chesapeake & Ohio Railroad (C&O) — home at F6
  • Erie Railroad (ERIE) — home at E11
  • New York, New Haven & Hartford Railroad (NYNH) — home at G19
  • Boston & Maine Railroad (B&M) — home at E23

Game-specific mechanics

  • Stock market with a fixed price grid, moved by dividend policy
  • 60% (6-certificate) ownership limit per shareholder in any single company
  • Up to three operating rounds in a row per stock round as the game progresses
  • Bankruptcy falls on the president before the other shareholders

Emergency sell

This is the reference version of the mechanic every other title in the series gets compared against. When a company can't afford a train it's required to buy, the company treasury pays first. If that's not enough, the president must add personal cash. If even that falls short, the president is forced to sell shares from their own personal portfolio — of any company they hold, not just this one — onto the open market at the current price, ignoring the normal rules that only allow selling during a stock round and the 50%-in-the-pool limit, doing so until enough cash is raised or there's nothing left to sell. If the shortfall still can't be covered, the company goes bankrupt, which ends the game immediately.

Comparison with 1829

1. 1830 is a refinement, not an independent game
1829 (Francis Tresham, 1974) is 1830's direct ancestor: Tresham himself co-designed 1830 twelve years later. 1830 doesn't invent the genre, it trims it down and turns it into the reference point.

2. A smaller map and player count
1829 covers southern England and Wales (with a Northern variant) and supports 2 to 9 players depending on setup. 1830 narrowed this down to a single northeastern USA map for 2-6 players.

3. A single ruleset, with no complexity tiers
1829 ships with three levels of complexity (simple, intermediate, full) to bring new players in gradually. 1830 dropped this staged structure.

4. Standard track-laying, no "survey parties"
1829 required moving a survey token and only building in the hex it had just vacated. 1830 replaced this with what's now the standard system: building in any hex connected to your own network.

5. A different train ladder and earlier rusting
1829 tops out at a 7-train (2/3/4/5/7 progression, no 6-train, no Diesel). 1830 rewrote this into the 2/3/4/5/6/Diesel progression that's now nearly universal in the genre, with rusting tied to its own 4-trains and 6-trains.

6. A board-zone certificate limit, not a flat price threshold
1829 excludes shares priced below a flat threshold (£30) from the certificate limit. 1830 replaces this with a specific zone of the stock chart (the yellow area).

Why 1830 is the genre's reference game

1. The reference game of the 18xx genre
1830 (Bill Dixon, Francis Tresham and Tom Lehmann, 1986) is the title that established the 18xx genre as we know it today. Practically every other title in the series (1817, 1846, 1822, 18Chesapeake, etc.) is still defined and explained today as a variation on this base game.

2. Setting, map and player count
The map covers the Northeastern United States, from Chicago to Boston and New York. It is designed for 2 to 6 players, with games typically lasting 3 to 5 hours depending on the group's experience.

3. Private companies and public companies
There are six private companies, auctioned off at the start of the game, which generate a fixed income each operating round until they close (either bought out by a public company or when a certain train phase is reached). Public companies each have 10 shares; the president must hold at least the double (president's) certificate (20%) to found one.

4. Round structure: stock + operating rounds
Each game cycle alternates a stock round (buying and selling shares) with one or more operating rounds (companies build track, buy trains and pay or withhold dividends). As the game progresses, up to three operating rounds can follow each stock round.

5. Stock market and company share price
Each share's price moves along a fixed grid based on sales and dividend decisions: paying out 100% of profit moves the price up, while withholding it (e.g. to pay for trains) moves it down. The share price directly determines how much each certificate costs to buy or sell.

6. Trains and obsolescence (rusting)
Companies buy increasingly powerful trains (2, 3, 4, 5, 6 and Diesel) as the game progresses. Once a sufficiently advanced train type is introduced, older trains "rust" (are removed from the game), forcing companies still relying on them to upgrade their fleet or lose earning capacity.

7. 60% ownership limit per shareholder
No player may hold more than 60% (6 certificates) of a given public company's shares, except temporarily as a result of the share pool. This necessarily spreads control of each company across several players.

8. Bankruptcy and limited liability of the company
If a company cannot afford a mandatory train and lacks the treasury for it, its president must cover the shortfall with personal funds; if that's not enough either, the company can be liquidated. Bankruptcy mainly affects the company and its president, not the other shareholders directly.

9. End of game
The game ends when the bank runs out of money (the bank pool is empty) or when the last available train of the last type is bought, depending on the ending rule in use. All shares still held by players are then valued to determine the winner.

10. Why it's the starting point of the genre
Almost every "new" mechanic found in other 18xx titles (loans, short selling, mergers, bigger or smaller maps, modified stock markets) is presented and understood as an addition to, or removal from, this base ruleset from 1830.

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A term you do not recognise? They are all explained in the 18xx glossary. Glossary →