Re: [Rails-devel] 1825 patches

[Jim B. <ji...@ko...>]

my previous post had an editing error- a bunch of the previous thread/digest appended- apologies, here's a correction--

<snip>

A followup on operating order in 1825:

Phil>> in 1825 companies always operate in descending par value order.  
Phil>> When two companies share the same par value, they always operate
Phil>> in the order they were formed.  

Jim>> That's not right: throughout the 1825, majors operate strictly in order of
Jim>> formation (NOT par value).

Phil> This amounts to the same thing for all scenarios I can think of and is
Phil> how it's written in the rulebook (the rulebook says companies operate
Phil> in order of 'face value')

No:  formation-order is related to par-value, but it can be very different.   

In 1825, companies become available in flights, organized by par-value.  

Once /any/ company in a given flight is sold-out, then all companies/shares in the next flight become available.  

Unit 1 has 5 flights:  LNWR (100), GWR (90), GER & LSWR (76), SECR (71), LBSC (67)

And,

Phil> the GWR which must form before either the GER or
Phil> LSWR forms.  The tricky bit is catching which of those 
Phil> two forms first and this IS currently handled.

This is all true, but not sufficient.  

When /either/ GER or LSWR sells out, SECR becomes available.  And, once SECR sells out, LBSC becomes available.  

As a result, it's very possible for SECR and LBSC to operate /before/ either GER, or LSWR (but never before both).

In Unit2, there's 3 flights:  LNWR (100), MR & NER (82), GCR & GNR & L&Y (71)

It's /very/ common for only one of MR & NER to form, then sell out, while the other company stands unpurchased.  (Eg, MR forms and sells out, but no one wants NER because of its remote location. )  Then, a few companies in the 3rd flight form (GCR, GNR, and/or L&Y), before the remaining company in flight 2 every forms.  As a result, that flight 2 company operates very late- /not/ in par-value order, at all.

best,
-  jim