1822CA Rulebook

Table of Contents

Components List
1. Overview of the Game
2. Game Phases
- 2.1 Phases
- 2.2 Phase Descriptions
3. Corporate Entities
4. Stock Rounds
5. Operating Rounds
6. Winnipeg and P10 Manitoba South-Western Colonization Railway
- 6.1 General
7. Toronto and M13 Ontario & Quebec Railway
8. Game End
9. Eastern and Western Regional Scenarios
- Scenario Setup/Rules
10. Credits
11. Designer's Notes
12. Easy to Miss Rules
13. Company Tables

Components List

The game contains the following components:

This rule book with tile manifest/upgrade chart
Map board, double-sided with Eastern Regional Scenario on the reverse side
10 major company charters
30 minor company charters
3 private company charters
81 major company 10% share certificates
10 concession certificates (printed back-to-back with director's certificate)
30 minor company share certificates
30 private company certificates
7 player order number cards
59 train cards
Yellow, green, brown and grey track tiles (see tile manifest)
1 large scenario overlay tile
1 sheet of stickers for use on the tokens
Bid Tokens: seven sets of six coloured cubes, one set per player (subject to number of players in the game — players do not receive all of these tokens)
52 large diameter tokens
- 10 major company revenue markers
- 10 major company share price tokens
- 30 minor company share price tokens
- 1 lumber token
- 1 round marker
109 small diameter, tall tokens
- 61 major company station tokens (6 per company, 5 regular and 1 destination, one extra for CPR)
- 30 minor company station tokens
- 3 Winnipeg value markers
- 10 grain elevator tokens
- 4 port tokens
- 1 lumber token
The players must provide a bank of $12,000. Poker chips are recommended.

1. Overview of the Game

1.1 Sequence of Play

1.1.1 The game consists of an alternating series of stock rounds and operating rounds. Initially, there is one operating round after each stock round. Once the first 2-train is bought, there are two operating rounds after each subsequent stock round.

1.1.2 In stock rounds, players act as investors, buying and selling shares in the various companies. The player with the most shares in each company is the company's director.

1.1.3 In operating rounds, players, as company directors, run the various companies that they control, deciding all actions that the companies take. They choose whether and how to build track and place station tokens, which trains to run on which routes, whether to pay or withhold dividends, and whether to invest in more trains.

1.2 Etiquette

1.2.1 Players should try to speed play as much as possible. Deciding what share to buy and which track tile(s) to lay should as much as possible be done during other players' turns. Other players should help the banker(s) by claiming payments promptly. All personal and company assets are public knowledge and must be disclosed to any player upon request. Assets should be arranged neatly so that the need for explicit requests is minimized. Players may negotiate with each other and strike deals. Such deals are not binding.

1.2.2 Players new to 1822CA should take a few minutes to become familiar with the map, minor companies, phase changes, and tile upgrades. The game starts to accelerate at Phase 2, and the L-trains (local trains) rust at Phase 3. Some minor companies are very good when started in the first stock round and this could drive an early phase change to Phase 2. However, other minor companies could be very bad, even if they start in the first stock round.

1.3 About These Rules

1.3.1 Most of the rules for 1822CA are shared with the other "1822" games. Rules that are highlighted like this indicate special rules that are specific to 1822CA that are included along with the rules common to the "1822" games. Players familiar with other "1822" games should be able to focus on learning these rules to understand the new aspects along with the new sections, tables, and graphics that are specific to these 1822CA rules.

1.3.2 The abilities of the private companies often create rules exceptions, or allow rules to be "broken." In these instances, the ability of the private company overrides the normal rules. These exceptions are noted in the rules where appropriate, but are not described in detail. Full rules covering each private company are in the table beginning on page 35.

1.3.3 When the rules do refer to specific minor or private companies, they use the format Mx and Px respectively, where x is the number of the company.

1.4 The Map

1.4.1 The map shows the southern latitudes of Canada. A hex grid is superimposed to show where hexagonal track tiles may be laid. Some hexes are coloured yellow or grey denoting pre-built track.

1.4.2 Cities are represented by one or more large open circles. Some cities bear a label (A, B, L, Y, M, O, Q, T, and W) upon which only corresponding track tiles may be placed. "City" refers to the geographic location.

1.4.3 Cities and grey off-board areas have one or more stations, each of which consists of one or more station token slots. A station slot is a circle onto which station tokens may be placed.

Example: at the start of the game, the Ottawa hex (AE15) has two separate stations, each of which has one station slot. Montreal (hex AF12) has two stations: the northern station only has a single station slot, whereas the southern has two slots. Boston (hex AI15) has a single station with two slots.

1.4.4 Station slots are "occupied" if they contain a station token, otherwise they are "unoccupied."

1.4.5 As city tiles upgrade it is possible that separate stations will merge. See section 5.7.36 for more information.

1.4.6 Stations with company logos with a coloured banner (not black) printed in one of its slots are the corresponding company's home station. Stations with a number printed in one of its slots are the home station of the corresponding minor company.

1.4.7 Company logos with black banners denote destinations. If the logo is in a station token slot, then that specific station is the company's destination. If the logo is simply in a city hex, then that city is the destination.

1.4.8 Towns are represented by small solid black circles.

1.4.9 The Winnipeg hex has an off-board rondel, located nearby showing the Winnipeg hex. The rondel shows the location of private company P10 (Manitoba South-Western Colonization Railway) token. See also section 6, Winnipeg and P10.

1.4.10 The Toronto hex has an off-board rondel, located nearby showing the Toronto hex. The rondel shows the location of minor company M13 (Ontario & Quebec Railway) token. See also section 7, Toronto and M13.

1.4.11 There are three pre-printed grey hexes in the middle of the map, which demark the two sides of the map. The two sides are printed at different map scales due to normalize the difference in population density between the east and west. These mid-board hexes serve as a transition between the two halves of the map and operate as normal plain track tiles.

1.4.12 There is a southern track route that connects Duluth to Detroit. This is a regular single track. This southern route does not open until Phase 3 (not available in Phases 1 or 2).

1.4.13 There are ten hexes identified with grain elevators; eight are single towns, two are double towns. The single town locations use the normal single town track tiles (yellow, green and brown), while the double town locations use the normal double town track tiles which do not upgrade beyond yellow. There are also four hexes marked with port symbols. The elevators and port tokens may provide additional income for trains that include them on a route (refer to section 5.11 Run Trains for details).

1.5 The Bank Pool

1.5.1 The bank pool holds shares sold to the bank and trains discarded to the bank. Players or companies may purchase bank pool items per the normal rules.

1.6 The Stock Market

1.6.1 The stock market is shown at the top of the game board. The value of a company's shares (also known as the share price) is shown by the position of the company's stock market token on this chart.

1.6.2 "Descending share price order" is the order of companies based on their share price, from the highest to the lowest. If several companies' stock market tokens are in the same space, the order is from the topmost token to the bottommost.

1.6.3 There is one space shaded solid red at $50. Only minor companies may start at this price.

1.6.4 There are five more red-outlined spaces at $60, $70, $80, $90 or $100. Major and minor companies may start at these prices. Section 4, Stock Rounds, covers starting companies.

1.6.5 Several spaces in the left area of the stock market are outlined and shaded in yellow. Stock certificates of a company whose stock market value token is in this area do not count against the certificate limit (see section 4.2 Certificate Limit for more information).

1.7 Setting Up the Game

1.7.1 Lay the map board on the table between the players. Place the major company share certificates nearby.

1.7.2 The bank is $12,000, including players' starting money. The starting money is $2,100 divided equally among the players. Distribute the appropriate number of bidding tokens to each player.

Number of Players	3	4	5	6	7
Certificate Limit	26	20	16	13	11
Start Money per Player	$700	$525	$420	$350	$300
Bidding Tokens	6	5	4	3	3

1.7.3 Sort the track tiles by type, and place them by the board. At the start of the game, only the yellow track will be used, but the other tiles should be available for inspection. Place the company charters and station tokens by the board.

1.7.4 Take the set of company concession certificates. Remove the Canadian Pacific Railway (CPR) concession and shuffle the remaining concession certificates. Place the concession certificates in a face-up stack with the CPR on top. The players may examine the order of the concession stack, but they cannot change it.

1.7.5 Take the set of minor company director's certificates. Remove M6, The Champlain and Saint Lawrence Railroad (C&StLR) certificate and shuffle the remaining certificates. Place the certificates in a separate face up stack with the M6 on top. The players may examine the order of the minor company stack, but they cannot change it.

1.7.6 Take the set of private company certificates. Remove the P1, The Montreal Locomotive Works (MLW) certificate, and shuffle the remaining certificates. Place the certificates in a separate face up stack with the P1 certificate on top. The players may examine the order of the private company stack, but they cannot change it.

1.7.7 Fill each bidding box with certificates from its corresponding stack, starting with the lowest-numbered box. For example, the certificate on top of the concession stack goes on concession bidding box 1, the next on box 2, etc.

1.7.8 Place the ten grain elevator tokens onto the hexes marked with the grain elevator symbol.

1.7.9 Place the four port tokens on the four cities marked with a port symbol (Vancouver, Prince Rupert, Churchill, and Thunder Bay).

1.7.10 Place the round marker on the space marked SR ("Stock Round").

1.7.11 Appoint one or more players to be banker and be responsible for conducting transactions with the bank.

1.7.12 Players may find it useful to place one station token for each minor company on its home station with the light green side face up. These tokens show reserved station spaces. Only the owning company may place a station token in this space. They are not in play on the board and hence they do not count as station tokens for the purpose of blocking routes. The minor company reserved station tokens are removed from the map if the minor company is removed from the game as a result of being in Bid Box 1 and not having received any bids at the end of a stock round.

Example: The figure to the right illustrates that M10/M11/M13/M14 have not started operating as indicated by the green sides of their tokens face up. M13 is a dark green and matches the spot on the T rondel as it does not have a fixed home location and its station on the rondel does not block. M12 has the white side face up to indicate that it has started operating.

1.7.13 Arrange the trains in ascending order from top to bottom with the double-sided L/2-trains on top and the double-sided 7/E-trains on the bottom.

1.7.14 Shuffle and deal out the player number cards, one to each player, to randomly determine player order.

1.7.15 Play then begins with a stock round.

2. Game Phases

2.1 Phases

2.1.1 The game starts in Phase 1. As the first of each new type of train is bought or exported the game phase advances correspondingly. The phase affects the availability of track tiles, the revenue from off-board areas and grey pre-printed cities, the train limit, and the number of operating rounds after each stock round.

2.1.2 Phase change effects take place immediately, except when the number of operating rounds per stock round increases to two; this change only applies after the following stock round. The full effects of phase changes are shown in the table below.

2.1.3 If a phase change causes trains of a prior type to rust, those trains are removed from the game immediately without compensation.

