1893

There's a "starting package" of 3 privates (which are special-power
companies a la 1846) and 5 minors (also a la 1846, minature railways
restricted in what they can do). The opening stock round is just
players picking these, no auction, but if some of it isn't sold
there's a procedure to sell them off at a discount. If there's only
one thing to buy you can also buy a Director's certificate or a
Cologne city bond. The Cologne city bonds are traded in stock rounds;
they're like boring privates, providing an income but no power.

There are three majors at the start, but two more form by mergers of
the minors and one of the privates. These mergers are prescribed; you
can't merge what you like, each one is a stipulated set of three
companies which merges.

Minors are not obliged to own a train. Majors are if they have any route.

You do one build or one upgrade. Minors always half-pay. Majors can
full pay or withhold but not half-pay.

The Rhine has four crossing points, and L5 and S6 can't be used until
the green tiles. N5 and P5 can't be played on at all until the green
tiles.

Plain track upgrades must be able to reach some new track; station
upgrades must either do that or increase station value.

There's a late-game 8+x train that scores towns but only counts cities
against its size.

You can't double-jump at all so a loss from withholding will be a pain
to make up.

When you buy a train you can trade-in one of your existing trains at
half face value. You can't buy trains across companies until the green
tiles are out; you can buy at any price. You can't buy trains from
minors.

If a player goes bankrupt in a forced train purchase the game ends
immediately. (This is an 1830-style rule which I don't understand the
rationale for.)

The merger procedure is complex and I don't intend to write it up
here.

You take a bump at the end of a stock round for being sold out, but
not a penalty for shares in the market (indeed, the mechanics do not
distinguish IPO and market shares). You do take a penalty whenever
stock is sold.

The three initial majors float when 50% is sold. They get 100% of
their float immediately, but the remaining shares sell at the stock
market price.