Steam Barons — Rules Manual

1
If you choose to play these maps using the base or
standard rules then it is strongly recommended that
you do so with five or six players.
If you choose to play using the stock-market rules
then you will find that the maps can be enjoyed with
two, three, four, five, or six players.
Contents
‘Steam Barons
™
’ is an expansion designed to work
with Steam
™
. A double-sided map is included,
showing the eastern half of the USA and parts
of Canada on one side and northern England
on the other. These maps can be used with the
base or standard rules. In addition there are new
special rules that combine some of the standard
rules with a stock-market system.
x 24 x 24 x 24 x 24 x 24 x 24
1 double-sided game board
1 rules booklet
1 Stock-market game card
16 black
goods cubes
1 first player
marker
38 Railway track
tiles
32 money tokens 6 Company displays
x 26 x 6
Track ownership markers
The wooden train pieces are intended to be used
with the stock-market rules to mark ownership of
track links but there is no reason why you cannot
also use them for the same purpose in the base
and standard games.

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2
Base and standard rules – both maps
These two maps have been designed to work best with five or six
players. As a result additional track pieces have been provided.
Please add these track pieces to the set included with your original
copy of Steam.
Set-up
Add the sixteen black cubes to the standard goods cubes in the bag.
Ignore the printed numbers on the city hexes and place two goods
cubes in each city. Place two cubes in each Goods Supply space.
Black goods cubes
Black goods cubes can only be delivered to the black cities printed on
the map. Grey goods cubes can only be delivered to grey New City tiles.
Starting the Game

Eastern US map only
The following rules apply for the
base, standard, and stock-market
versions of Steam.
When building track you can do
so only from a city marked with a
port symbol, a city connected by
track to a port city (the track can
belong to any player), or from
track that you already have on
the board.
Other than these changes all the normal rules for base or standard
Steam
TM
are used.
Steam Barons stock-market rules
In the Steam Barons stock-market game players take on the role of
investors in the various rail companies and endeavour to make shrewd
investments in these companies.
A company will be under the control of the player who owns the most
shares in it. Each turn the relative performance of the companies will
be reflected in changes to their share prices. Players need to invest in
the right company at the right time and divest themselves of shares in
companies before disaster strikes.
In this version of the game you should use the train pieces provided to
mark ownership of links. The coloured player tokens are now used as
company shares and to record a company’s share price and mark its
place in the order of play. Please use the orange, green, brown, natural
wood, black, and white player tokens for these purposes.
Note that while the same coins are used for player money and company
money these are not directly interchangeable. Money within a company
is a magnitude larger than the same amount held by a player.
Hill hex
Port symbol
Connecting
track symbol
Mountain hex
The stock-market game card should be
placed by the side of the board.
Add the sixteen black goods cubes to the
mix of cubes in the bag.
Randomly draw and place a number of
goods cubes in each city equal to the
value in the city.
Randomly draw and place one goods
cube in each town hex.
Do not place any goods cubes in the
Goods Supply spaces.
Now remove all of the grey goods cubes from cities and towns and
place them back in the game box.
After you have seeded the board with goods cubes remove all of the
remaining cubes from the bag and place them back in the game box.
Place the six Company displays by the
side of the board. Place $5 on each
display (the game starts with each
company having issued one share).
If you are playing the northern England
map then each company display starts
with six share tokens on it. If you are playing the Eastern US map then
each company display starts with eight share tokens on it.
Place one company share token for each company in the Available
Shares box, which can be found on the Stock-market game card.
Mark the share price for each company on the Share Price track using a
spare company token. All companies start with a share price of $5.
Place one spare company token for each company on the zero space of
the Victory Point track on the board. This track will be used to record
each company’s performance during each turn.
Place one spare company token
for each company in the cloth bag.
Draw one token at a time. The
order in which tokens are drawn
determines the order of play for the companies. Mark this order on the
Order of Play track.
With two players each player starts with $40. With three players each
player starts with $30. With four players each player starts with $25.
With five or six players each player starts with $20.
Randomly determine the first player and give that player the first
player marker.
Place the turn marker in the first space of the Game Turn track.
Some cities are adjacent to each other.
These can be connected by placing one of
your tokens on the connecting track symbol.
It costs you $3 to do so and counts as
placing one track tile.
The map artwork varies from the original
Mayfair edition. Also, mountains have been
added as a new terrain feature. Hills still
cost $2 extra to build in, while mountains
cost $3 extra to build in.