2.1.4 The "train limit" is the number of trains a company is allowed to own. If a phase change lowers the train limit, companies with more trains than the new limit must discard the excess without compensation. Discarded trains go into the bank pool (double-sided trains retain their orientation at time of discard). This check is made after rusted trains have been discarded.

2.1.5 If more than one company has excess trains, they decide which to discard in descending share price order.

Phase	1	2	3	4	5	6	7
Triggered by	Game start	Purchase of first 2-train	Purchase of first 3-train	Purchase of first 4-train	Purchase of first 5-train	Purchase of first 6-train	Purchase of first 7/E train
Trains rusted	-	-	L	2	-	3	4
Train limit (minor)	2			1
Train limit (major)	4			3	2
Buying trains	From bank only	From bank or other company
ORs between SRs	1	2
Tiles available	Yellow		Y + Green		Y + G + Brown		Y + G + B + Grey
Off-board area value	Yellow		Green		Brown		Grey
Tile lays per turn (major)	Not applicable	1 yellow	2 yellow or 1 upgrade
Tile lays per turn (minor)	1 Yellow		1 yellow or 1 green upgrade
Minor companies	Float at $50 with capital of $100	Float at between $50 and $100 with capital of 2× share price	Float at between $50 and $100 with capital of sum bid
Acquisition of minor companies	Not possible	Can be acquired by major companies			Can be acquired by major companies or directly from the bid boxes for $200
Concession certificates	Cannot be converted	Provide a $100 discount against the cost of director's certificate when converted except for the CPR which is a straight exchange for the director's certificate			Removed from play

2.2 Phase Descriptions

2.2.1 As the game phase progresses, rule changes come into effect. Unless otherwise stated, once a phase introduces a new rule, the rule is in place for the remainder of the game.

2.2.2 Phase 1. The game starts in Phase 1.

L-trains and 2-trains are available for purchase.
Trains may only be bought from the bank.
Yellow tiles are available.
Off-board areas use the first (yellow) value for earnings calculations.
Minor companies start at share price $50 (worth $100) with $100 starting treasury, irrespective of the amount bid.
Companies may only lay one yellow tile per turn.
The train limit is 2 for minor companies.
There is one operating round after each stock round.
Major companies may not be floated.

2.2.3 Phase 2 starts when the first L-train is converted to a 2-train, or the first 2-train is bought from the bank.

A minor company's starting share price is the winning bid amount divided by 2, then rounded down to the nearest starting value. The company's starting treasury is 2× the share price.
Concessions may be converted to director's certificates during stock rounds. This floats the associated major company.
Major companies may now acquire operational minor companies for the remainder of the game.
The major company train limit is 4.
Two operating rounds will follow each stock round, starting from the stock round following the start of this phase, and continuing for the remainder of the game.

2.2.4 Phase 3 starts when the first 3-train is bought.

L-trains rust.
Trains may now be bought from the bank, the bank pool, or from another company.
Yellow and green tiles are now available.
Minor companies may lay one yellow or one green upgrade tile for the remainder of the game.
Major companies may lay two yellow tiles or upgrade one tile to green.
A Minor company's starting share price is the winning bid amount divided by 2, then rounded down to the nearest starting value, but now the full amount bid is given to the starting treasury.
Off-board areas use the second (green) value for earnings calculations.
The southern track route from Duluth to Detroit is now open.

2.2.5 Phase 4 starts when the first 4-train is bought.

2-trains rust.
The minor company train limit is 1.
The major company train limit is 3.

2.2.6 Phase 5 starts when the first 5-train is bought.

Unconverted concessions are removed from play.
Yellow, green, and brown tiles are now available.
Major companies may lay two yellow tiles, or upgrade one tile to green or brown.
Minor companies' track laying is unchanged from Phase 3. They may never upgrade track past green.
Major companies require 50% sold to float (still incremental capitalization).
Major companies may now acquire unfloated minor companies directly from the bidding boxes for the remainder of the game.
Major company train limit is 2 for the remainder of the game.
Off-board areas use the third (brown) value for earnings calculation.

2.2.7 Phase 6 starts when the first 6-train is bought.

3-trains rust.
Major companies require 50% sold to float, but receive full capitalization (the remaining five shares are placed in the bank pool upon flotation).

2.2.8 Phase 7 starts when the first 7-train or E-train is bought.

4-trains rust.
Yellow, green, brown, and grey tiles are now available.
Major companies may now lay two yellow tiles or one green, brown or grey upgrade tile.
Minor companies' track laying is unchanged.
Off-board areas use the fourth (grey) value for earnings calculation.
Remove P8 and P9 from the game whether they are owned by a player or remain unbought (rule 3.1.10).

3. Corporate Entities

3.1 Private Companies

3.1.1 There are 30 private companies in the game. The Company Table beginning on page 35 provides specific information on each. In the case where a private company's rules contradict the rules elsewhere, the private company's rules take precedence.

3.1.2 While open, a private company pays its owner a fixed revenue (which in some cases is $0) at the start of each operating round.

3.1.3 The face value of a private company is $0.

3.1.4 A private company can only be bought by players through the bidding mechanism in a stock round.

3.1.5 Private companies held by players count against the certificate limit. Exception: P11 Registered Retirement Savings Plan does not.

3.1.6 Private companies may not be traded between players or sold to the bank. Private companies may not be transferred between companies.

3.1.7 Generally, a major or minor company may acquire private companies from consenting players at the start of its turn in an operating round. Players receive no compensation from the acquiring company for this transaction. See section 5.6 Acquire Private Companies for more information.

3.1.8 Private company revenue is paid to the owning company treasury during the "pay the private companies" step of each operating round. (Some private companies cease paying revenue once acquired by a major or minor company.) Thus, the revenue cannot be received by the owning player pre-acquisition and then again by the acquiring company on the turn in which it is acquired. P22-P25 "mail service" companies are exceptions as this operation-based income is paid during the run trains step.

3.1.9 The powers of private companies can generally only be exercised by their owning company, during the owning company's operating turn. Exceptions: P7 Toronto Stock Exchange, P11 Registered Retirement Savings Plan.

3.1.10 Private companies are never forced to close. Exception: P8 Stratford & Huron Railway and P9 General Mining Association close at the start of Phase 7. Remove P8 and P9 from the bid boxes or the private company draw deck if they have not entered play at the start of Phase 7. (Remember that the bid boxes are refilled at both the start and end of the stock round.)

3.2 Minor Companies

3.2.1 There are 30 minor companies as listed in the Company Table beginning on page 35.

3.2.2 A minor company only has a 50% director's certificate (worth two shares). The other 50% of the company is effectively embedded in the company. There are no other shares of minor companies available to buy.

3.2.3 The director of each company controls its actions.

3.2.4 Players can only buy minor companies through the bidding mechanism in a stock round. See sections 4.10 Bidding and 4.11 End of Stock Round and Floating Minor Companies for more information.

3.2.5 Once bought, a minor company may never be sold, though it can be acquired by a major company during its acquisition step, as described in sections 5.16-5.18.

3.2.6 Minor companies can only acquire private companies with a green background.

3.2.7 Minor companies can only lay one yellow tile, or upgrade one tile to green, per operating round. Minor companies can never upgrade tiles past green.

3.2.8 Earnings are always half withheld in the treasury and half paid to the director.

3.2.9 A minor company must own a train at the end of its operating turn.

3.3 Major Companies

3.3.1 There are ten major companies, as listed in the Company Tables beginning on page 35.

3.3.2 Each company's stock consists of nine share certificates, one of which (the director's certificate) represents 20% (two shares) of the total shares in the company. All other share certificates represent a single 10% share. Exception: the CPR has 10 certificates each representing a 10% share, including the director's certificate.

3.3.3 The director's certificate is always owned by the majority stockholder in the company. This player is the director of that company. If another player acquires more shares than the director, or the director sells enough shares to bring their holding below that of another player, the director's certificate is swapped for two 10% certificates belonging to that other player (or one in the case of the CPR) and the other player becomes the director.

3.3.4 The director of each company controls the company's actions.

3.3.5 Each major company has a total of eight tokens (the CPR has nine); one each to represent its share price and latest earnings, and six (the CPR has seven) to represent stations on the map.

3.3.6 Major companies each have a destination city. These are printed on the board (as described in section 1.4.7) and on the company charters. They are also listed in the table on page 35.

3.3.7 No one player may buy more certificates in a company once they hold 60% of that company. However, a player may acquire up to 100% of a major company's stock through share exchange in the acquisition of minor companies.

3.3.8 Major companies can lay one yellow tile per operating round in Phase 2. From Phase 3 on they may either lay one or two yellow tiles, or upgrade one tile, per operating round.

3.3.9 A major company's earnings may be withheld in the treasury, paid out as a dividend, or half withheld and half paid.

3.3.10 A major company must own a train at the end of its operating turn.

3.4 Concessions

3.4.1 Each major company has an associated concession certificate (printed on the back of the director's certificate). Concessions are used to start major companies in Phases 2-4, as described in section 4.7 Converting a concession. Director's certificates may not be purchased while the corresponding concession is still in play.

3.4.2 Concessions are bought from the bidding boxes as described in section 4.10 Bidding. The face value of a concession is $100.

3.4.3 Concessions count towards the owning player's certificate limit.

3.4.4 Each concession pays a dividend of $10 per operating round to the owning player.

3.4.5 At the start of Phase 5, the concession certificates are removed from play. Flip the concessions to the director's certificate side and place them with the company's other shares. From then on, director's certificates may be bought directly as a stock round buy action.

4. Stock Rounds

4.1 Introduction

4.1.1 At the start and end of each stock round, if there are any vacancies in the bidding boxes, all the certificates present are shifted to the lowest numbered boxes, and then the concession certificates, minor company director's certificates, and private company certificates on the top of their respective stacks are placed in any appropriate empty bidding boxes (filling lowest numbered vacancies first). Thus, in the first stock round, four of the minor company director's certificates, and three each of the major company concession certificates and the private company certificates are moved from their respective stacks to empty bidding boxes.

4.1.2 The stock round starts with the holder of the Player 1 card and proceeds in player number order until all players pass in turn. All share certificate transfers in a stock round are made between a player and either the bank or a company. Players may never buy shares directly from one another.

4.1.3 During a player's stock round turn, a player may perform one or more of the following actions in the order listed below. A player may choose to take no action and pass instead.

4.1.4 Sell any number of certificates subject to the limits set out below in section 4.4.

4.1.5 Repay loans.

4.1.6 Do one of the following:

Buy one major company share certificate (section 4.5).
Convert a concession certificate to a director's certificate (section 4.7).
Place or increase up to three bids on the concession certificates, minor company director's certificates, and/or private companies, using the bidding boxes (section 4.10).
The stock round ends when all players have passed consecutively. At this point bids are resolved, share prices may change, and the player order for the next stock round is determined.

4.2 Certificate Limit

4.2.1 Each certificate a player owns counts against the player's certificate limit, which is determined by the number of players in the game.

