Railroad Barons: The Game of Industrial Dominance

Welcome to the world of Railroad Barons, the exciting game where you’ll become a powerful industrial tycoon! In this game, you’ll have the chance to build and control your own railroad empire. With clever strategy and a bit of luck, you can dominate the industry and amass a fortune.

So, how do you play Railroad Barons? Let me break it down for you:

Goal of the Game

The goal of Railroad Barons is simple: you want to be the wealthiest player in the game. This is achieved by acquiring railroads, building track, and transporting goods across your network. The more successful your railroad, the greater your wealth will grow.

Starting the Game

At the start of the game, each player receives a set amount of money and a designated starting location on the game board. This is where you will begin building your railroad empire.

Acquiring Railroads

To expand your empire, you need to acquire railroads. There are different types of railroads in the game, each with its own benefits and drawbacks. Some railroads may provide access to valuable resources, while others may offer higher profits. It’s up to you to decide which railroads to invest in.

Building Track

Once you’ve acquired a railroad, you can begin building track to connect different locations on the game board. This allows you to transport goods and expand your network. However, building track comes at a cost, so you’ll need to manage your finances wisely.

Transporting Goods

The key to success in Railroad Barons is transporting goods efficiently. You can earn money by delivering goods from one location to another using your railroads. The more goods you transport, the more money you’ll make. But watch out! Your opponents may try to hinder your progress by blocking your tracks or competing for the same resources.

Growing Your Empire

As you amass wealth in the game, you can reinvest it in your railroad empire. This allows you to expand your network, acquire new railroads, and increase your profits. The more you grow your empire, the closer you’ll get to becoming the ultimate railroad baron.

Victory and Strategy

The game ends when a predetermined condition is met, such as a player reaching a certain wealth threshold. The player with the most wealth at the end of the game is declared the winner. Victory in Railroad Barons requires a combination of shrewd decision-making, strategic planning, and a bit of luck.

Now that you have a basic understanding of the game, it’s time to gather your friends, set up the board, and embark on your journey to become a railroad baron. Good luck!

When you play Railroad Barons, you get to act like a big investor and try to build the best collection of railroad stocks compared to other people playing.

Railroad Barons is similar to 18xx games in many ways, but it’s also a bit different. In the game, you can buy and sell shares of five Holding Companies, which are like big groups that control the Railroad Corporations. You can make money from these shares during the operating rounds when the Railroads pay dividends. The Railroads have a set amount of earnings they make.

Game Components

• 2 Overview cards
• 5 Holding Companies
• 20 Stock Certificates
• 28 Railroad Corporations and
• 5 private Investors
• 30 wooden Operator tokens
• 1 Share value track
• Playing money
• Rulebook

Elements of the Game

Holdings

When you play this game, you’ll find various components that make it engaging and exciting. Let’s dive into the different parts of the game.

When Holdings do well, their stock price goes up, which means that the players who own stock in the Holdings get richer. Each Holding has its own name and color. They also come with a certain number of Operator tokens, but the number varies depending on the Holding.

Holding
Color
Operators
Value Marker

Marley, Scrooge & Cratchit	Green	6	1
Seedy Brothers	Black	6	1
Alvin V.A. Rice International	Yellow	5	1
Desmond Picable Inc.	Red	4	1
McGreed Bros. & Sons	Blue	4	1

I want to talk to you about the order in which the Holdings operate. So, let’s start with the basics. The Holdings always go in the same order: Green, Black, Yellow, Red, and Blue. It’s pretty straightforward.

Now, let’s dive a little deeper. Each Holding has four stock certificates. These certificates represent the shares available for purchase. The bank initially owns all of these shares, but players can buy them throughout the game. The certificates are divided into four percentages: 40% (Director), 30%, 20%, and 10%.

Here’s where things get interesting. The player who owns the most stock in a Holding becomes the Director of that Holding. Usually, this player will have the 40% share certificate. Being the Director means you have control over the operations of that Holding. It’s a position of power.

But let’s not forget about the 10% shares. Their value is determined by the position of the Share value marker on the Share value track. Keep an eye out for it!

When a Holding is started, the Director sets the initial stock price, which can be anywhere from $70 to $100. This price represents the value of a 10% share in the Holding.

The stock price of a Holding goes up when it pays out dividends to shareholders. On the other hand, the stock price goes down when the Director sells shares in the Holding.