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3
Controlling a company
The player who buys the first share in a company takes the company
display for that company. They now control that company.
A player loses control of a company as soon as another player has more
shares in that company. At that point the company display should be
passed over to the other player.

Example of buying shares
Playing the game are Simon, Andy, James, and Geoff, and this is
the order in which they are sitting around the table. Simon has the
first player marker. The company order is shown here, along with
the number of shares available and the share prices.
The first company shares to be auctioned are those
belonging to the black company. Simon is first to bid
and makes the minimum bid of $4. Geoff finally wins
the auction with a final bid of $8. He decides to buy
two shares, which costs him $16. Simon has the next
opportunity to buy black shares. He decides not to.
Andy has the next opportunity and buys the
remaining share for $8. The first player marker is
passed on to Andy.
Andy decides not to bid on the green
company share. James makes a bid
of $6, which is higher than the share
price. Nobody else bids and James
must buy the share for $6. The first
player marker is then passed on to James.
No white shares are available so the next shares to be auctioned are
the orange ones. The initial bid must be $8 or more. Andy eventually
wins the auction with a bid of $10. He buys one share. No other
player buys the remaining share.
Geoff wins the bid for the natural wood company shares with a final
bid of $4. He buys all four shares.
Simon now has the first player marker. He chooses not to bid on the
brown shares. Neither does any other player. The first player marker
remains with Simon.
Three shares remain unsold
and are left in the Available
Shares box.

Playing the Game
The game will be played over five turns. Each game turn consists of
the following phases:
1. Buy shares
2. Build track
3. Move goods
4. Dividends
5. Sell shares
6. Bankruptcies
7. Company order of play
8. End of turn

Phase one: Buy shares
All players now have the opportunity to buy shares in companies. The
only shares available to be purchased are those in the Available Shares
box. Players cannot buy shares presently located on company displays.
The order in which available shares are offered up for sale is the same
as the company order of play, as shown on the Order of Play track. The
price at which shares will be sold is determined by auction. One auction
will be held for each company, with some or all of the shares in that
company being sold at the final auction price. If there are no shares
for a particular company in the Available Shares box then no auction
is held for that company.
Each auction begins with the player holding the first player marker
having the opportunity to make the first bid. The order of bidding goes
clockwise from the first player. A player can choose to pass rather than
make a bid. The first bid made must match or exceed the present share
price of the given company. If the share price of a company is zero then
the lowest bid possible is $1. All ensuing bids must be higher than
the previous bid. If a player passes he cannot bid again in the present
auction. Bidding continues until there is a single highest bid.
The player who has made the highest bid must now buy at least one
share at the price he bid. He can choose to buy more than one available
share, paying the amount bid for each share that he buys. It is possible
for a player to buy all of the available shares in a company.
Now, going clockwise from the player who just purchased shares, each
remaining player has the opportunity to buy any remaining shares in
the given company. The price per share is the same as that paid by the
first player to buy shares. A player can choose to buy more than one
available share. Once each player has had the opportunity to buy shares
play progresses to the auction of the next company’s available shares,
i.e. a player never has a second opportunity to buy shares in a single
game turn.
All money paid for shares should be paid into the bank. It should not
be paid to the company that had issued the shares.
If any shares are sold in a company then after the auction and share
buying is completed the first player marker should be passed on to the
next player, going clockwise. Otherwise the first player marker remains
with the same player.
There is no upper limit to the number of shares that a player can hold.
Unsold share tokens remain in the Available Shares box.