Number of Players	3	4	5	6	7
Certificate Limit	26	20	16	13	11

4.2.2 Private companies, concessions, and stock certificates owned by players count against the certificate limit. Exception: P11 Registered Retirement Savings Plan does not count.

4.2.3 Share certificates for a company whose stock market value token is in the yellow area of the stock market do not count against the certificate limit.

4.2.4 A player at the certificate limit may not make any purchases that would cause them to exceed the limit. Exception: buying a share for P11 Registered Retirement Savings Plan.

4.2.5 A player may not place a bid on an item if they are at the certificate limit. Each item on which a player currently has the highest bid counts as a certificate against the certificate limit.

4.2.6 A player owning more stock than the certificate limit will be required to sell down to meet the limit. See rule 4.4.12.

4.3 Player Loans

4.3.1 Over the course of the game, a player may be forced to take loans to fund train purchases (see sections 5.14 Forced Train Purchase and 5.15 Emergency Money Raising). A player may not buy any shares, convert a concession, or place a bid whilst they have loans. Track such loans using alternate means such as on pen and paper or with a separate stack of money marked with a non-game item.

4.3.2 After their "sell shares" step, a player may make a payment on outstanding loans. This may be for the full amount or a partial amount. The money is paid to the bank.

4.3.3 A player is not obliged to sell shares to raise money to pay off loans.

4.3.4 If a player still has debt at the end of a stock round, a further 50% interest (rounded up) is charged by the bank. Any debt still held by a player at the end of the game is subtracted from their wealth.

4.3.5 The sum of any loans in play does not count towards the bank limit of $12,000 (i.e. treat the loan as coming from a separate source, not the bank).

4.4 Selling Shares

4.4.1 In their stock round turn, a player may sell any number of stock certificates, transferring them from their holdings into the bank pool subject to the constraints set out below:

4.4.2 Private companies, minor companies, and concessions may not be sold.

4.4.3 Shares cannot be sold in a company that has not completed an operating round.

4.4.4 A maximum of 50% of a company's stock is allowed in the bank pool.

4.4.5 The director's certificate cannot be sold into the bank pool.

4.4.6 Shares held by P11 Registered Retirement Savings Plan may not be sold.

4.4.7 If due to selling shares, the share holding of a company director drops below that of another player (who must own at least 20% of the company, or 10% in the case of the CPR) that other player becomes the new director. If there is more than one eligible player, the new director is the player with the largest holding, or, in the case of a tie, the tying player closest to the outgoing director in next player order. The outgoing director exchanges their director's certificate for two ordinary 10% shares (or one share in the case of the CPR) belonging to the new director. This exchange occurs before resolving the rest of the sale. This mechanism allows the director of a company to divest themselves of the directorship without the director's certificate entering the bank pool.

4.4.8 The player receives the current share price from the bank for each share sold.

4.4.9 The company's price now drops. Move the company's stock market token as follows: if the director is selling, the token moves one space left per share sold. If any other player is selling, the token moves one space left total, regardless of the number of shares sold.

4.4.10 If the token moves to a space on the stock market which is already occupied by other stock market tokens, it is placed at the bottom of the stack; if the token stays on its original space it stays in its relative position in the stack.

4.4.11 A player who sells shares in more than one company in a single turn decides on the order in which to sell them; this will decide the relative order of companies whose stock market tokens move to the same space.

4.4.12 A player who owns more certificates than the certificate limit allows must sell stock, if possible, to bring themselves within the limit at their first opportunity in a stock round. If they can sell some stock but not enough to be within the limit, then they must sell what they can. They may choose freely which stock to sell but all rules covering sales must be respected.

4.5 Buying Shares

4.5.1 To buy stock, the active player transfers one certificate from the bank pool or a company treasury into their own holdings, paying the stock market value. If the certificate is from the bank pool, the payment is made to the bank; if the certificate is from the company treasury, the payment is made to the company treasury.

4.5.2 Only shares that have a stock market value can be bought in this way. The director's certificate of a company cannot be bought by a "buy" action until Phase 5, and ordinary shares of a company cannot be bought until some player holds the director's certificate. From Phase 5, the stock market value is set by the purchasing player when taking the director's certificate. See section 4.8 Forming a Major Company Directly.

4.5.3 Buying stock does not cause the current share price to change.

4.5.4 Only one certificate may be bought per stock round turn.

4.5.5 A player cannot buy stock in a company if they sold any of its stock earlier in the same stock round.

4.5.6 Players may not buy additional certificates in a company once they hold 60% of that company (exception: P11 Registered Retirement Savings Plan). However, it is possible for a player to acquire up to 100% of a major company's stock through share exchange during the acquisition of minor companies (section 5.17 Acquire a Minor Company from a Player).

4.5.7 A player cannot buy any share certificate that would cause them to exceed the certificate limit, even if the purchase would cause a change of directorship and at once reduce the player's holding back to the limit. Exception: buying a share certificate to put into P11 Registered Retirement Savings Plan.

4.5.8 Stock from a company whose share price token is in the yellow zone of the stock market does not count against the certificate limit. A player at the certificate limit may purchase stock in such a company.

4.5.9 If, because of a share purchase, the player's holding exceeds that of the current director, they become the new director, exchanging the director's certificate for two 10% certificates (or one in the case of the CPR) of their own.

4.6 Major Company Formation Overview

4.6.1 The procedure for forming major companies depends on the phase.

4.6.2 Major companies may not be formed in Phase 1.

4.6.3 In Phases 2-4, players cannot buy director's certificates directly. Instead, they acquire them by converting the associated concession as a stock round action. This procedure is covered in section 4.7 Converting a Concession.

4.6.4 Starting in Phase 5, players buy director's certificates directly, and the newly formed company does not become operational until 50% of its shares are sold. This procedure is covered in section 4.8 Forming a Major Company Directly.

4.7 Converting a Concession to a Director's Certificate (Phases 2-4)

4.7.1 In Phases 2-4, a player may start a major company by converting its concession to the director's share.

4.7.2 For all companies except the CPR, the concession holder announces that they are converting the concession. They then turn over the concession certificate to the 20% director's certificate. They then determine the starting share price by putting the share price token in the corresponding red-outlined space (between $60 and $100) on the stock market, underneath any tokens already there.

4.7.3 The director now takes the appropriate company charter and places $100 from the bank into the company treasury on its charter. They then pay the balance of twice the starting share price less $100 into the company treasury from their own funds. The company is now floated and will operate in the next operating round. The remaining certificates are placed in the company treasury and are available for purchase by players.

4.7.4 For the CPR: The concession holder announces that they are converting the concession. They then turn over the concession certificate to the 10% director's certificate side. They then determine the starting share price by putting the share price token in the corresponding red-outlined space (between $60 and $100) on the stock market, underneath any tokens already there. They then take the CPR charter and take the initial starting price from the bank and place it in the company treasury on its charter. The company is now floated.

4.7.5 Note that concessions can only be bought through the bidding mechanism. At the end of a stock round, those items that have bids on them are bought. A player therefore does not gain possession of a concession they have bid on until the stock round has finished; they therefore cannot convert it until the following stock round. See section 4.11 End of Stock Round and Floating Minor Companies for more details.

4.7.6 The company has now floated. Proceed to section 4.9 to complete major company setup.

Example: Alice is converting the CNoR concession to the director's certificate. She first turns the concession over to the director's certificate side. Next, she sets the initial share price at $80 by placing a CNoR token in the appropriate red-outlined box on the stock market. The company will start with twice this value ($160) in its treasury, because the director's certificate is worth two shares. To put this amount into the treasury she first takes $100 from the bank (the face value of the concession), and then adds $60 of her own funds. The CNoR now has $160 in its treasury, twice the starting price of $80.

4.8 Forming a Major Company Directly (Phases 5-7)

4.8.1 At the start of Phase 5, the concession certificates are removed from play and the director's certificates may be bought as a buy action. Flip the concessions to the director's certificate side and place them with the company's other shares.

4.8.2 To form a major in Phase 5 or later, the forming player sets the initial share price (placing a token on the corresponding $60, $70, $80, $90 or $100 space), and purchases the director's share for twice that price, paying the money into the company treasury.

4.8.3 The newly formed company does not float and become operational until 50% of its shares are sold.

4.8.4 Starting in Phase 6, once 50% of the shares are sold, the company receives an additional five times its starting share price from the bank into its treasury, and the remaining 50% of shares (five 10% certificates) are placed in the bank pool. This does not affect the share price. In total the company will now have ten times its starting value in the treasury: half from share purchases, and half from the bank.

4.8.5 Thus a company that floats before Phase 6 will be funded through incremental capitalization as players buy its shares, whereas a company that floats in Phase 6 or 7 has full capitalization (with five shares placed in the pool).

4.8.6 The flotation conditions depend on the current phase when the company floats (i.e. converts its concession or reaches 50% sold), not when it first operates. A company floats during a stock round, but phase changes occur at the end of a stock round (due to train exports) or during an operating round (due to train purchases).

4.8.7 Proceed to the next section to complete major company formation.

4.9 Completing Major Company Formation

4.9.1 Whether formed by converting a concession or directly, the rest of the setup is the same.

4.9.2 The director takes the six station tokens and places them on the charter in the spaces that match the type of token. Each company has five regular tokens (the CPR has six) and one black banner destination token. The spaces on the charter that are blank are not filled at this time.

4.9.3 They then place an additional token on the revenue track.

4.9.4 Note that the company's home station is not placed on the map until First Turn Housekeeping (section 5.5).

4.10 Bidding

4.10.1 There are four bidding boxes for the minor company director's certificates, and three of each for the concessions and private company certificates.

4.10.2 At the start and end of each stock round, if there are any vacancies in the bidding boxes, the remaining certificates are all shifted to the lowest available numbered boxes, and then the top concession certificates, minor company director's certificates, and private company certificates are placed in any corresponding empty bidding boxes (filling lowest numbered vacancies first).

4.10.3 Each player has a limited number of bidding tokens (based on the number of players in the game, rule 1.7.2), which also represents the maximum number of the items available that they may bid on during any stock round.

4.10.4 To place a bid, a player either:

Places an unallocated bidding token in an empty space on a bidding box.
Moves a previously-placed bidding token to a higher-valued empty space on the same item. This is only allowed if another player has placed a higher bid on that item.

4.10.5 Players may place and/or move up to three bids in a stock turn.

4.10.6 The opening bid on any item must be equal to or greater than the face value. All bids must be in whole multiples of $5.

4.10.7 A bid must be higher than any previously placed bids for that item, and the bid must not take the player's committed resources to more than their available cash in hand. A player's committed resources are the sum of the amounts bid for those items for which they have the highest bid. Note that a player's committed resources may go down if they are outbid by another player on an item for which their bid was previously highest.

4.10.8 A player may not place or move a bid on an item if they are at the certificate limit. Each item on which a player currently has the highest bid counts as a certificate against the certificate limit. (This applies to P11 Registered Retirement Savings Plan as well.)

