Overview

Rolling Stock is an 18XX-inspired economic card game designed by Bjorn Rabenstein, published by All-Aboard Games. Players act as investors buying private companies at auction, then converting them into publicly traded corporations via IPOs or selling them as subsidiaries to existing corporations. The game focuses on stock trading, corporate control, dividends, and market manipulation. The majority shareholder of each corporation controls its actions.

Components

• Company cards (private companies and corporations)
• Stock certificates / share tokens
• Money in various denominations
• Market price track or card
• Foreign Investor card/token
• Turn order markers
• Reference cards

Setup

1. Sort company cards by type and tier.
2. Each player receives starting capital.
3. Set up the initial company display for auction.
4. Place the Foreign Investor card/token.
5. Determine starting player order.

Turn Structure

The game proceeds in rounds. Each round consists of:

1. Auction Phase: Private companies are auctioned among players. Players bid money; highest bidder acquires the company.
2. Corporation Phase: Players who control corporations (as majority shareholders) make corporate decisions:
   • Issue new shares (diluting ownership but raising capital).
   • Pay dividends (distributing profits to shareholders based on share count).
   • Buy subsidiaries (acquiring private companies from players or the Foreign Investor).
   • Sell subsidiaries between corporations.
3. IPO Phase: Players may convert owned private companies into publicly traded corporations, setting an initial share price and offering shares to other players.
4. Market Phase: Adjust stock prices based on corporate performance and dividends paid.
5. Foreign Investor: The Foreign Investor acts as an automated agent, buying and selling companies according to specific rules.

Actions

Bidding at Auction: Bid money to acquire private companies. Companies generate revenue and can be sold to corporations or converted via IPO. Bidding is open and continues until all players pass.

IPO (Initial Public Offering): Convert a private company into a corporation. Set the initial share price, keep a controlling stake, and sell remaining shares to other players.

Issuing Shares: As corporation controller, issue new shares at the current market price to raise capital for the corporation. This dilutes all shareholders’ ownership percentages.

Paying Dividends: Distribute corporation profits to all shareholders proportional to their holdings. Paying dividends generally increases the stock price.

Withholding Dividends: Retain profits in the corporate treasury. This generally decreases the stock price but builds the corporation’s cash reserves.

Buying/Selling Subsidiaries: Corporations can purchase private companies as subsidiaries, generating additional revenue. Subsidiaries can be transferred between corporations.

Selling Shares: Players may sell their shares in corporations back to the market, receiving the current market price.

Scoring / Victory Conditions

The game ends when a predetermined condition is met (typically when the highest-tier companies appear or a set number of rounds pass).

Each player totals:

• Cash on hand
• Market value of all shares held
• Value of remaining private companies

The player with the highest total net worth wins.

Special Rules & Edge Cases

• The Foreign Investor automates a non-player agent that buys and sells companies, creating market dynamics.
• Majority shareholder status determines corporate control; if another player buys enough shares, control can shift.
• Corporations that withhold dividends see their stock price decrease, potentially benefiting buyers.
• Share price tracks have upper and lower limits.
• Players may become temporarily cash-poor if over-invested, limiting their auction and share-buying ability.
• Corporate actions are decided solely by the majority shareholder, even if it disadvantages minority shareholders.

Player Reference

Round flow: Auction > Corporation decisions > IPO > Market adjustment.

Win: Highest net worth (cash + shares + companies) at game end.

Key mechanic: Controlling corporations via majority share ownership.

Corporate actions: Issue shares, pay/withhold dividends, buy/sell subsidiaries.