1893: Cologne

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.

Floating percentage and per-player share limits

• 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.