1893: Cologne

Designer: Edwin Eckert

Cologne, with a Rhine crossable at only four hexes and minors that merge by shareholder vote, in a short 18xx for 2-4 players.

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1893: Cologne Contents

How it works

Setup

Cash by player count: 900M (2), 600M (3) or 450M (4); 7,200M bank
Initial packet: 3 privates and 5 minors, at fixed prices
In turn, buy a private or one of the first two minors
A minor's price is its starting capital
When only one is left, [DE], [RAG] and [RSE] shares and bonds can be bought

Stock round ×1

Sell as you like and buy one certificate or a bond
No selling in the first round, nor shares of a company that hasn't operated
At the end, floats with 50% sold: receives 10 × par
Selling drops one row; sold-out companies go up a row

Merger round ×0-1

From the 1st 4-train until the [AGV] and [HGK] are formed, after each round
Vote: if those in favour hold 50%, it's formed
Minors are swapped for certificates; the new company receives 400M

Operating round ×2

Private and bond income
Minors first (by number), then companies by share price:
1. Track: one yellow or one upgrade
2. One station (companies only)
3. Run trains
4. Minors: 50% to the owner and 50% to the treasury; companies: pay out or withhold
5. Trade in a train for 50% of its price
6. Buy trains

↻ Repeats until the end

End

The bank runs out: the set of operating rounds finishes
A bankruptcy: the game ends at once
Cash and certificates at share price count
Highest total wins

Components

Players

Cash (secret)
Shares (max. 60% of a company), bonds
Certificate limit: 18, 12 or 9

Privates and bonds

[FdSD]: 20M; exchanged for [RAG] shares
[EVA]: 30M; can be sold to another player
[HdSK]: 10M; exchanged for 10% of the [HGK]
10 City of Cologne bonds: 100M, 10M income

Minors

5 single-owner minors
One station, its home
Don't have to own a train
1, 3 and 5 will become the [AGV]; 2 and 4, the [HGK]

Companies

[DE], [RAG] and [RSE] from the start
[AGV] and [HGK], by merger, at 120M
No open market: shares sold go back to the bank's offering

Bank

7,200M
Trains: 2, 3, 4, 5, 6 and 8+x
Pile of traded-in trains

Where the money goes

Players Minors Buying a minor: the price is its capital
Players Bank Privates, shares and bonds
Bank Players Dividends, 50% of the minors' revenue, private and bond income
Bank Companies On floating, 10 × par; 400M in a merger
Companies Bank Trains, terrain and stations
Players Companies Forced train purchase: the director makes up the shortfall
Companies Minors A company can't buy trains from a minor

Phases

Start

2 · 80M

Yellow; the Rhine can only be crossed at Düsseldorf/Neuss and Cologne's south bridge

1st 3-train

3 · 180M

Green; the other Rhine crossings open; trains between companies

1st 4-train

4 · 300M

2s rust; the [AGV] can be formed

1st 5-train

5 · 450M

Brown; limit of 2 (minors, 1); the [AGV] is forced to form; the [HGK] can be formed

1st 6-train

6 · 630M

3s rust; the [HGK] is forced to form; the [EVA] closes

8+x

1st 8+x train

8+x · 800M

4s rust; counts 8 cities and all towns

Buying a minor is investing in a future company: it decides who'll hold the [AGV] or [HGK] presidency.
There are always two operating rounds between stock rounds.

A round, step by step

Illustrative example with the game's rules: 4 players with 450M each. We follow [P1], who buys minor 1, the [EKB], and starts the [DE], through the first stock round and the two operating rounds after it.

Before starting Initial packet Phase 2

With 4 players, each has 450M and the limit is 9 certificates. The minor cards deal out turn order: [P1] has the green locomotive and goes first.

[P1] cash

450M

[EKB] treasury

—

[DE] treasury

—

[DE] share price

—
Stock round 1 Buying minor 1 Phase 2

[P1] can pick a private or one of the first two minors. They buy the [EKB] for 210M, which goes into the minor's treasury.