4.10.9 If a player wishes to bid $100 or more over face value for an item, they may do so. A spare token (i.e. not one of the players' actual bidding tokens), or $100 is placed on the item each time the bidding goes "round the clock."

4.10.10 A player who has bid on an item cannot withdraw that bid by taking the bidding token back into their hand or by moving it to make a bid on another item, even if they are later overbid by another player.

Example: The figure illustrates a series of bids (in the first stock round) as summarized in the table below. The private company bidding track is not illustrated. We can assume that all players apart from grey (who has 5 bidding tokens in play on the minor company and concession bidding tracks) might have placed some bids on the private companies.

The pink and white players have been competing for minor companies, and pink has won M21 at a price of $115, while white has won M6 at a price of $120. The white player can content themselves with M6 and the CPR concession.

After a four-way fight for the GWR concession, the grey player has dropped out of all their expensive battles and has opted for the low cost, lower return strategy: buying M4 and the QMOO concession both at face value.

Conversely, the blue player has decided to pay the price of winning the better companies, and has won the GWR concession for $150 and M11 for $125.

Without knowing what is coming up next in the bidding stacks we cannot judge these bids, but none of them seem unreasonable.

Player	M6	M21	M4	M11	C: CPR	C: QMOO	C: GWR
Pink	115	115	-	-	110	-	140
White	120	110	-	-	115	-	120
Grey	-	-	100	120	100	100	115
Blue	-	-	-	125	-	-	150

4.11 End of Stock Round and Floating Minor Companies

4.11.1 Once all players pass consecutively, the stock round is over.

4.11.2 Each player pays for and takes the items on which they were the highest bidder. All players remove their bidding tokens.

4.11.3 Minor companies purchased from the bid boxes are then floated. Flotation order is from the highest sum bid to the lowest. In the case of a tie, the company from the lowest-numbered box takes precedence.

4.11.4 The player with the highest bid on a minor company must buy the 50% director's certificate for the price bid. The starting price for the company and its initial capitalization depend upon the phase of the game in which it was bought:

4.11.5 In Phase 1, irrespective of the price bid, the minor company starts at $50 (the solid red coloured space on the stock market) with $100 starting treasury. The certificate represents two shares, so is worth twice the stock market price; i.e. it is worth $100.

4.11.6 In Phase 2, the price bid is divided by two and rounded down to the highest value in the starting value space on the stock market (outlined red, including the solid red coloured space). The company has twice this value as its starting treasury. For example, a bid of $100, $105, $110 or $115 will result in a price of $50, with $100 capital. A bid of $120, $125, $130, or $135 will result in a price of $60, with $120 capital. And so on, with any bid over $200 resulting in a price of $100 with $200 capital.

4.11.7 In Phase 3 and later, the price bid is divided by two and rounded down to the highest value in the starting value space on the stock market (outlined red, including the solid red coloured space) as for Phase 2. The company starts with the sum bid as its starting treasury. For example, a bid of $135 would give a start price of $60 but with $135 capital, and a bid of $350 would give a start price of $100 (and therefore value $200), with $350 starting capital.

4.11.8 The table below shows possible starting prices per phase during Phase 2 and later.

4.11.9 Because minor companies run before major companies, it is convenient to place minor company tokens on top of any major company tokens already on the relevant space. If any minor companies already occupy the relevant space, then the new tokens are placed beneath them.

Bid Price	Share Price	Starting Capital (Phase 2)	Starting Capital (Phases 3 and up)
$100-$115	$50	$100	Price bid
$120-$135	$60	$120	Price bid
$140-$155	$70	$140	Price bid
$160-$175	$80	$160	Price bid
$180-$195	$90	$180	Price bid
$200+	$100	$200	Price bid

4.11.10 After the purchased minor companies have been floated, check to see if any minor company certificates remain in the bid boxes. For each minor company with no bid placed upon it, one L-train is exported from the bank (not the bank pool); exported trains are removed from the game. If there are no L-trains remaining in the bank, then no action is taken.

4.11.11 Then, if the minor company in Bid Box 1 was not sold during the stock round, it is removed from play and the next available new train from the bank (not bank pool) is exported. Thus, a minor unsold in Bid Box 1 could export two trains from the bank if there is still at least one L/2 train remaining. This train export counts as a sale and can cause a phase change if the exported train is a 3-train or larger.

4.11.12 All other unsold items stay on the bidding boxes. Those in higher numbered boxes are moved to occupy lower numbered bidding boxes. For example, if a minor company in Bid Box 3 was the only item unsold, it would be moved to Bid Box 1 before repopulating the remaining bidding boxes. The bidding boxes are refilled at the end and again at the beginning of a stock round (this is only relevant after Phase 5, when companies can acquire minor companies directly from the bidding boxes during an operating round).

4.11.13 The Player 1 player order card for the next stock turn is given to the player with the most cash. The Player 2 card is given to the player with the second most cash, and so on. If two players have equal cash, their stock turn order relative to each other stays unchanged from the previous stock round. Exception: P7 Toronto Stock Market.

4.11.14 50% interest is charged on any outstanding loans.

4.12.1 At the end of the stock round, if 100% of a major company is in players' hands (including P11 Registered Retirement Savings Plan), its stock market token moves one space to the right on the stock market.

4.12.2 All affected stock market tokens move in descending share price order, and from top to bottom when stacked together. If a company's token moves to a space which is already occupied, it goes to the bottom of the stack.

4.12.3 Minor companies are never 100% sold out, as only 50% of their share stock is available for sale.

5. Operating Rounds

5.1 General

5.1.1 Initially there is a single operating round after each stock round. Once the first 2-train has been bought, after the next stock round there will be two operating rounds after each stock round. At the end of the game, if the bank breaks during an operating round, finish the set of operating rounds and then play one final operating round. See section 8 Game End for more details.

5.2 Operating Round Turn Order

5.2.1 During an operating round, companies run in the following order:

5.2.2 Private companies and concessions pay their dividends to their owners (whether players or companies), if applicable (rules 3.1.2, 3.1.8, and 3.4.4).

5.2.3 Minor companies run in descending share price order.

5.2.4 Major companies run in descending share price order.

5.2.5 If the share prices of two or more companies are in the same space on the stock market, then the one whose stock market token is on top runs first. The determination of which company runs next is deferred until the end of the previous company's operations; sales of stock during an operating round (which in practice rarely occurs) may affect this order.

5.3 Operating Round Actions

5.3.1 All decisions made on behalf of a company are made solely by its director. When a company runs, it performs the following activities. Most are optional, but if done, they must occur in this order:

Perform First Turn Housekeeping (first turn only, compulsory).
Acquire private companies from (willing) player(s).
Lay/upgrade track.
Check for connection to destination and place destination token if applicable (major companies only).
Place one station token (major companies only).
Run train(s), if any, to establish earnings (compulsory).
Pay, split, or withhold dividends (minor companies must split earnings).
Buy trains (usually optional but sometimes compulsory).
Acquire a minor company from a (willing) player, or from Phase 5 onwards, from a bidding box (major companies only).
Issue or redeem company stock (major companies only).

5.4 Routes

5.4.1 Many company activities revolve around routes. A route of a company is a continuous unbranched length of track, including at least one city or off-board area with a station token on it belonging to the company.

5.4.2 A company's route may only pass through a station if it has a station token there, or if there is at least one unoccupied station slot present, or both (see rules 1.4.3-4 for definitions).

5.4.3 A route is blocked by and cannot pass through a station completely filled with station tokens belonging to other companies, although it may begin and/or end in such a station.

5.4.4 A route may not use any segment of track more than once.

5.4.5 For the purposes of laying track and placing stations, a route may pass through multiple stations in the same city. It may pass through both towns in a double town hex, so long as the route uses different track segments each time.

5.4.6 For the purposes of running a train, a route must not reach or pass through any city or town more than once. The route may not pass through multiple stations in the same city hex, but it may pass through both towns in a double town hex, so long as the route uses different track segments each time (section 5.11 covers train runs).

5.4.7 Some grey off board areas (i.e. Buffalo, New York, Boston, and Portland) are termini. A route can begin or end at these locations but cannot pass through them. In all other respects, the pre-printed track functions as normal track linking the station in the off board hex to the adjoining hex. These off board locations have multiple routes leading to/from them. Despite this, the locations are termini. For example the GWR (in Hamilton) could not run a train from London, to Hamilton, to Buffalo, and circle back to hit Hamilton a second time (in this case it violates 5.4.6 above).

5.4.8 Other grey off board areas (specifically Halifax, Detroit, Duluth, Seattle, and Vancouver) all permit a route to pass through the hex. The track printed in these hexes is not pointed, to indicate this difference.

5.4.9 Starting with green tiles, the B tiles for Hamilton have double tracks to permit a company to make two runs into Buffalo using separate routes. Starting with green tiles, the A tiles for Windsor also have double tracks to permit a company to make two runs into Detroit using separate routes. Note: In Phases 1 and 2, A and B both use standard yellow city tiles.

5.4.10 The track connection between Duluth and Detroit cannot be used in Phases 1 or 2. It opens at the onset of Phase 3.

5.5 First Turn Housekeeping

5.5.1 On a major or minor company's first turn of operation, the company director places the company's free home station token on its home station slot, which is marked on the map.

5.5.2 Major companies place their destination station token on the appropriate space on their charter. The CPR places its destination token in Vancouver; and this functions as a second home station until it connects Montreal to Vancouver.

5.5.3 A minor company (only) may buy an L-train, if any remain available for purchase from the bank or bank pool.

5.5.4 Note that when emergency money raising to buy a train from the bank or bank pool, the cheapest available train must be purchased (see section 5.15 Emergency Money Raising). Thus, a minor company starting with $100 in its treasury (for example) cannot choose to buy a 2-train at the end of its turn using emergency money raising, but must buy an L-train.

5.5.5 Minor company M13 Ontario & Quebec Railway must pay $20 to place its home station token. This placement also counts as its track laying step for its first operating round. It places its token on one of the two spaces in the off-board Toronto rondel. The token is considered to be colocated with whichever company occupies the corresponding token space in Toronto. See section 7 for details on Toronto.

5.6 Acquire Private Companies

5.6.1 During this step a company (major or minor) may acquire private companies from one or more consenting players, providing the phase acquisition requirement has been met. The phase requirement is indicated on the private company certificate. (Unlike most 18xx games, private companies can only be acquired in this step of the operating turn.)

5.6.2 No compensation is paid by the acquiring company to the player.

5.6.3 Once acquired by a minor or major company, the private company certificate is flipped over and placed reverse-side up on the purchasing company's charter. The certificate remains on the charter until the private company's ability is exercised, at which point it is removed. Some private companies continue to pay their revenue each operating round after they have been acquired and flipped, until they are closed by using their powers. This is noted on the reverse of the certificates and their revenue values are coloured gold.

5.6.4 Private company certificates are colour coded red, green, or blue. Red-coloured private companies may only be acquired by major companies. Green-coloured private companies may be acquired by either major or minor companies. The blue private company (P11 Registered Retirement Savings Plan) cannot be acquired.

