Current Ownership

PCs had the opportunity to purchase stock in the California Central Railroad as a reward/RP items from Chapter 4.

NOTE: My notes are very confusing re: Nurse Jane. Some say she owns 5 shares, others nothing.

Character	Ownership	Estimated Value	Dividend Bonus
Garrett Matthews (Kevin)	5 @ Preferred A	DC26	+5
Gilbert Warfield (John)	2 @ Preferred A	DC23	+2
Jess Connor (Dave)	5 @ Preferred A	DC26	+5
Jane Wilson (Judi)	None	none	n/a
John Jost Althaus (Greg)	5 @ Preferred A	DC26	+5
Samuel Davis (Daniel)	5 @ Preferred A	DC26	+5
Dr. Elisha Warfield (proxy to Gilbert)	50 @ Preferred A	DC34	+13

Valuation and Liquidity

CCRR is a private consortium, not a public company. To prevent “manipulation” the holder agrees that all sale and purchase must be approved by the board, and ownership is otherwise non-transferable except in the case of inheritance or infirmary. These restrictions will be lifted after ten years of operation (1868).

Preferred Series A

Series A shares in the CCRR are available only upon subscription at the initial offer. They provide guaranteed dividend for five years (1859 through 1863) after which they convert into common stock.

Lots were available for purchase in the following amounts.

Share Amount	Investment Cost	Guaranteed Dividend	Dividend Bonus
1	DC21	DC8	+0
2	DC23	DC10	+2
5	DC26	DC13	+5
10	DC29	DC16	+8
20	DC31	DC18	+10
50	DC34	DC21	+13
100	DC37	DC24	+16

For purposes of the Wealth System Par value for a share of CCRR stock upon release is $100 (DC21).

Dividend Awards

On/after Jan 1st of each year, the board will determine whether to award dividends for each class of stock. The character can receive their dividend from the CCRR office in Folsom, Sacramento or the railroad lawyer’s office in San Francisco. Typical dividend is expected to be equivalent to DC7 ($2) per share.

You can take the reward in two ways.

• Wealth increase from “Selling Goods”. Take the basic “per share” amount and add your bonus based on number of shares. Sell the item and increase your Wealth Level (if appropriate).

Ex. if the dividend DC8/share and you own 10 shares, then your dividend is equivalent to an item of DC8 + 8 (bonus for 10 shares) = DC16. Adjust your wealth level as if selling an item of DC16 (this will typically raise your wealth level if you are WL 12 or below).

• Gold. Larger dividends can take their earnings in Eagles rather than Wealth Levels according to the following:

Dividend Amount	Gold Award
DC14-15	One Eagle
DC16-18	One Double Eagle
DC19	Two Double Eagles
DC20+	Special (see below)

Special rule for very large dividends (DC20+)

If the character’s dividend amount is DC20 or higher, they may take the DC19 award (two Double Eagles) plus an additional dividend at a 5 lower DC. This can be recursive if their investment is large enough (DC25+).

Ex #1) Sam re-invested heavily and has twenty shares (total bonus of 10). CCRR has an amazing year and awards a dividend of DC10/share – for a total dividend of DC20. His award choices are :

• Wealth increase from selling an item of DC20
• Two Double Eagles & wealth increase from selling an item of DC15
• Two Double Eagles & One Eagle (taking the “final” dividend in gold)

Ex #2) Mr. Worgfeld is a major investor and owns 100 shares of CCRR (total bonus of 16). CCRR awards a dividend of CR10 share, for a total of DC26. His award choices are :

• Wealth increase from selling an item of DC26
• Two Double Eagles & wealth increase from selling an item of DC21
• Four Double Eagles & wealth increase from selling an item of DC16
• Five Double Eagles (taking the “final” dividend in gold)