A private's price, by contrast, goes to the bank.

[P1] cash

240M

[EKB] treasury

210M

[DE] treasury

—

[DE] share price

—
Stock round 1 The packet empties Phase 2

The other players buy privates and minors. When only one certificate is left in the packet, [DE], [RAG] and [RSE] shares can be bought.

Whoever passes is out for the rest of this first stock round.

[P1] cash

240M

[EKB] treasury

210M

[DE] treasury

—

[DE] share price

—
Stock round 1 Starting the [DE] Phase 2

[P1] buys the [DE] director's certificate (20%) and picks the lowest par price: 60M. They pay 120M to the bank.

Par prices are 60, 70, 80, 90 and 100M.

[P1] cash

120M

[EKB] treasury

210M

[DE] treasury

—

[DE] share price

60M
Stock round 1 Floating at 50% Phase 2

[P1] buys one more share (60M) and [P2] and [P3] one each. At the end of the round, the [DE] has 50% sold and floats: the bank pays it 10 × 60M = 600M.

[P1] cash

60M

[EKB] treasury

210M

[DE] treasury

600M

[DE] share price

60M
Operating round 1.1 Minors first Phase 2

After privates and bonds pay, the minors operate in number order. The [EKB] lays a yellow city tile in Euskirchen, its home. It has no trains and earns nothing.

A minor only has its home station and can't place more.

[P1] cash

60M

[EKB] treasury

210M

[DE] treasury

600M

[DE] share price

60M
Operating round 1.1 A train for the minor Phase 2

The minor doesn't have to own a train, but the [EKB] buys a 2-train for 80M.

[P1] cash

60M

[EKB] treasury

130M

[DE] treasury

600M

[DE] share price

60M
Operating round 1.1 The [DE] gets going Phase 2

The [DE] places its station in Düren for free and lays a yellow city tile there. With no trains it can't pay out: the share price moves one space left, from 60M to 55M.

[P1] cash

60M

[EKB] treasury

130M

[DE] treasury

600M

[DE] share price

55M
Operating round 1.1 A 2-train Phase 2

The [DE] buys a 2-train for 80M. A floated company must own a train if it has a route.

[P1] cash

60M

[EKB] treasury

130M

[DE] treasury

520M

[DE] share price

55M
Operating round 1.2 The minor earns Phase 2

The [EKB] lays a yellow with a town and runs its train: Euskirchen (20M) + town (10M) = 30M. A minor always gives half to its owner and keeps the other half.

For companies, the director chooses between paying it all out or withholding it all.

[P1] cash

75M

[EKB] treasury

145M

[DE] treasury

520M

[DE] share price

55M
Operating round 1.2 Düren–Aachen Phase 2

The [DE] extends its track to the Aachen exit. The 2-train runs Düren (20M) + Aachen (20M in the yellow phase) = 40M.

Red off-boards pay more in the green and brown phases.

[P1] cash

75M

[EKB] treasury

145M

[DE] treasury

520M

[DE] share price

55M
Operating round 1.2 Paying out Phase 2

The [DE] pays out: 4M per 10%. [P1], with 30%, collects 12M. The 50% still in the bank gets nothing. The share price moves right: back to 60M.

[P1] cash

87M

[EKB] treasury

145M

[DE] treasury

520M

[DE] share price

60M
Operating round 1.2 A second train Phase 2

The [DE] buys another 2-train (80M). Companies can own up to 3 trains; minors, 2.

Later on, when buying a new train you can trade in an old one for 50% of its printed price.

[P1] cash

87M

[EKB] treasury

145M

[DE] treasury

440M

[DE] share price

60M
Towards stock round 2 Eyeing the [AGV] Phase 2

In stock round 2, the [DE] has operated and its shares can be sold. With the first 4-train the merger rounds begin: the [EKB] will be swapped for the [AGV] director's certificate, which will start with 400M plus the treasury and trains of minors 1, 3 and 5.