5.6.5 There is no restriction on the number of private companies that may be acquired by a minor or major company on its turn.

5.6.6 A major company may acquire P1 Montreal Locomotive works, which becomes a 5-train, even if it is already at train limit. If the company is then over the train limit it must discard trains accordingly (see section 5.13 Purchase Trains for more information on the train limit).

5.6.7 See section 6 for additional rules covering the acquisition of P10 Manitoba South-Western Colonization Railway.

5.7 Lay Track/Upgrade Track

5.7.1 In this part of its turn a company may lay or upgrade track tiles on the map. This step is optional.

5.7.2 Yellow tiles are laid on, and aligned with, the pale green coloured hexes on the map. These may be upgraded successively to green, brown, and grey, when those colours become available due to phase changes. Development proceeds in order; intermediate colours must not be skipped. The upgraded tile is returned to the bank and is available for reuse elsewhere.

5.7.3 A company may choose to play no track at all, or may place less than its full allowance. If two tiles are being played they do not have to connect to each other.

5.7.4 In order to lay or upgrade a tile, a company must be able to trace a route that uses track on the tile after it has been placed.

5.7.5 If there is no track in the hex where a company's home station token resides, the company may lay any suitable yellow city tile there.

5.7.6 The placement of yellow tiles is differentiated from upgrading tiles because the various companies have different building allowances:

5.7.7 In Phases 1 and 2, each company may lay one yellow tile.

5.7.8 From Phase 3 on, minor companies may either lay one yellow tile or upgrade a tile to green.

5.7.9 From Phase 3 on, major companies may either lay two yellow tiles, or upgrade one tile.

5.7.10 Exceptions: P12 Sir Sanford Fleming, P21 The National Dream.

5.7.11 Tiles placed must correspond to the type of hex: plain, single town, double town, unlabelled city, or labeled city. Exceptions: P29 Charles Melville Hays, P30 Sir William Cornelius Van Horne.

5.7.12 Tiles must not be placed so that track runs off the hex grid, into a blank grey hex edge, nor so that track runs to a red-bordered hex edge.

5.7.13 Off-shore arrows (adjacent to various coastal towns) allow greater flexibility in track placement and upgrading, but have no other effect on the game.

5.7.14 Towns are represented on the map by small solid black circles, and on track tiles by a solid black bar (yellow tiles) or a small solid black circle (upgrade tiles).

5.7.15 Cities are represented by large open circles (station token slots), and are either unlabelled or labeled (A, B, L, M, O, Q, T, W, or Y). City tiles must match the city's label (or lack thereof).

5.7.16 For cities labelled A, B, and L, unlabelled yellow city tiles are laid on them as if they were unlabelled. There are labeled tiles for these cities in green, brown and grey.

5.7.17 Some hexes (La Prairie, Quebec, Montreal, Ottawa, Toronto, and Winnipeg) start with existing track. The first track to be laid on these hexes is yellow. This counts as a tile lay, not an upgrade.

5.7.18 The first tile laid on the La Prairie hex must be a normal yellow city tile (#5, #6, or #57). This removes the track from La Prairie to Saint Jean, shown on the undeveloped hex, and is a legal exception to normal track preservation rules when upgrading tiles. At the start of the game, if it does not lay any track, minor company M6 can therefore run for $30.

5.7.19 Some cities have an initial revenue value. All other cities on the base map have a value of $0.

5.7.20 There are multiple tiles for Montreal, Ottawa, Quebec, Toronto, and Winnipeg. Some of these tiles may be rotated, however, they must respect the pre-printed track segments and token slots (some have double slots) when placing a tile. There are typically two upgrade paths for these cities, one with more restrictive track and higher payouts, and one with less restrictive track and a lower payouts.

5.7.21 In Phase 3, green tiles become available. In Phase 5, brown tiles become available. In Phase 7, grey tiles become available. Exception: P12 Sir Sanford Fleming.

5.7.22 When upgrading tiles all of the previous track must be preserved in the upgrade. In other words, the same routes must exist after the upgrade as did before, and it is never possible to remove track once it has been placed. The tile upgrade chart (page 43) shows all allowable upgrades.

5.7.23 Track lays and upgrades are free, except in hexes with difficult terrain. Exceptions: P14-21.

5.7.24 Hexes with geographical features are collectively referred to as "difficult terrain." Placing yellow track tiles in these hexes costs the laying company the respective fee. The fees are printed on the hexes.

5.7.25 Lowlands (swamp or muskeg) are shown by a marsh symbol and cost $20.

5.7.26 Large rivers are denoted as a thick blue line between hexes. It is possible to build normally in the hexes on either side of the river, but placing a tile that has a new track segment leading up to it costs $20 or $40, as indicated on the map. Thus building a river crossing costs a total of either $40 or $80.

5.7.27 Rough terrain is denoted by an outlined dome (cost $40).

5.7.28 Hills are denoted by a solid black triangle (cost $60 or $80).

5.7.29 Mountains are denoted by a solid double black triangle (cost $120).

5.7.30 All upgrades to Montreal, Ottawa, Quebec, Toronto and Winnipeg cost $20/$40/$60/$80 depending on the colour of the tiles being placed (yellow, green, brown, grey).

5.7.31 A company with insufficient funds cannot lay a track tile in difficult terrain.

5.7.32 There are two mountain passes identified on the map, the Crowsnest Pass (CP) and the Yellowhead Pass (YP) for which there are two private companies (P19 and P20) which allow a major company to track the pass without paying the terrain cost. A company that wants to cross the mountains without the use of one of these private companies must pay the printed terrain cost.

5.7.33 The supplied quantity of plain yellow track (tiles #7, #8, #9 only) is not intended to limit play; if the supply runs out during play find a substitute or use tiles from another game. The mix of all other tiles is intended to limit play. If a vital tile is in play, then it must first be upgraded to free it.

5.7.34 In the brown-coloured track tiles, there are tiles for cities with four track segments and equivalent tiles with six track segments. When playing these tiles, it is not allowed to use a four-track tile in a hex where a six-track tile could be placed, even if the company can afford the four-track tile but not the six-track tile (this can occur due to river crossing fees).

5.7.35 In grey-coloured track tiles, there are tiles for plain track (with five and six track segments) and cities (with four and six track segments). When playing these tiles, it is not allowed to use a four- or five-track tile in a hex where a six-track tile could be placed, even if the company can afford the four- or five-track tile but not the six-track tile (this can occur due to river crossing fees).

5.7.36 If a tile upgrade results in a company having more than one station token in a station (because previously-separate stations have merged together), then one token is returned to the "available" section on the company's charter, with no compensation; the token fee is not refunded.

5.7.37 Some private company abilities are used in place of a company's normal tracking-laying step (P12, P19-20, P29-30). Others are used in addition to the normal track laying step (P14-18, P21). One or more of the second group's abilities may be used in conjunction with a private ability from the first group.

5.7.38 Under no circumstances can a tile be placed and upgraded, or upgraded more than once, in the same tile laying step of a company's operating round. This rule applies even when a company utilizes a tile private company or a minor company acquisition bonus (rule 5.17.13).

5.8 Check for Connection to Destination

5.8.1 After its tile laying step, if the operating major company can trace a route of any length from its home station token to its destination station, then it must place its destination station token into its destination station; this is free of charge.

5.8.2 The destination station token has a black banner on it to identify it.

5.8.3 This must be done as part of the operating company's turn at the first occasion on which the connection to the destination is made. The action cannot be deferred.

5.8.4 This check is only made on the operating company's turn. It is possible that the connection will be made by another company, but the check will be delayed until the company in question operates.

5.8.5 Destination station slots are not reserved; other companies may place station tokens in them. If this happens the destination station location is still available to the owning company. If there is no unoccupied station slot in the station, the token is simply placed on the destination tile adjacent to the station. Until the tile is upgraded, or if further upgrades do not create additional token slots, then the destination effectively creates an additional token slot in the destination station. If the tile is upgraded to create an extra unoccupied station the destination token is at once moved into the slot created, irrespective of which company upgraded the tile.

Example: In the figure, PGE has placed its destination station token (in Prince George). PGE's destination is reserved for M29 so it is placed to the side, but otherwise is treated like a normal station in the city. PGE can run a train from its home station (Vancouver) to its destination (which counts double value), and beyond. Both P29 and P28 stations do not yet exist and those cities can be run through because there is no blocking station.

Also shown is CPR's destination station marker. CPR begins with two home stations, although one. CNoR is working its way west from Winnipeg, but it does not yet have a route to Vancouver so its destination station remains on its charter.

5.8.6 The CPR begins with its destination token in Vancouver. This is not treated as a destination token until CPR can trace a route from this token to its home station in Montreal.

5.8.7 The major companies Great North West Railway and National Transcontinental Railway have destinations in explicit token slots in Winnipeg. The GNW and NTR must reach that token slot in order to place their destination token.

5.8.8 The destination for The Intercolonial Railway is in Quebec. The ICR destination token slot starts the game with no pre-printed track. The ICR need only complete an unblocked route into Quebec to be able to place its destination token in Quebec. The destination token must be on the route just completed.

Example: The figures below demonstrate how the order that tokens are placed can affect the possible placements.

First and second figures: M5 has laid its home hex tile and has selected to lay the Q2 tile with southwest, north, and south exits.

Third figure: ICR has built a route from Halifax and has reached its destination. The destination token fills the connected south city slot. It must place the destination there, not in the slot with the northern exit. When QMOO starts later while this hex is still yellow, it must fill the city slot with the northern exit.

Fourth figure: However, if instead QMOO opens before ICR reaches Quebec, QMOO has the option of either the city slot. QMOO has chosen the southern exit.

Fifth figure: Continuing from the previous figure, if ICR reaches its Quebec destination from the south, it places its destination token alongside the QMOO one where it made the connection. The slot with the north exit remains open.

5.9 Place Station Tokens

5.9.1 Only major companies may place additional station tokens. Minor companies only have their home station tokens.

5.9.2 When each major company starts, it can utilize three station tokens: a home station token, a destination station token, and one "available" station token. (Exception: the CPR starts with both its home station token and its destination station token in play.) The remaining station tokens are exchange tokens.

5.9.3 Each turn, a company may place a single available station token into an unoccupied slot. It may never place more than one of these per turn. The home station token placed in first turn housekeeping does not count against this limit. Destination station tokens and exchange station tokens do not count against this limit. The token gained by the acquisition of P10 Manitoba South-Western Colonization Railway also does not count against this limit.

5.9.4 Available station token placements cost $100. If the company has insufficient money in its treasury, it may not place the station token.

5.9.5 Home, destination and exchange token placements are free.

5.9.6 To place an available station token in a station the company must be able to trace a route to that station. No more than one station token of any company may be placed in a single station.

