Phase 1.

Phase one start in the beginning of the game and continues until the purchase of the first type 3 train. During phase one, the following restrictions apply:

-Only yellow track tiles may be placed.
-Each public company may own up to four trains.
-Public companies may not purchase private companies.
(exept that The Mississippi River Bridge Company may be purchased by the Missouri Pacific or The St. Louis Southwestern as desscriped in the private company section.)
-There is one operating round between each stock round.
-use the top value for running to red off-board locations.

Phase 2

Phase two starts with the purchase of the first type 3 train and continues until the purchase of the first type 4 train. During phase two the following restrictions apply:

-yellow and green track tiles may be played.
-Each public company may own up to three trains.
-Public companies may purchase private companies.
-There are two operating rounds between stock rounds.
-use the top value for running to red off-board locations.

Phase 3

Phase three starts with the purchase of the first type 4 train and continues until the purchase of the first type 5 train. During phase three the following restrictions apply:

-yellow and green track tiles may be played.
-Each public company may own up to three trains.
-Public companies may purchase private companies.
-There are two operating rounds between stock rounds.
-use the top value for running to red off-board locations.
-All type 2 trains are scrapped as obsolete.

Phase 4

Phase four starts with the purchase of the first type 5 train and continues until the purchase of the first type 6 train. During phase four the following restrictions apply:

-yellow, green and brown track tiles may be played.
-Each public company may own up to two trains.
-All private companies are closed; the port and cattle tokens, iff allready placed, are not removed at this time.
-There are three operating rounds between stock rounds.
-use the middle value for running to red off-board locations.

Phase 5

Phase five starts with the purchase of the first type 6 train and continues until the purchase of the first type 8 train. During phase five the following restrictions apply:

-yellow, green,brown and gray track tiles may be played.
-Each public company may own up to two trains.
-Remove the port and cattle tokens.
-There are three operating rounds between stock rounds.
-use the middle value for running to red off-board locations.
-All type 3 trains are scrapped as obsolete.

Phase 6

Phase six starts with the purchase of the first type 8 train and continues until the purchase of the first type 10 train. During phase six the following restrictions apply:

-all track tiles may be played.
-Each public company may own up to two trains.
-There are three operating rounds between stock rounds.
-use the bottom value for running to red off-board locations.
-All type 4 trains are scrapped as obsolete.

Phase 7

Phase seven starts with the purchase of the first type 10 train and continues until the purchase of the first type 12 train. During phase seven the following restrictions apply:

-all track tiles may be played.
-Each public company may own up to two trains.
-There are three operating rounds between stock rounds.
-use the bottom value for running to red off-board locations.

Phase 8

Phase eight starts with the purchase of the first type 12 train and continues until the end of the game. During phase seven the following restrictions apply:

-all track tiles may be played.
-Each public company may own up to two trains.
-There are three operating rounds between stock rounds.
-use the bottom value for running to red off-board locations.
-All type 4 trains are scrapped as obsolete.