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4

Phase two: Build track
All companies now have the opportunity to build track. The rules
governing track construction are the same as in base and standard
Steam unless contradicted by any rules below.
The order in which companies may build track is indicated by the
Order of Play track. The player who controls the active company
decides what track will be constructed.
All of a company’s track must be contiguous.
No new cities can be constructed.
Some towns will have goods cubes on them. These can be moved in the
same way as those in cities.
When a company moves a goods cube it records the distance the cube
moved on the Victory Point track, i.e. if a company moved a cube along
three of its links then it would move its token three spaces up the Victory
Point track. The final position of a company’s token on this track will be
the sum of the two distances moved by the goods cubes.
If a company moves a cube along track that is not owned by another
company, due to bankruptcy, then that movement does not add to its
performance total.

Eastern US map only
As with the rules given for the base and standard games a company
must build track that connects directly to a port city or a city already
connected to a port city. Note that the connecting track does not
have to be owned by the active company. The cost for building
between adjacent cities remains the same, $3.
The number of track tiles that a company can build is equal to the
present turn number plus one, i.e. in the first turn each company
can build up to two track tiles, in the second turn three track tiles,
and so on. In the final turn companies will be able to build up to
six track tiles.
Company shares
The cost of building track must be paid for by the company that has built
it. A player cannot use his own money to help a company build track.
It will often be the case that a company does not have enough money
in its treasury (money placed on the company display) to pay for all of
the track it has built. A company can raise additional money by issuing
shares. Each share issued results in $5 being placed in the company.
Note that the present share price does not affect how much a company
receives for issuing a share. A company can only issue shares to cover
the immediate build costs. Any money remaining after costs have been
paid is left in the company treasury.
The total number of shares a company can issue depends on which map
is being used. Once all these shares are issued a company cannot raise
any more money in this way.
Share tokens issued by a company should be placed in the Available
Shares box.

Phase three: Move goods
In company order of play each company may move goods cubes.
Goods cubes are moved in exactly the same way as in Steam with
two exceptions.
A goods cube must always be moved along track owned by the active
company and/or track that is not owned by any company, i.e. track built
by a company that has subsequently become bankrupt.
A goods cube can be moved over any number of legal links, as long
as it never revisits a city or town or moves along the same link twice.
As with the original rules a cube must stop moving as soon as it
reaches a city of the same colour.
Each company, in company order of player, may move one goods cube.
Then, in the same order, each company may move a second cube.
Once each company has had the opportunity to move two goods cubes
the phase ends. Note that there is no Locomotive Level in this version
of the game.

is not owned by any company i e track built by a company that has subsequently become bankrupt A goods cube can be moved over any number of legal links as long as it never revisits a city or town or moves along the same link twice As with the original rules a cube must stop moving as soon as it reaches a city of the same colour Each company in company order of player may move one goods cube Then in the same order each company may move a second cube Once each company has had the opportunity to move two goods cubes the phase ends Note that there is no Locomotive Level in this version of the game

Phase four: Dividends
In this phase each player will receive dividends and possibly a CEO
bonus, companies will receive any profits, and then companies will
adjust their share prices depending on their relative performance.
Each player receives a dividend payment
for each share that he holds in a company.
Please refer to the Dividend, Company
Profits, and Bonus chart on the Stock-
market game card. The position that a
company’s token reached on the Victory
Point track shows its overall performance
for the turn. Look up this value in the
column marked Final Performance. By
reading across from this box you will see the dividend to be paid for
each share. Players receive this amount for each share they hold in that
company. This money should be taken from the bank, not from the
company treasury.
The player who controls a company receives a CEO bonus if the
company’s performance was greater than nine. The bonus to be paid is
shown in the CEO Bonus column. This is the total amount, the number
of shares held is not relevant.
The company now receives profits equal to the amount shown in the
Company Profits column. This money should be taken from the bank
and placed on the company display.
Once all dividends, bonuses, and profits have been paid the company
share prices should be adjusted. Share prices will be adjusted according
to the relative performance between companies.
The company tokens on the
Victory Point track will form
between one and six stacks.
The number of stacks formed
determines where the tokens
are placed on the Share
Adjustment Table. Note that there may only be one token in a stack.
All of the company tokens on the Victory Point track should now be
removed and placed on the Share Adjustment Table. If there is only
one stack of tokens then place it in the box marked ‘1 stack’. If there
are two or three stacks then place the tokens in the highest value stack
in the box marked ‘2-3 stacks’, and the remaining ones in the boxes
to the right such that each box receives one stack. If there are four or
five stacks then place the tokens in the highest value stack in the box
marked ‘4-5 stacks’, and the remaining ones in the boxes to the right.
Hopefully you will understand how to arrange the stacks if there are
six stacks in being. In this manner a share adjustment is determined for
each company. The modifier above the box that a company’s token is in
shows how its share price should be adjusted.
If one company is bankrupt then that counts as one separate ‘stack’.
One token in the bankrupt company’s colour should be placed in the
box below the ‘0’ modifier, which means no other stack of tokens can be