[P1] cash

87M

[EKB] treasury

145M

[DE] treasury

440M

[DE] share price

60M

1893 — Summary

Capitalization type

Full capitalization: upon floating (once just 50% has been sold for the first time), the company receives 10 times its par price into the treasury at once.

Floats at 50% of shares sold (single threshold for all corporations)
No player may hold more than 60% (6 out of 10 certificates) of a single corporation
Certificate limit per player: 2 players — 18; 3 players — 12; 4 players — 9

Starting cash by player count

2 players: 900M starting cash
3 players: 600M starting cash
4 players: 450M starting cash
The bank always starts with 7,200M, regardless of player count

End game triggers

The bank runs out of money: the current full operating round set is finished
A player goes personally bankrupt (cannot cover the debt for a mandatory train even after selling every share they can): immediate end for everyone

Number of phases

6 phases (2, 3, 4, 5, 6, 8+x), triggered by the purchase of the first train of each type
In phase 2 the Rhine is impassable at two of the four crossing points; the AGV can be founded from phase 4 and the HGK from phase 5

Train list and prices

2 train — 80M (rusts with the first 4-train) — 7 units (8 with the optional eighth 2-train rule)
3 train — 180M (rusts with the first 6-train) — 4 units; buying it opens the two remaining closed Rhine crossings
4 train — 300M (rusts with the first 8+x-train) — 4 units; buying it makes AGV shares buyable on the market
5 train — 450M — 2 units; buying it founds the AGV, makes HGK shares buyable on the market, and schedules the FdSD's closure
6 train — 630M — 3 units; buying it founds the HGK and closes the EVA
8+x train — 800M — 3 units, available from the first 6-train; pays for up to 8 cities/terminals, but can pass through any number of towns without them limiting it
During the train-buying step, a company may trade in at most one of its own trains for a new one, at a discount depending on the traded-in train

List of private companies

FdSD (Fond der Stadt Düsseldorf) — 180M, revenue 20M — can be exchanged during a stock round for shares (or the presidency) of the RAG
EVA (Eisenbahnverkehrsmittel AG) — 150M, revenue 30M — closes when the first 6-train is bought; can never be sold to a corporation
HdSK (Häfen der Stadt Köln) — 100M, revenue 10M — exchanged for a 10% HGK certificate when it's founded
EKB (proxy for minor 1, Euskirchener Kreisbahn) — 210M — exchanged for the AGV's president's certificate (20%) when it's founded
KFBE (proxy for minor 2, Köln-Frechen-Benzelrather) — 200M — exchanged for 20% of the HGK
KSZ (proxy for minor 3, Kleinbahn Siegburg-Zündorf) — 100M — exchanged for 10% of the AGV
KBE (proxy for minor 4, Köln-Bonner Eisenbahn) — 220M — exchanged for the HGK's president's certificate (20%)
BKB (proxy for minor 5, Bergheimer Kreisbahn) — 180M — exchanged for 20% of the AGV
10 "Anleihen der Stadt Köln" bonds (AdSK) — 100M each, revenue 10M — work like a private but can be bought and sold during the stock round, just like shares

List of corporations

Dürener Eisenbahn (DE) — home at O2
Rhein-Sieg Eisenbahn (RSE) — home at R7
Rheinbahn AG (RAG) — home at D5
AG für Verkehrswesen (AGV) — no fixed home; founded by merging minors 1, 3, and 5
Häfen und Güterverkehr Köln AG (HGK) — no fixed home; founded by merging minors 2 and 4 plus the HdSK private
Five numbered "minor companies" that operate from the start and eventually merge: Euskirchener Kreisbahn (T3), Köln-Frechen-Benzelrather (L3), Kleinbahn Siegburg-Zündorf (P7), Köln-Bonner Eisenbahn (O4), and Bergheimer Kreisbahn (I2)