A Holding becomes operational once at least 50% of its shares are sold.

Once 50% of a Holding’s shares are sold, it immediately receives an initial capital equal to 10 times the initial stock price. This capital is paid by the bank to the Holding, regardless of whether all the stock has been taken up. Players can own up to 100% of a Holding’s stock.

The bank is never allowed to hold more than 60% of the stock of an operational Holding. Each player can own a maximum of 9 certificates; investor cards do not count towards this limit. Only the stock owned by players is eligible to receive dividends.

Did you know that Holdings are never forced to own Railroad Corporations?

Let’s Talk About Railroad Corporations

Railroad Corporations are companies owned by Holdings. Holdings use these corporations to make money. In the game, there are 28 Railroads that Holdings can buy to earn income.

The Railroads are listed in a specific order, from cheapest to most expensive, based on the income they generate. Each Railroad has different attributes, which are called “Categories”.

The category determines how many Railroads are available, the level of the railroad (which affects its cost), and how much income it generates. Some levels of Railroads make lower levels obsolete and they are removed from the game without compensation.

When it comes to railroads in the B, D, and F categories, you have the flexibility to purchase them at any level, regardless of what level you’ve previously bought them at. The alternate level information is conveniently located on the back of these cards. For example, if you buy a D category Railroad at level 4, it means that level 2 Railroads will no longer be useful.

You’ll be pleased to know that both I and K category Railroads are available at the same time. They are printed on opposite sides of the same cards. The only difference between them is their cost and income. Regardless of which one you choose, both will render level 4 Railroads obsolete.

Investors

There are five private Investors in this game, but only four of them will be used. As players, we own these Investors, and each one has both a special ability and a cash value. When we use an Investor, one player gets the money, and the other player gets to use the ability.

• The $30 Investor lets us switch the Priority Deal at the start of a Stock Round. We can do this once during the game.
• The Investors valued at $40, $50, and $60 can be assigned to Holdings during the Operating Rounds.
• The $450 Investor is special. It comes with a 40% MS&C Director’s share and a free level 2 Railroad for the MS&C.

Players vs. Holdings

In this game, it’s important to understand that players and Holdings are different. As a player, you can own stock in a Holding, but a Holding is its own separate thing.

When it comes to owning stock in a Holding, there could be two players who both own shares. However, only one of them will be the Director. The Director is determined by the majority share owner or, if the shares are equal, the player who reaches that share percentage first.

As the Director, you will have complete control over what the Holding does when it operates. It’s important to remember that players can own stock in multiple Holdings, and they may be Directors of none or all of them. The Directorship of a Holding can change between players as the stock in that Holding is bought and sold.

All About Money

When it comes to the game, both players and Holdings can have cash. However, it’s crucial to keep the cash separated between the two.

Players cannot use Holdings’ cash during the Stock Rounds, and Holdings cannot access players’ cash during the Operating Rounds, except in one situation: when the Director helps the Holding purchase a Railroad, and the Holding doesn’t have any Railroads or enough cash.

If control of a Holding transfers from one player to another, the cash owned by the Holding must stay with the Holding.

Game Setup

Here’s what we need to do to set up the game:

• Get the Share Value track and the 5 private Investors ready. Place them on the table.
• Take the Dominion Atlantic Railroad (level 2) and the MS&C (green) Director’s certificate and put them on the $450 investor. If that investor isn’t chosen, put both the certificate and the Railroad back where they belong.
• Everyone gets $200 from the bank and an Overview card.
• Put the Stock certificates next to the Share Value track. For now, these belong to the bank.
• Sort the Railroad Corporations alphabetically by category, with category A on top. The bank owns these corporations at the beginning.
• Choose a starting player (that’s me!). I pick one of the Investors and decide how much it’s worth. For now, let’s go with the value on the card.

Now, I get to choose either the money or the Investor card. (You get whatever I don’t choose).

Next, it’s your turn to choose two Investors, and finally, I get to pick the fourth one. We’ll remove the last Investor from the game, but both of us get its cash value.

How to Play

We take turns between Stock Rounds (SRs) and Operating Rounds (ORs). After every Stock Round, we play two Operating Rounds. Then, we remove the top Railroad card and move on to the next Stock Round.

Stock Round (SR)

During a Stock Round, we can buy and sell stock certificates of Holdings. The player with the Priority Deal token goes first.

