Shikoku 1889

Reservation bids mark your right to buy a non-top Private Company later; when that company becomes topmost a single reservation bidder buys it for their reserved price, while multiple reservation bidders resolve it in a closed auction among only those reservers (bids must increase by at least ¥5). (Rulebook pp.14–16).

On your stock action you may sell one or more shares and/or purchase one certificate, and you may do both in either order (but not sell–buy–sell). However, no shares may be sold in the first Stock Round. (Rulebook pp.17–18).

A corporation floats when only five shares remain in its Initial Offering; the president then places the charter, pays capital equal to 10× par to the Bank, and places station tokens, and only floated corporations take turns in Operating Rounds (unfloated companies are skipped). (Rulebook p.18).

Phase changes caused by the first purchase of a new train rank trigger rusting events (rusting occurs at the start of Phases 4, 6, and D as noted), and when a train rank rusts all trains of that rank are immediately removed from play without compensation. (Rulebook pp.23, 25).

If a corporation has a station token with connectivity to another revenue center it must own a train by the end of its train‑purchase step and is forced to buy one; it may buy from another corporation or the Train Yard/Open Market, the president may contribute cash and must sell legally allowable shares, and failure to raise required funds forces the president into bankruptcy and ends the game. (Rulebook p.24).