Game-specific mechanics

The "Starting Package" (3 privates + 5 minor companies) is bought through sequential offers with a price drop if everyone passes, instead of an ascending auction
Almost no private can be resold between players: only the EVA can; the rest are mandatorily exchanged for shares when their corresponding companies merge
The five minor companies always pay out 50% of income and keep 50%, until they merge via shareholder vote to form the AGV and the HGK
Irregular certificate structure: 9 per company at DE/RSE/RAG (1×20%+8×10%), 8 per company at AGV/HGK (2×20%+6×10%)
No bank pool: sold shares return directly to the market display, at the price in effect before the sale
The Rhine can only be crossed at four specific hexes; two remain closed until the first 3-train is bought

Emergency sell

For full corporations, this matches the 1830 baseline exactly: treasury, then the president's personal cash, then a forced sale of any shares they hold. Minors — the small, single-owner starting companies that later merge into full corporations — work differently: since they have no market shares to sell, a trainless minor that can't afford one simply has its owner pay the shortfall directly from personal cash, with no share-selling step at all.

Comparison with 1830

1. Setting, map and number of players
1830 covers the northeastern USA for 2-6 players. 1893 moves the action to the Rhine valley between Düsseldorf and Bonn (with Cologne at the center of the map), designed for only 2-4 players and short games of about 2.5 hours, much shorter than a typical 1830 game.

2. The "Starting Package" is bought through sequential offers, not an auction
In 1830 the six privates are awarded through a classic ascending auction. In 1893 the three privates (FdSD, EVA, HdSK) and the five numbered minor companies are distributed through the "Starting Package": in turn, each player may buy the topmost card in the package, buy the cheapest available minor company, or pass. If everyone passes without buying the first still-available card, its price drops by 5 Mark and it is offered again, and so on until someone buys it.

3. Minor companies that merge via shareholder vote
A mechanic that doesn't exist in 1830, where companies never merge with each other. In 1893 there are five minor companies (numbered 1 to 5), each with a single starting station, that always pay out 50% of their income to owners and keep 50% in treasury. Over time they mandatorily merge to form the AGV (minors 1, 3, and 5) and the HGK (minors 2 and 4, plus the HdSK private), decided by a vote among the owners of the corresponding exchange certificates.

4. Irregular certificate structure between companies
In 1830 every company has exactly 10 shares of 10% each. In 1893 the three starting companies (DE, RSE, RAG) have 1 director's certificate worth 20% plus 8 certificates of 10% (9 certificates in total), while the two companies born from mergers (AGV and HGK) have 1 director's certificate of 20%, a second certificate of 20%, and 6 of 10% (8 certificates in total).

5. Lower float threshold and no bank pool
In 1830 a company floats once 60% of its shares are sold, and sold shares go into a bank pool from which other players can buy them. In 1893 it floats once just 50% has been sold for the first time, and there is no pool: sold shares return directly to the stock market display, at the price in effect before the sale, and dividends on shares sitting in the market are kept by the bank.

6. The Rhine can only be crossed at four points, two of which start closed
A concept that doesn't exist in 1830: the Rhine can only be crossed at four specific hexes. During the starting yellow phase, two of these four points remain closed and no tile may be laid there that crosses the river; only the other two remain open until the first 3-train is bought.

7. A train can be traded in for 50% credit
1830 has no mechanism for trading in trains; a company simply buys new ones. In 1893, during the train purchasing step, a company may trade in at most one train it already owns for a new train, receiving a discount equal to 50% of the traded-in train's printed price. The traded-in train moves into the Train Pool and becomes available to other companies at its printed price.

8. One player's bankruptcy ends the entire game instantly
In 1830 bankruptcy usually leads to a company being liquidated, but the game continues with the remaining players. In 1893, if a director is forced to buy a train and, after selling all the shares they can, still cannot cover the shortfall, that player is declared bankrupt and the game ends immediately for everyone.

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