When I play a game called SR, I have to choose one and only one of the following actions:

• Sell one or more certificates back to the bank.
• Buy one certificate from the bank.
• Sell one or more certificates back to the bank and then buy one certificate from the bank.
• Pass.

If I decide to buy the Director certificate from the bank, a new Holding will begin.

A Stock Round will keep going until both players have passed in a row.

The player who didn’t perform the last action (selling or buying) will receive the Priority Deal token for the next Stock Round.

After that, we move on to the first of two Operating Rounds.

Selling Stock Certificates

When you want to sell a certificate in the game, you can only sell it to the bank, not to another player. Here’s how it works: when you sell a certificate of a Holding, you give it back to the bank and get paid based on the current share value of that Holding, multiplied by the number of 10% shares the certificate represents. The bank will give you the cash for that amount.

Share

However, there’s another option. Instead of selling your certificate for cash, you can exchange it for a certificate of lesser value in the bank. In this case, you will only receive the current share value for that Holding, multiplied by the difference in 10% share values between the two certificates. It’s a way to adjust your holdings without losing out completely.

When it comes to the rules, let’s keep it simple. We treat an exchange as one sell operation, not separate sell-buy operations. I can sell or exchange multiple certificates in a single turn. And those certificates can be for one or more Holdings.

But there’s a catch. If I’m the Director of a Holding, I can’t sell my Director certificate (the 40% share) unless my opponent owns at least a 40% share of that Holding. We always gotta keep at least 40% ownership in a Holding once it’s started.

Now, here’s the tricky part. If I sell some stock of a Holding, even just a few shares, the share value marker for that Holding goes down by 1 line. It happens right before any change in Directorship.

Now, onto buying a Stock Certificate!

When I want to buy certificates in the game, I can only get them from the bank, not from another player. The first certificate I buy for a Holding has to be the Directors certificate, which is worth 40% of the share value.

When I buy a certificate for a Holding, I take it from the bank and pay the current share value for that Holding, multiplied by the number of 10% shares represented by that certificate.

I have the option to pay with cash, or I can exchange one of my certificates for a certificate with a higher share value from the bank. If I choose the exchange option, I only have to pay the difference in share values between the two certificates, multiplied by the current share value of the Holding.

It’s important to note that this exchange is considered a single buy operation, and not two separate buy and sell operations.

When I play the game, I can’t buy more than one certificate at a time. It’s a rule that I have to follow. Let me give you an example. Abby already has a 10% certificate for a company called Desmond Picable Inc., which is worth $100. But she wants to buy the 20% certificate too. She can either pay $200 to get the 20% certificate or pay $100 and return the 10% certificate to get the 20% one.

I also can’t buy certificates for a company if I have already sold some of its stock in a previous round. This means that I have to wait until the next round to buy more stock for that company.

There’s another rule that I have to keep in mind. I can’t exchange multiple stock certificates for a single certificate of the same value. The only exception to this rule is when we change the Director of the game, and the Director certificate is transferred.

If you have reached the maximum number of stock certificates (which is 9), you cannot acquire any more. This means that even if buying another certificate would result in a change in your Directorship status that keeps you within the limit, you still cannot make the purchase.

However, you are allowed to exchange certificates as part of a buy or sell transaction.

Remember: Once the bank has sold 50% of a Holding, that Holding will receive a significant boost. Its share value will increase by 10 times, and this new value will also be its initial share value.

The bank will provide the funds for this boost, taking the money from its own reserves and placing it to the left of the Holding card. The Holding will then become operational in the next OR.

Establishing a Holding

Hey there! So, here’s the deal – when you buy the Director certificate (which is 40% of the shares), that’s when a Holding gets started. And once a Holding is started, you have the option to buy any of the remaining stock certificates from the Bank.

If you want to start a Holding, just follow these steps:

• First, you need to decide on the initial share value for that Holding. You can choose from $70, $80, $90, or $100. Once you’ve decided, place the share value marker on the corresponding spot on the share value track.
• Next, you’ll need to pay the bank 4 times the share value you chose and then you can take the Director stock certificate. Pretty cool, right?
• After that, grab the card that represents the Holding you just started. It’s yours now!
• Lastly, place the Operator tokens for that Holding on its card. This is an important step, as it keeps everything organized and running smoothly.



