Stable formation of a multichannel arc is observed in low‐pressure rare‐gas–mercury discharges in a concentric tube where a hot cathode is located in the inner tube and two to six anodes are arranged symmetrically in the space between the inner tube and the outer bulb. The discharge current for each discharge channel is found to be deeply modulated at high frequencies by the anode oscillations which take place in a regular, complex sequence depending on the anode configuration. In a discharge tube with two anodes, anode oscillation occurs alternately, causing discharge transfers between the anodes. With three anodes, the discharge transfers take place in a manner similar to a ring counter, as anode oscillations occur in turn in geometrical order. In the four and five anode configurations, oscillations occur sequentially in time, but not sequentially in the anode configuration. In the case of six anodes, stable formation of a multichannel arc is not observed.