Like a supporting actor in a M. Night Shyamalan film, this stock market is one dimensional. In 18xx, this refers to the amount of directions the share price can move. You will notice that it can move left, resulting in a lower share price. Or right, resulting in a higher share price. As an aside, they made an excellent design choice by changing the color of the available par price options – we’ll get into what that is later. Utilizing graphic design to remind players of the rules they read in the rulebook is a great way to reduce the mental overhead needed to get into a heavy game. Anyways, before we look at the way the share price can be affected, we should understand what it takes to get a token (i.e. found a company) on the stock market. This will take us to the start of the game.2

How does the game start?

After randomly determining start player and seating order, 1846 opens up with a distribution of private companies. I love this part of the game. Before everything starts in earnest, you are already asked to make an important decision. The private companies serve two primary functions, the opportunity for early game income, and the ability to gain bonus powers not available to anyone else in the game. These private companies are shuffled into a deck that also contains blank cards. Each player in turn order will draw a certain number of cards, and choose one of the available cards. If they do not choose the blank card, which is in essence – passing, they will select a private company, pay its associated costs and place it in their play area. The remaining cards are reshuffled and placed back underneath the deck which will be passed to the next player.

Like the little kid bumpers in a bowling alley, the private companies available can provide a path forward, even if that path is somewhat overgrown and hard to see at times. This is helpful for new players who may (read: will) encounter some indecision. It's okay though, sometimes it's fun not to know what to do. Most of these bonuses are simple to understand and involve reserving spaces on the board, or adding small cash bonuses to certain routes. Two of the private companies are minor railroad companies, while essentially acting as neutered versions of the major railroads they remain extremely useful.

Sounds great – What’s the catch (There’s always a catch)

Note: Extremely unlikely hypothetical situation to follow.

Let’s say you purchase 3 private companies at $50, $70, and $80 dollars. Combined you’re looking at $200, in other words, roughly half your net worth. Like most wealthy investors, none of the players will start out rich. “This is great.” You think to yourself, beaming while you look around the table at the paltry private companies in front of your friends. You look around the board at all of your reserved spaces, and how to can combine them to start making real money quickly and know you can’t lose.

So why is our fictional character apt to lose? First we need to explain how to start a company. After the private company draft, the game begins in full, which alternates between a series of stock and operation rounds. You will then find yourself in the stock phase where – you guessed it – you take turns purchasing (and in later rounds, selling) stock.

How to start a company the easy way

Just like real life, it’s laughably easy to start a railroad company, you simply gain enough shares to become the majority shareholder. So how do we do this in game? Depending on player count, 1846 will have 4-7 companies available. Each company has 9 stock certificates available, eight 10% shares, and one 20% (referred to as the directors share, since it will always be held by the director). This is one of the likely branching point you will encounter in most 18xx games.

Some games might have a tiered system of companies, minors and majors, with differences in certificates available for each. While other might have only major companies available, but tweak the rules on how companies are funded. 1846 employs incremental capitalization. Simply put, this means that at least initially, the company’s starting money will correlate directly with how many shares purchased in it. For example, if you choose $40 as a par price, you will pay $80 directly into the company coffers. If no other shares are bought in that company, you will only have $80 going into the operating round. You should notice this isn't a lot of money compared to the cost of trains and tile upgrades. Another design choice in 1846 that accommodates new players is that companies float upon the purchase of the director’s share. This means they will be able to act immediately in the upcoming operation phase. Other 18xx games like 1889 require 50% of the shares in the company to be purchased before it can act! Set the par price too high and now you can't buy that last certificate? Congratulations, you won't be operating.

Getting back to 1846, if there is an available company and it is your turn, you simply elect to buy the directors share. You will have your choice of initial share price from a limited set of options, in 1846 this ranges from $40 all the way up to $150. After choosing the price, paying double whatever that price is, (you did buy 20% of the company after all) you now run the show.

Keep in mind however, that the director of the company is whoever owns the most shares, which is a variable number. To safeguard yourself, you will need at least 50% of your company if you want to maintain absolute control. Compared to your starting cash of $400, you should be able to easily see how expensive this can get. (70 x 5 = $350!). This highlights the importance of keeping your future company's plans in mind even before the game begins! And the great thing about 18xx is that every decision is like this. When should you start a company? What price? Like an old lime, how do you squeeze the most value from your private companies? Though these games can run long, it shouldn’t be boring. You will be examining the board, seeing how your opponents are developing their track, and determining ways to subvert their plans like the conniving robber baron you didn't know you had inside you.

Walk quietly and carry a big company. But maybe not at the start.