5.9.7 Some tiles have more than one station (such as the W3, W4 and W6 tiles). No more than one token per station is permitted. It is allowed to have more than one station token in a city hex so long as they are in separate stations.

5.9.8 One space on each company's home hex is reserved for that company's home station token, and other companies must leave a space free if that company has not yet had its first operating turn. (Note that there must really be space there; it is not enough to claim that the track tile might be upgraded to create a space). Printed reserved spots on the map are still reserved even if covered up by tiles.

5.9.9 Once placed, a station token may not be moved, although a minor company station token can be removed when acquired by a major company.

5.9.10 Exchange tokens can only be placed by acquisition of minor companies, as part of the operating company's "Acquire a Minor Company" step, covered in sections 5.16-5.18. Exceptions: P10 Manitoba South-Western Colonization Railway, P28 Great Southern Railway.

5.9.11 See sections 6 and 7 for additional rules covering station tokens in Winnipeg and Toronto, respectively.

5.10 Trains Overview

5.10.1 After placing station tokens the operating company must run its trains, if it has any. The rules for running trains are covered in the next section (5.11). This section provides important background information on the different types of trains.

5.10.2 Trains come in several types. Trains available from the bank are labeled L, 2, 3, 4, 5, 6, 7, and E. Trains available from private companies include 2P-trains, an LP-train, Pullmans, grain trains, and an additional 5-train. The available trains sold by the bank are shown in the Trains Table below.

Train Type	Number Available	Cost	Rusts	Rusted By
L	22¹	$60	-	3
L/2 (double-sided)		L-trains can be flipped to upgrade to 2-trains for $80	-	-
2		$120	-	4
3	9	$200	L	6
4	6	$300	2	7/E
5	3	$500	-	Permanent²
6	3	$600	3	Permanent
7	Unlimited³	$750	4	Permanent
Express (E)		$1,000		Permanent

¹ There are 22 double-sided L/2 train cards. ² Permanent trains never rust. ³ The 7/E trains are also double-sided, but a 7-train may not be upgraded to an E train. There are 16 train cards provided. If you run out and need more, find a substitute.

Note: A phase starts either when the first train of a type is purchased or when it is exported.

5.10.3 Both major and minor companies may own L-trains, but only a minor company may buy an L-train as part of its first turn housekeeping.

5.10.4 The 2P-trains and LP-train are collectively known as "special trains." A company may only own one of these special trains at a time. If a company has one of them and acquires another, it must select one to discard from the game.

5.10.5 The LP-train comes from P2 Robert Stephenson and Company. The 2P-trains come from P3 Toronto Locomotive Works and P4 Countess of Dufferin.

5.10.6 Special trains are permanent and never rust. They do not count against the train limit.

5.10.7 A special train may never be sold and does not count as a train for the purpose of mandatory train ownership, i.e. a company with only a special train is still forced to buy a train.

5.10.8 Special trains can handle their revenue separately from other trains. See rules 5.12.4 through 5.12.6 for details.

5.10.9 Pullmans come from P5 Pullman Car Company and P6 Fulton Car Works.

5.10.10 Pullmans are permanent. A company may never own more than one Pullman. Pullmans may not be sold between companies.

5.10.11 A Pullman is not a train, therefore it does not count against the train limit, and does not count for the purpose of mandatory train ownership. A company with only a Pullman is still forced to buy a train.

5.10.12 A company may own at most one Express train.

5.10.13 Minor companies can own E-trains, but because they only have one token, they cannot run them.

5.10.14 Grain trains come from P26 Saskatchewan Wheat Pool and P27 Alberta Wheat Pool. Minor companies may never own grain trains.

5.10.15 Grain trains are permanent. A company may never own more than one grain train. Grain trains may not be sold between companies.

5.10.16 A grain train is not a train, therefore it does not count against the train limit, and does not count for the purpose of mandatory train ownership. A company with only a grain train is still forced to buy a train.

5.11 Run Trains

5.11.1 If the company has one or more trains, it now runs them on routes to establish earnings.

5.11.2 For most trains, the route used must include at least two "revenue locations" (towns, cities or off-board locations), but no more locations than the number of the train. Intermediate revenue locations cannot be skipped.

5.11.3 A route must not reach or pass through any hex with a city or town on it more than once. However, a train may pass through both towns in a double town hex, so long as the route uses different track segments each time.

5.11.4 A route may not include more than one station in a single hex. It is not possible for a train to run from one Winnipeg station to another, for example. Note that this is different from the rules governing tracing routes for the purposes of placing tiles or station tokens.

5.11.5 If a company owns more than one train, each must be run on a separate route. That is, the routes employed must not have any track segments in common, though they may use one or more common revenue locations, as long as they do so using different track.

5.11.6 Every route must include at least one of the company's station tokens on it somewhere, and routes cannot pass through stations filled with other companies' station tokens (though they may start and/or end at them).

5.11.7 The value of a route is equal to the sum of the values of the revenue locations it passes through or reaches. The value of a location is the number printed in the small circle, or the number in the coloured rectangles.

5.11.8 Grey off-board areas have a revenue value printed on the map. Cities on the base map have a value of $0, unless otherwise indicated.

5.11.9 Grey off-board areas are preprinted with revenue income that varies by phase. The yellow value refers to Phases 1 and 2; the green value to Phases 3 and 4; brown to Phases 5 and 6 and grey to Phase 7.

5.11.10 An L (local) train runs in a city which has a station token of the owning company. It can additionally run to one town, but is not required to do so. Only one L-train may operate on each station token.

5.11.11 For 2, 3, 4, 5, 6, and 7-trains, the number represents the maximum number of revenue locations the train may reach and earn revenue for. Each route that such a train runs must have a station with a token and at least one other revenue location.

5.11.12 A Pullman (from P5 and P6) converts one normal N-train into a Pullman. A Pullman may count up to N cities and/or off-board locations on its run, and any number of towns up to twice N. It earns the revenue from passing through these towns even though it does not count them toward the limit of N. It can begin and/or end at a town.

Example: A 3-train used with a Pullman can count up to three cities and/or off-board locations, and up to six towns.

5.11.13 A Pullman cannot be used with an LP-train. A Pullman cannot be used with an E-train.

5.11.14 A Pullman may be used with a 2P-train.

5.11.15 Pullmans never earn any income from grain elevators or ports.

5.11.16 A Pullman may be attached to a different train owned by the same company each operating round.

5.11.17 An Express (E) train only stops at cities and off-board locations with station tokens of the owning company. It can pass through other revenue locations on its route, NOT counting their revenue values, as long as the route is not blocked by opposing station tokens. It follows that an E-train can only stop at an off-board location or city if a station token of the owning company has been placed there, and can never stop at towns. The value of each location that the train counts is doubled. There is no limit to the number of locations that an E-train can stop at, other than that imposed by the number of tokens on the map and the route between them.

5.11.18 An E-train can run on the same track as other trains.

5.11.19 A normal train (that is neither a grain train or Pullman) will earn $20 for a town with a grain elevator ($10 for the town, $10 for the elevator) and will count the town as a stop. If this train also includes a port on the route, then it will earn an additional +$10 from the port. The route must include both a grain elevator and a port to earn this bonus.

5.11.20 Grain trains convert a normal train into a grain train. Grain trains count all stops on their run (towns and cities), except for the towns colocated with grain elevators. Grain trains can start and stop at towns with grain elevators. The grain train earns +$10 for each elevator included on the route (but earns no income from the colocated town). It may pass through both towns on a double town grain elevator tile and collect +$10 for each of the two elevators.

5.11.21 Grain trains can only be run by a major company.

5.11.22 Grain trains can be used with a 2P-train or LP-train.

5.11.23 Grain trains cannot be used with an E-train.

5.11.24 Grain trains can be allocated to a different train owned by the same company each operating round.

5.11.25 A grain train that includes a grain elevator and a port on its run will earn +$20 for each port. The grain train may include up to two port bonuses, at most one on the west coast (Vancouver, Prince Rupert) and at most one in the east (Churchill, Thunder Bay).

5.11.26 Minor companies never collect income from elevators or ports on their route.

5.11.27 Port tokens in destination cities are not doubled when making a destination run.

Stop Type	Normal Train (major)	Pullman	Grain
City stop	Counted as a stop.	Counted as a stop.	Counted as a stop.
Town without elevator	Counted as a stop, +$10 to the value of the route.	Does not count as a stop, but +$10 to the value of the route.	Counted as a stop, +$10 to the value of the route.
Town with elevator	Counted as a stop, +$20 to the value of the route: $10 from the town, $10 from the elevator token.	Does not count as a stop, but +$10 to the value of the route: $10 from the town, $0 from the elevator token.	Does not count as a stop, but +$10 to the value of the route: $0 from the town, $10 from the elevator token.
City with Port (no elevator on route)	Counted as a stop, counts +0 for the port token.	Counted as a stop, counts +0 for the port token.	Counted as a stop, counts +0 for the port token.
City with Port (has elevator on route)	Counted as a stop, +$10 to the value of the route for the port token.	Counted as a stop, counts +$0 for the port token.	Counted as a stop, +$20 to the value of the route for the port token.

5.11.28 A company's earnings are the sum of the values of the routes run by its trains. The highest legal earnings announced by any player must be declared, but players are not obliged to announce earnings higher than those declared by the director. There are two exceptions:

When running a train with National Mail Service (P22 and P23), the run's value may be reduced to increase the mail income to the operating company treasury. In particular, if a company is running a Pullman train with a mail contract, the train may stop at a city to maximize mail income, rather than running beyond the city to towns to maximize dividends, if the director so desires.
When running a special train, and paying its earnings differently from the earnings of the other trains, the total earnings must be maximized, but the relative value of the split between the special trains and the normal trains need not maximize either of the two separate amounts. See rules 5.12.4 through 5.12.6 for more details.

5.11.29 The earnings token should be placed on the revenue track to reflect the total amount earned. This step is optional, but it serves to remind players later what each company's earnings were and hence speed up the game.

5.11.30 When a company runs a train between its home station and its destination station, it doubles the value of its destination station. This only applies to one train per operating turn. The route need not start or end at the home station or destination station. It may extend beyond either or both of them.

5.11.31 If an E-train runs a destination route, then the doubled destination value of the city is doubled by the E-train, i.e. the destination city value is multiplied by 4.

5.12 Earnings Distribution

5.12.1 A minor company always splits the total earnings of all its trains: the bank pays half to the director and the other half is paid into the treasury.

5.12.2 A major company may keep all its earnings in its treasury, pay all its earnings as dividends, or pay half as dividends (rounded up to the next multiple of $10) and keep the rest in its treasury.

5.12.3 If dividends are paid, 10% is paid to the holder of each share. Payments for shares in the company treasury (including the half paid as dividends if the company pays half) go to the company, while payments for shares in the bank pool remain in the bank.

5.12.4 For a major company, the earnings from a special train (2P- and LP-trains) can either be added to the earnings of the company's other trains and distributed altogether, or it may choose to distribute them separately. In either case, the total earnings of all the company's regular trains are treated as one sum.

