These rules are pretty confusing because there's the PEIR and also
seven "PEIR companies" which it spawns off, and then companies can
split into two (still ten-share) companies.

The PEIR doesn't behave much like a normal company. In particular it
has seven shares and every time it spawns a PEIR company one of those
shares gets eaten, so eventually it may evaporate. Each of those
shares has an associated home hex and PEIR company, so the PEIR starts
with a bunch of tokens and loses them as the game goes on.

The PEIR shares get distributed in the initial auction; you get 10% of
the associated company (which anyone can start) if you hold one and in
the meantime you get a chunk of the PEIR dividends. They're never sold
and count a nominal $80 if you hold them at the end of the game.

The game starts by transforming a random pair of the PEIR shares into
two PEIR companies which become the "Mainline" and "Shortline". The
Mainline starts floated; the Shortline needs one 10% share sold.

Then there's an initial auction; it's weird because each player gets a
hand of things to auction to the two players on their left and if
_they_ both pass the fourth player buys it at face value.

The Union Bank is a weirdo private; it starts holding two shares, the
owning player can buy more stock into it (using the bank's treasury
then their own money), it can even be a Director (operated by the
owning player, who is liable for buying trains if the Bank can't). It
never sells shares or pays a dividend, but it counts as one
certificate and at the end of the game the owning player takes all the
cash and stock, so potentially offers excellent certificate density.

The King's Mail private just seems to exist to give the PEIR some
initial income.

The other privates are mostly the usual kind of exchange-for-a-share
ones, and don't get bought in, except the Hunslet Steam Engine is
bought in and gives the power to buy a train before running trains and
the Construction private gives access to the one straight plain track
tile in the game.

Stock round's pretty normal. Priority is in order of passing, not
clockwise from the first to pass. The Union Bank's Director can only
do one action per stock round for it.

You can't sell a company that's not operated. You can't sell more than
30% of a company in a stock turn. Prices drop one space on sales. Sold
out companies go up one, and shares waiting to be exchanged for
privates count as "sold".

It's full capitalisation, and the available par prices go down as the
game progresses. You can't half-pay (except the PEIR). You float at
60% (except the Mainline starts floated).

The "tranches" of one, two, and three companies open up when the
previous tranch is full of companies which have operated or sold
out. This isn't a fixed-order thing a la '25, it just means everyone
can't start a company at once, and that only 8 companies can exist.

You start a PEIR company by buying the Director's share. Whoever has
the associated PEIR share, who might be you, takes 10%.

You split a company by having at least four shares in a company with
at least 2 tokens. Everyone with shares in the company exchanges half
their parent shares (rounded down) for shares in the child company.
The Director then rearranges the tokens, cash, and trains as they
like. The parent stays floated; the child floats when 60% of it is not
owned by the bank.

You lay one yellow, lay two yellows for $20, or do one upgrade. Tokens
are $80.

You can only pay out or withhold. Treasury shares don't pay.
Cross-company trains are at any price. You are only obliged to own a
train if you have a route.

Trains start as hex trains, then you get N+ trains (N cities, any
number of towns), then 7-trains (7 towns or cities), then diesels
(infinite range).

The PEIR's Director could own only one share. It's whoever owns the
most shares, tied in favour of the lowest numbered share. This will
probably change a lot as PEIR shares evaporate. The PEIR can
half-pay. Its dividend is divided between the extant shares, rounding
up (_not_ divided into 10% chunks, as shares evaporate the remaining
shares pay a higher proportion). It's not obliged to own a train. It
always operates last.

The game ends immediately on bankruptcy or at the end of the next set
of ORs after the first diesel is bought.