For example: I’m going to tell you a story about Ann. She loves playing a game called McGreed Bros. & Sons Holding (MB&S).

One day, Ann decides to start a new game of MB&S. She sets the initial value of the stocks at $90. She places a marker on the share value track to represent this value. Then, she pays $360 to the bank and receives the MB&S Director certificate.

Ann also takes the MB&S Holding card and puts it in front of her. The card shows that she owns the holding. She places 4 blue operator tokens on the card to show that the holding belongs to her.

However, the MB&S Holding cannot start operating until someone else buys at least one more 10% share of stock for that holding. Only then will the holding receive its starting capital from the bank.

So, as Ann starts her game, she needs to find another player who can help her get her holding up and running. Otherwise, she won’t be able to make any money.



Example: So, let’s say Ann buys a stock certificate for 10% of MB&S. She pays $900 in cash, taken from the bank, and places it next to the MB&S Holding card. This means that MB&S can now do its thing in the next Operating Round.

Passing on the Directive Role

The player who owns the most stock in a Holding is always its Director. And to be the Director, you’ll need to own at least 40% of the stock value. Since stock certificates are bought and sold during a Stock Round, it’s possible for the majority ownership to change hands.

When this happens, the Directorship card (with all its cash, tokens, Railroads, and Investors) is passed on from the old Director to the new one. The stock certificate for the Director should also be passed on, either from the bank or the previous Director. Although there are times when this isn’t feasible.

In this situation, I transfer the Director certificate as soon as I can. It may happen in a later turn or even in a later Stock Round. Regardless, the card for the Holding will be in front of me.

Let me give you an example. I own the 40% DPI certificate, while Brenda owns the 30% certificate. Now, Brenda buys the 20% certificate from the bank and takes over as the Director. However, the Director certificate cannot be exchanged at this moment.

Later on, Brenda buys the final 10% certificate, and that’s when the certificates can be exchanged. Brenda gives her 30% plus the additional 10% and receives the 40% certificate from me, Alphonse.

Changes in Directorship are the only occasions where multiple certificates can be combined into one and the only time certificates can be directly exchanged between players.

Let me tell you something interesting about Directors in the game. When we talk about Directors, we mean the players who are in charge of the Holdings. Now, here’s the catch – if a player ends up having the same amount of stock as the current Director, no change in the Director will happen. The only way the Directorship can change is if someone has more stock than the current Director and holds an absolute majority.

Now, let’s say a Directorship transfer does happen. Well, the player who becomes the new Director might find themselves in a bit of a pickle. You see, there’s a limit to the number of certificates a player can own, which is 9. If the new Director ends up owning more than 9 certificates, they’ll have to sell some of them as soon as possible to get back in compliance with the rules.

Now, onto the Operating Round (OR)!

The Operating Round is where all the action happens. This is when the Holdings get to do all sorts of things like buying Railroads, making money, paying dividends, and increasing the value of their stocks. And guess who gets to act on behalf of the Holding in the OR? That’s right, the Director!

In each Operating Round, a Holding becomes eligible to operate when at least 50% of its stock is purchased from the bank. Even if less than 50% of its stock is owned by players, the Holding can still operate. The order in which the Holdings operate is Green-Black-Yellow-Red-Blue.

The Director of each Holding follows these steps in this specific order:

1. Places Operator tokens
2. Calculates and pays out revenue
3. Purchases Railroads and assigns Investors
4. Discards Railroads if necessary

After every two Operating Rounds, the top card from the Railroad Corporation stack is removed from the game, and the next Stock Round commences. This can render lower-level Railroads obsolete, just as if a player had bought that card.

When I remove a category D Railroad card, it’s as if I just bought a level 3 Railroad.

Putting on Operator Tokens

Each Holding has between 4 and 6 Operator tokens. I can put these tokens in every Operating Round (OR) as I please.

The tokens that I put on the (+) circles of the Holding card show how many Railroad companies or private Investors that particular Holding can add to its OR. This includes Railroads and Investors that I get from other Holdings.

On the other hand, the tokens that I place on the (⋄) circles of the Holding card determine how many Railroad corporations that Holding can have at the end of its turn. Any extra Railroads are taken out of the game without any reimbursement. Investors, however, don’t need (⋄) tokens.