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5
placed in this box. When stacks are placed this box should be skipped
over. If two companies are bankrupt then a token from each should be
placed in the boxes below the ‘0’ and ‘-1’ modifiers. If three companies
are bankrupt then the three boxes from ‘+1’ to ‘-1’ should be occupied
by their tokens. Which token is placed in which box is not important,
as they do not have their share prices adjusted. If more than three
companies are bankrupt then you may be playing the game the
wrong way!
Some of the boxes on the Share Price track are coloured either light
green or pink and contain either a positive or negative share price
modifier. If a company’s token is in a light green box and its share price
increases due to its position in the Share Adjustment Table then it also
goes up by the modifier in the Share Price box. If a company’s share
price token is in a pink box and its share price stays the same or falls
then its value will fall a further amount according to the modifier in
the pink Share Price box.
A company’s share price can never go above eighteen. If a company’s
share price goes below zero then it goes bankrupt and its token should
be placed in the ‘B’ box on the Share Price track.
Once all share prices have been adjusted the tokens belonging to
those companies that are not bankrupt are removed from the Share
Adjustment Table and placed in the zero box of the Victory Point track.

Example of share price adjustment
Share prices are as shown here
at the start of the phase.
As there are four stacks they are arranged as above on the Share
Adjustment Table.
Each company performed as shown to the right.
Share values end up as shown here. Note that the
natural wood company gained a bonus of one from
its initial share position. Also note that the orange
company went down one as its share price did not
increase and its initial price was subject to a
modifier of ‘-1’.
Example of Share Adjustment Track with one
bankrupt company.
The natural wood company is now bankrupt.
The remaining companies perform as shown to the
right. The remaining companies have formed three
stacks but the natural wood company also counts
as a stack. Tokens are placed as shown below.