5.12.5 If the earnings for a special train are added to those from a major company's other trains, then the total of all the earnings is added before computing the amount paid out in dividends and the amount going into its treasury.

5.12.6 If the earnings for a special train are distributed separately from that from the company's regular train(s), each calculation is done separately, and then the resulting dividend and retained amounts are each added. When distributing revenue separately, different methods must be chosen.

Example: The CPR has a 3-train, a 4-train, and a 2P-train. The 3-train ran for $70, the 4-train ran for $80, and the 2P-train ran for $40. The earnings of the 3- and 4-trains are added together, making $150. The director can choose to add the $40 from the 2P-train to this total, making $190, and then pay-out, split, or withhold this amount. Alternatively, the director can handle the regular train and special train earnings separately. For instance, they could pay-out $150 as dividends (from the regular trains), and withhold the $40 from the special train. They cannot choose to handle the earnings separately, but then take the same action for each, for example, by paying half dividends on the $150 and then half dividends on the $40.

5.12.7 Next, the total dividend paid determines if and how the company's share price moves.

5.12.8 If the dividend paid is $0, either because the company withheld its earnings or because the earnings were zero, its price token moves one space to the left on the stock market.

5.12.9 For a major company, if the total dividend paid is less than its share price, the price token does not move.

5.12.10 For a major company, if the total dividend paid is equal to or greater than its share price, but less than twice its share price, its price token is moved one space to the right.

5.12.11 For a major company, if the total dividend paid is equal to or greater than twice its share price, the price token is moved two spaces to the right.

5.12.12 A minor company must pay 50% to its treasury and 50% to its director. If it pays a dividend of any non-zero amount, its price token is moved one space to the right on the stock market. If it does not pay a dividend, it moves one space to the left.

5.12.13 If a share price token moves to a space which is already occupied, the token goes to the bottom of the stack. If it does not move, it retains its position in the stack.

5.13 Purchase Trains

5.13.1 If the company has fewer trains than the current train limit, it may now buy trains from the bank or, from Phase 3 onwards, from another company.

5.13.2 If a company does not have a train at the beginning of this step, it must purchase one. If it cannot afford a train from the bank, or arrange a purchase from another company, a Forced Train Purchase occurs; see section 5.14.

5.13.3 When buying a train from another company the selling company must consent to the transaction. The price can be any amount from $1 to the amount in the purchasing company's treasury.

5.13.4 When buying a train from the bank, the train may be any from the bank pool, or the next available new train in the bank. Trains from the bank must be bought in order; no train may be bought until all of the trains from the previous phase have been bought or exported. The price paid must be the face value. Trains are only placed into the bank pool when major or minor companies discard excess trains when the train limit falls, or when a major company has excess trains after an acquisition.

5.13.5 The purchase of trains from the bank advances the game's phase. Each time the first of a new type of train is bought (or exported) the phase advances. At the start of certain phases some trains rust. A rusted train is removed from the game without compensation as soon as the phase change occurs. Section 2 covers phase changes in detail.

5.13.6 A company may buy multiple trains each operating round if it has the room and resources, but it must buy them one after another, and the effects of each train purchase apply at once after each is bought. A company that is below its train limit may buy a train even if this triggers a phase change which causes the company to be over the limit.

5.13.7 A company that is at the train limit cannot buy a train, even if the purchase would trigger a phase change and remove enough trains to make room.

5.13.8 The L and 2-trains are printed double-sided. When buying an L/2-train, the company's director chooses which to buy.

5.13.9 During Phases 1 and 2 L-trains can be converted to 2-trains for the indicated price. When upgrading from an L-train to a 2-train the train card is flipped. Upgrading from an L to a 2-train counts as a train purchase.

5.13.10 Similarly, the 7-train and E-trains are printed double-sided (and thus become available simultaneously): when buying a 7/E-train the company director chooses which option to buy. Once this decision has been made it cannot be changed. 7-trains cannot be upgraded to E-trains (or E-trains downgraded to 7-trains).

5.13.11 A company may own at most one E-train. (Minor companies can own E-trains but may not run them.)

5.14 Forced Train Purchases

5.14.1 During the "Purchase Trains" step of its operating turn, if a company does not own a train it must buy one, even if it has insufficient money. The special trains do not satisfy the requirement to own a train.

5.14.2 If a company that does not own a train has enough money to buy a train from the bank pool or bank, then it may do so. Alternatively, it may buy a train from another company, as described in rule 5.13.3.

5.14.3 If such a company cannot afford to buy a train from the bank pool or bank, it must buy either the cheapest train from the bank (including any trains in the bank pool) with help from the company's director, or if the director wishes and can arrange a purchase, a train from another company. For the double-sided trains (L/2 and 7/E) this means that the cheaper version must always be the version bought if the purchase is made from the bank.

5.14.4 When a company buys a train from another company, its director may not contribute any of their own money. A company that does not own a train is not compelled to buy a train from another company even if its price is lower than one from the bank or bank pool.

5.14.5 When forced to buy a train from the bank or bank pool, the company first uses its own cash; stock in the company treasury cannot be used towards a train purchase. If this is insufficient, then the director must make up the shortfall between the company's treasury and the cost of the train using their own cash. If the director's cash is insufficient they must use emergency money raising.

5.15 Emergency Money Raising

5.15.1 If the director has insufficient funds, they must sell stock. The normal constraints on stock sales apply.

5.15.2 Additionally, the director must keep the director's certificate of the active company, and so may not sell shares in such a way that another player has more shares of the active company than the director.

5.15.3 The sales may be done in any order, and must stop as soon as the necessary cash is raised, even if the director is exceeding the certificate limit after the sale.

5.15.4 As with sales in a stock round, the director receives the full value of each share sold (i.e. its value at the start of the train-buying action), and the normal rules governing price drops (rule 4.4.4) apply.

5.15.5 If the director is selling multiple shares of a single company, they sell them as usual but may not sell more shares than are needed in order to raise the needed funds. Shares of a company must be sold in a single action; it is not allowed to sell a share to depress the price, and then sell another share in the same company to depress the price again.

5.15.6 If the director, after selling all of the shares they are allowed to, still cannot contribute enough money to purchase the train, they must take a loan from the bank for the shortfall. In addition, the bank charges 50% interest (rounded up) on loans, so the amount of the debt will be 150% of the shortfall between the director's disposable assets (cash and sellable shares) plus the company treasury and the purchase price of the train.

Example: During Phase 4, a company has $140 cash, but no train. It therefore must conduct a forced train purchase. The director has only $20 cash. The director chooses not to buy a train from another company. The company therefore enters emergency money raising. The director first adds their $20, for a total of $160. Then the director sells one of their shares (which at the time is all that they can sell), for $80, taking the total sum to $240. However, the next available train is a 4-train, costing $300. The director therefore takes a loan of $60 to make up the shortfall. 50% interest is applied to this, resulting in a total debt of $90. During the remainder of the operating round, the player earns a further $50. During their next stock round turn they pay $50 toward their loan (leaving $40 debt remaining). Since they have nothing that they can sell during the stock round, their debt remains and a 50% interest charge of $20 is added to it resulting in total debt of $60.

5.16 Acquire a Minor Company - Requirements

5.16.1 A major company may acquire one (and only one) minor company each operating turn.

5.16.2 An acquisition cannot be made in the operating round in which either company runs for the first time.

5.16.3 The major company must be able to trace a route from one of its station tokens to the home station token of the minor company, or be located within the station city. It is not sufficient to be colocated on a city hex if the stations are not joined.

5.16.4 The directors of the two companies must agree to the acquisition. It is common for the same player to be the director of both companies.

5.16.5 All assets needed for the acquisition must be in place before the acquisition can be enacted. Cash acquired by the major company as a result of an acquisition may not be used to help pay for the acquisition.

5.16.6 If the requirements are met, the major company may acquire a minor company from a player (section 5.17, from Phase 2 onwards) or from the bid boxes (section 5.18, from Phase 5 onwards).

5.17 Acquire a Minor Company from a Player (Phase 2 to Phase 7)

5.17.1 The major company buys the minor company director's certificate from its owning player, and in doing so acquires all the minor company's assets: its station token, cash, private companies, and trains.

5.17.2 To effect the acquisition, the major company buys the minor company from its owner for the value of the minor company, which is twice its share price. The major company may contribute zero, one or two shares, with the price of these shares used to calculate the value of that portion of the payment. If this amount is less than the minor's value the major must also contribute cash to make up the difference. If shares are given in payment, and their value is greater than the value of the minor company, then the director of the minor company must pay the difference to the treasury of the major company. The major may not give shares in payment if the minor company director is unable to pay an owed difference.

Example: A major company with a current market value of $165 and at least two shares of treasury stock acquires a minor company with a market value of $90. The major company would have the following choices in how to compensate the director of the minor company:

Pay $180 in cash.
Pay one share and $15 in cash.
Pay two shares. The director of the minor company pays the major $150 in cash ($165 × 2 - $90 × 2). (If the director does not have sufficient funds this method cannot be chosen.)

5.17.3 A player who is at the certificate limit may exchange a maximum of one share certificate for the minor company director's certificate since exchanging two shares would put the player over the certificate limit (unless the major company is in the yellow zone of the stock market).

5.17.4 Transfer the cash holding of the minor company to the major company treasury; transfer any trains held by the minor company to the major company.

5.17.5 Transfer any private companies that the minor company owns to the major company.

5.17.6 Trains in excess of the train limit must be discarded; all other trains must be kept. If forced to discard trains, the major company can discard trains that it or the minor company held before the acquisition (or possibly one of each). Trains so discarded are placed in the bank pool.

5.17.7 If a company owns two E-trains after the acquisition, one must be discarded to the bank pool.

5.17.8 If a company owns two special trains after the acquisition, one must be discarded from the game, not to the bank pool.

5.17.9 If the major company has any "exchange" tokens, it either exchanges the minor company token for one of its own "exchange" tokens, or removes the minor company token from the board and transfers one of its "exchange" tokens to the "available" station tokens area on its charter for future use. The acquiring company's "available" tokens may not be used for this purpose.

5.17.10 A major company with no exchange tokens remaining may acquire a minor company, but does not get the minor company's token. It may neither place a token on the board to replace the minor company's token nor add an available token to its charter.

5.17.11 Once a minor company has been acquired, it is removed from play.

5.17.12 If a major company has a station token in a station, and acquires a minor company with a station token in the same station, move an exchange token to the available tokens section of the charter and do not place it on the map as an exchange token. A company may have multiple station tokens in the same hex as long as they are in different stations.

5.17.13 The acquiring major company now receives a one tile action bonus for completing the acquisition. It may lay one yellow or make one upgrade to a hex that it can trace a route to, subject to normal track placement and upgrade rules. The company must pay all associated upgrade or terrain fees. Thus, a company may not upgrade a tile which it placed/upgraded earlier in its operating round, nor may it lay or upgrade a hex it cannot trace a route to. A company may use this bonus to upgrade one of the larger cities (Montreal, Ottawa, Quebec, Toronto, Winnipeg). A private company ability may not be used in place of, or to modify, this bonus tile action.