• Let’s say I have a certain Holding, and I put my tokens on the (+) circles. This tells me how many Railroads or private Investors I can add in the OR.
• But when I put my tokens on the (⋄) circles on the Holding card, it’s different. It tells me how many Railroad corporations I can have by the end of my turn. Any excess Railroads get removed from the game with no compensation. But remember, Investors don’t need (⋄) tokens.

In the game, you have the option to invest up to 1 token in each route network. This token is taken from the Holding card and placed under it, next to the Holding’s Railroads. Each token you place there increases the income of that Holding by $10 per operation round, as long as the Holding has at least one Railroad. It’s important to note that these tokens cannot be moved back to the Holding card or placed in the (+) or (�) circles.

Now let’s talk about how revenue is calculated and paid out in the game. The revenue of a Holding is determined by adding up the income of its Railroads, the income from the route network tokens, and any bonuses from Investors.

Just like the route network tokens, Investors only contribute to the income if the Holding has at least one Railroad. The Director of the Holding gets to decide whether the revenue should be paid out as dividends to the shareholders or if it should be kept in the Holding’s treasury. In either case, the cash for the revenue payout comes from the bank.

So, in summary, in this game, you have the choice to invest tokens in the route network, which can increase your income. The revenue of a Holding is calculated by combining the income from Railroads, route network tokens, and bonuses from Investors. The Director decides how this revenue should be paid out – as dividends or kept in the treasury – and the cash for the payout comes from the bank.

When dividends are paid, the share value marker for my Holding moves up 1 line. But if dividends aren’t paid, it stays the same. Dividends are paid out to players who own shares in that Holding, based on the percentage of shares they own.

If you don’t own any shares, you miss out on the dividends. And if dividends aren’t paid, the entire revenue amount goes straight to the Holding.

Let me give you an example. I own 40% and 10% of the certificates for Seedy Brothers, while Becky owns the 30% certificate. If Seedy Brothers makes $100 in revenue and I decide to pay dividends, I’ll get $50 and Becky will get $30.





Money

Get Railroads and Choose Investors

I can buy new Railroad Companies from the bank (for the listed value) or from other Companies (for an agreed price of at least $1). I always have to buy Railroads from the top of the Company stack.

The (+) signs show how many Railroads I can buy. I can’t get rid of any Railroads before I make these purchases.

When you purchase certain levels of Railroads from the bank, the existing Railroads become outdated and are removed from the game with no compensation. It’s important to note that if you buy a category D Railroad at level 4, it will make level 2 Railroads obsolete, but you won’t receive anything for them.

You can’t sell Railroads back to the bank.

If your Holding doesn’t have any Railways and you’ve placed at least one (+) token, but you don’t have enough money to buy the top Railway from the bank, the Director can give you the additional cash you need to cover the difference between the cost of the Railway and the cash in your Holding.

Hey there! I’ve got an interesting bit of information for you. You know where the cash for a project comes from? It actually comes from the personal treasury of the Director. Pretty cool, huh? Here’s the catch though – no extra cash can be given during this operation. The exact difference has to be paid. Yep, the Director can only use their own money for this.

Oh, and guess what? The Director can also assign new Investors if there are enough tokens on the (+) circles. And you know what’s even better? Assigning Investors doesn’t cost a single penny. Isn’t that great? The Director can even assign their personally-owned Investors to the Holding. It’s like having your own little team!

Wait, there’s more! The Director can also move Investors from other Holdings to the Holding that’s currently operating. Isn’t that interesting? But here’s the thing, once the Directorship of a Holding changes hands, the Investors stay put. They can’t go back to the Director’s personal possession. Once they’re assigned to a Holding, they stay there. Cool, right?

Example: I put 2 Operator tokens on the (+) circles of my cool new MB&S and 2 on a (�) circle. Now, I can add a total of 2 Railroads and Investors to my MB&S. But if I buy 2 Railroads, I won’t be able to assign an Investor this turn.

Get Rid of Railroads

After buying Railroads, we need to check if the Holding has more Railroads than tokens on the (�) circles. If we have extra Railroads, we have to discard them and they’re gone forever – no compensation. The Director gets to decide which Railroads we have to let go.

The Game Ends

As soon as one Holding reaches a share value of $350, the game is over. Boom! Done! It happens at the end of that Operating Round.

The player with the highest total share value and cash is the big winner. So go out there, make money, and win the game!