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6
Phase five: Sell shares
Players now have the opportunity to sell shares.
Players simultaneously decide whether they wish to sell any shares.
Each player secretly places the share tokens they wish to sell into their
fist. Players then reveal the shares they are selling and receive the
present share price for each share they sell. Money for shares is taken from
the bank.
All shares that are sold should be placed in the Available Shares box.
Should all the shares in a company be sold, the player who presently
holds the company display for that company retains control of the
company and keeps the company display. He will be eligible to receive
a CEO bonus.
If it is the fifth turn, then players should sell all of the shares they hold.
Phase six: Bankruptcies
If a company’s share price token ends up in the ‘B’ box on the Share
Price track, then it has gone bankrupt. That company is now out of the
game. All of its shares are worthless and should be placed to one side.
The track ownership markers should be removed from its links. The
company’s track remains on the board and can be used by any other
company. However, moving goods cubes along such track does not
add to the active company’s performance.
A bankrupt company cannot be restarted. Each bankrupt company will
have an effect on the placement of stacks on the Share Adjustment
Table, as explained earlier in the rules.
Phase seven: Company order of play
In this phase, a new order of play will be determined. Remove the
company tokens from the Order of Play display and place them in the
cloth bag. Draw one token at a time, randomly, and place on the Order
of Play display in the same order that they were drawn.
You should skip this phase during the final turn.
Phase eight: End of turn
Move the turn marker on one space and start a new turn.
The game will end at the end of the fifth turn.
Credits
Game designed by Martin Wallace
Illustrations and map graphic design by Mark Beeney
Additional graphic design by Solid Colour
Playtested by Simon Bracegirdle, Andy Ogden, James Hamilton, Richard Spilsbury,
Don Oddy, Stewart Pilling, Ravindra Prasad, Martin Buxton, Chris Boote and many
kind people at Baycon.
Thanks to Mayfair for all of their help and support in producing this product.
Thanks to Julia Wallace.
Thanks to Ravindra for the title.
You can check out the latest Warfrog games at: www.warfroggames.com
You can contact Warfrog at: martin@warfroggames.com
The rules to ‘Steam Barons’ are © Martin Wallace 2009.
Copyright © 2009 by Treefrog Games. Steam Barons was designed by Martin Wallace and
developed by Treefrog Games as an original product under license from Mayfair Games,
Inc., Skokie, IL, USA. No reproductions or commercial use without permission of Treefrog
Games. Steam and the Real Steam Brand mark (& logo) are copyright and trademark
properties of Mayfair Games. All rights reserved.
®
The End of the Game
Hopefully all players have remembered to sell all of their shares in the
fifth turn. The player with the most money is the winner. There is no
tie-breaker.
Designer notes
If I’m honest, I prefer to let others work on expansions. Generally I
find that other people will come to an established system with some
wonderful ideas to twist it. However, in this case, I wanted to set myself
the challenge of adding a stock-market system to the Steam chassis.
Hopefully you will enjoy my effort. I have no idea of whether these rules
will work with other maps. I leave that for other folks to find out, as I’m
sure they will.

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Reference Sheet for Steam Barons Stock-Market Version
Setting up the game
• Add the 16 black cubes to the goods mix.
• Draw and place cubes according to the value in each city. Place one cube in each town. Now remove all grey cubes from the map. Remove all cubes from bag.
• Each company starts with $5 and six shares if playing the northern England map or eight shares if playing the Eastern US map.
• Place one share for each company in the Available Shares box.
• All companies start with share price of $5.
• Place one token for each company on the zero space of the Victory Point track.
• Place one token for each company in the bag. Draw one at a time to determine the order of play.
• Randomly determine who receives the first player marker.
Starting money:
2 players – $40 each
3 players – $30 each
4 players – $25 each
5-6 players – $20 each
Sequence of play
1. Buy shares
Auction shares in Available Shares Box in company order of play. First player starts the bidding. First bid must equal or exceed share price. The highest bidder can buy as many available shares as he likes at the price bid. Then, going clockwise, the remaining players have the opportunity to buy those shares at the price bid.
2. Build track
Player with most shares in a company has control of it. Companies may build track in company order of play.
Eastern US map only: the number of tracks that can be built by a company is equal to the present turn number plus one. Mountains cost an additional $3 to build in. Costs $3 to link adjacent cities.
3. Move goods
Performed in company order of play. Each company moves one cube, then a second cube. A company can only move cubes along its own track or track that used to be owned by a company which has become bankrupt.
Cubes can be moved along any number of links. Record the number of owned links moved along on the Victory Point track.
4. Dividends
Company performance determines how much each player receives for each share held. If performance is good enough then the controller of the company will receive a CEO bonus. Company also receives a profit, which is paid into its treasury.
Adjust share prices by taking stacks from the Victory Point track and placing them on the Share Adjustment table.
5. Sell Shares
Players simultaneously place shares in their fist that they wish to sell.
Take share price for each share sold. During the fifth turn players should sell all of their shares.
6. Bankruptcies
If company share price token is in the ‘B’ box then it is bankrupt. All shares for that company are removed from play. All track ownership markers are removed. Track remains on board and can be used by any other company but it does not add to the active company’s performance. Bankrupt companies will have an effect on future share price changes.
7. Company order of play
Place tokens from order of play display in the bag and then draw one at a time to create a new order of play.
8. End of turn
Move turn marker on one space. Game ends at the end of the fifth turn.
Player with the most money is the winner.

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