5.17.14 See section 7 for additional rules covering the acquisition of M13 Ontario & Quebec Railway.

5.18 Acquire a Minor Company from the Bid Boxes (Phase 5 to Phase 7)

5.18.1 As an alternative to acquiring a minor company that is already operating, from Phase 5 onwards a company may instead buy one minor company (per operating round) from those remaining on the bidding boxes. The following restrictions apply:

5.18.2 An acquisition cannot be made in the operating round in which the major company runs for the first time.

5.18.3 The major company must be able to trace a route from one of its station tokens to the home station token of the minor company, or the station tokens must be located within the same station.

5.18.4 As its acquisition step, the major company pays $200 to the bank to acquire the minor company. If the major company has any exchange tokens it chooses whether to take the token for its station.

5.18.5 If its director chooses to take the station, they place one of its exchange tokens in the home station of the minor company. The acquiring company's available tokens may not be used for this purpose.

5.18.6 If its director chooses to not take the station, the company must transfer one of its exchange tokens to the available station tokens area on its charter if it has one available.

5.18.7 Once a minor company has been acquired, it is removed from play.

5.18.8 The acquiring major company now receives a one tile action bonus for completing the acquisition, as described above in rule 5.17.13.

5.18.9 See section 7 for additional rules covering the acquisition of M13 Ontario & Quebec Railway.

5.19 Issue or Redeem Stock

5.19.1 A major company may either issue or redeem its own stock, but not both in one turn.

5.19.2 Issued stock is transferred from the company treasury to the bank pool. Issuing stock causes the company's price to move left one step per 10% share issued. The company receives (from the bank) money for each share based on the final resting price after this movement. Issuing stock must not cause more than 50% of the stock to be in the bank pool. If the token moves to a space on the stock market which is already occupied, it is placed at the bottom of the stack.

Example: A company is valued at $100 and issues three shares, the price moves left three spaces to $70 and the company receives $210 (i.e. three times $70) treasury from the bank.

5.19.3 A company may not issue stock in its first operating turn.

5.19.4 To redeem stock, the company purchases it from the bank pool. Transfer the stock from the bank pool to the company. The current price must be paid from the company's treasury to the bank for each share that is redeemed. More than one certificate can be redeemed in a single operating turn. Redeeming stock does not cause the company's price to change.

6. Winnipeg and P10 Manitoba South-Western Colonization Railway

All text in this section is specific to 1822CA.

6.1 General

6.1.1 The off-board Winnipeg rondel allows the major company owning private company P10 (Manitoba South-Western Colonization Railway) to place a "teleport" token into Winnipeg without needing to be able to trace a route there. Placing the station token is free and does not count as the company's token laying step. The company owning P10 is the only company that can place a station token in the off-board Winnipeg rondel which colocates it with the relevant on-board station. A major company acquiring P10 may at once place one of its exchange station tokens free of charge on a space in Winnipeg or move one of its exchange station tokens to the available station tokens area on its company charter for future use.

6.1.2 The Winnipeg rondel also serves as a play aid for reviewing the position of the companies starting in Winnipeg once it has been covered by a tile.

6.1.3 The major companies Great North West Railway and National Transcontinental Railway have destinations in explicit token slots in Winnipeg. The GNW and NTR must reach their respective explicit station slot in order to place their destination token.

Example: GNW has a route to its destination and a 3-train. In order to earn double value for its destination token in Winnipeg, it must run a route that includes the destination token. Thus, it must run through the town and to the northeast of the Winnipeg entrance for $30+$10+$50×2 = $140. A route through Duluth would not include the destination token because Winnipeg station slots do not connect when using this tile, although the W3 ($40 green Winnipeg) tile would have connected the north and south exits. This example also shows how CPR has used P10 to place a station in the Winnipeg rondel.

6.1.4 If a tile upgrade adds an extra slot to a station with a colocated token placed by P10, that colocated token does not take the new slot in the way that a destination token would (rule 5.8.5). The colocated token remains where it is and the new token slot is unoccupied as per usual.

6.1.5 If the GNW or NTR wishes to place a station token in Winnipeg using P10, they may co-locate this station token with their destination station. Once the company has a route connecting their home station to their destination station (as detailed in section 5.8), the already-placed station token is replaced by the company's destination station token; return the prior token to the "available" section on the charter without compensation.

6.1.6 Similarly, either company could use P10 to co-locate a station token in another (non-destination) station. Later, if a tile upgrade merges the stations, and then the company's destination connection is made (either at the moment of the upgrade or later on), the prior token is replaced by the destination token as in 6.1.5.

7. Toronto and M13 Ontario & Quebec Railway

All text in this section is specific to 1822CA.

7.1.1 The off-board Toronto rondel allows minor company M13 (Ontario & Quebec Railway) to place its home station token. Placing the station token costs $20 and this also counts as the company's track laying step. The Ontario & Quebec Railway is the only company that can place a station token in the off-board Toronto rondel. The Toronto rondel effectively allows the Ontario & Quebec Railway to add a token slot to one of the Toronto stations.

7.1.2 A major company may acquire M13 if it has a station token in the same station as M13's home token.

7.1.3 If a major company acquires M13 then it may place an exchange token on the Toronto rondel in M13's home station as per the normal acquisition rules. If the major company chooses instead to move an exchange token to the available station area on its charter, then the space vacated by the M13 token becomes available for another company to place a station token.

7.1.4 If a major company acquires M13 from the bidding boxes (from Phase 5 onwards), then it can place an exchange token on either of the two Toronto rondel token spaces. It must pay $20 for the token placement and must have a route to city slot it wishes to occupy.

Example: The figure illustrates placement of minor company M13's home station token in southwest Toronto (colocated with M12) and can run out of southwest and northeast Toronto like M12.

7.1.5 If M13 is discarded from the bid boxes at the end of a stock round, no extra token slot is created.

8. Game End

8.1.1 The game end is triggered as soon as one of the following conditions is met:

8.1.2 If the first stock round ends with nothing sold the game ends immediately.

8.1.3 If a company's stock market token reaches the "game end" value on the market during an operating round, the game ends at the end of that operating round.

8.1.4 If a company's stock market token reaches the "game end" value on the market during a stock round, the game ends after the next operating round.

8.1.5 If the bank runs out of money during an operating round, finish the set of operating rounds and then play one final operating round, after which the game ends. If the bank later becomes solvent the game still ends at that point. The bank continues to pay demands due of it even when broken; players should record these, or add money to the bank. Complete these operating rounds even if a company's market value subsequently reaches the game end value.

8.1.6 If the bank runs out of money during a stock round, the game ends after the next operating round. If the bank later becomes solvent the game still ends at that point. The bank continues to pay out per normal, even when broken; players should record these, or add money to the bank.

8.1.7 Once the game end has been triggered, the game will end at the indicated time, even if another end condition is triggered after the first.

8.1.8 Each player's total wealth is the value of their stock at current prices, plus cash on hand, minus any loans that remain outstanding. Concession certificates, if they are still open and held by players, count for face value. Private company certificates and company assets count for nothing. The richest player wins.

9. Eastern and Western Regional Scenarios

All text in this section is specific to 1822CA.

For a shorter game, 1822CA can be played with only the playable hexes on half of the board. The full 1822CA game can take six or more hours to complete. The scenarios described here should reduce playtime to about four hours per scenario.

Scenario Setup/Rules

Use the reverse side of the board for the Eastern Regional Scenario. Use the provided overlay over hexes T10-T16 on the full game side for the Western Regional Scenario.
Each scenario uses a subset of minor and major companies that is relevant for the respective side of board.
- There is no link between Duluth and Detroit for the scenarios.

Starting Cash and Certificate Limit

3 players: $500, 17
4 players: $375, 13
5 players: $300, 10

Trains

14x L/2-trains
6x 3-trains
4x 4-trains
2x 5-trains
3x 6-trains
Unlimited 7/E-trains
L-trains always cost $50. The cost to upgrade the first L-train is $80. In Phase 2, the upgrade cost of a 2-train is reduced to $70.

Game End

At the end of the operating round in which a company's stock market value reaches the game end value of the stock market (500 or greater).
At the end of the first operating round following a stock round in which a major company's stock market value reaches the game end value of the stock market.
At the end of the first operating round following a stock round in which the bank runs out of money. The game still ends at that point even if the bank later becomes solvent. The bank continues to pay demands due of it even when broken; players should record these, or each lend the bank some money.
When the bank runs out of money in an operating round, complete the set of operating rounds, and then the game ends; there is no final operating round as in the full game. The game still ends at that point even if the bank later becomes solvent. The bank continues to pay demands due of it even when broken; players should record these, or each lend the bank some money. Complete these operating rounds even if a company's market value subsequently reaches the game end value.

Eastern Regional Scenario Setup

Use the map marked "Eastern Regional Scenario"
Private companies
- Remove P10, P18-P21, P26-P27
- Put P1 in Bid Box 1
Major companies
- CPR, GT, GWR, ICR, NTR, and QMOO
- Put CPR in Bid Box 1
Minor companies
- M01-M19
- Put M06 in Bid Box 1
- Randomly shuffle the other minor companies and deal the top three to the bid boxes

Western Regional Scenario Setup

Place the four-hex overlay in column T by matching the printed hex locations on the overlay to the board.
Private companies
- Remove P9-P10, P12-P17, P21, P23, P25, P30
- Put P1 in Bid Box 1
Major companies
- CNoR, CPR, GNW, GTP, PGE, and NTR
- Put CPR in Bid Box 1
Minor companies
- M16 is relocated to Seattle
- M17 is relocated to Regina
- M18 is relocated to Thunder Bay (colocated with GNW until upgraded to a green tile)
- M19 is relocated to Moncton as printed on the overlay
- M20-M30 are in their normal locations
- Randomly shuffle the minor companies and deal the top four to the bid boxes

10. Credits

Francis Tresham, for starting it all off with 1829.

Many other authors who have designed some of our favourite titles, now too numerous to name individually.

Simon Cutforth, for 1822.

Playtesters: Jonathan Sabean, Bill Jaffe, Dave Leat, Dan Le, and many more contributors who helped to refine the rules for this version.

Rules review: Michael Brandt, Dan Blum

Scott Petersen/All-Aboard Games for producing 1822CA.

The cover illustration is by Hedley Rainnie.

We have played many other 18xx titles and no doubt other ideas have been developed subliminally from these other titles, so we also thank those designers not listed above by whom we have been influenced.

Rulebook version 2 editing and indexing by Jason Begy.

11. Designer's Notes

My intention was to create a game situated in Canada. In my opinion, 1822 is a very nice medley of rules which seemed to me to be transportable. I asked Simon his opinion on the potential applying the 1822 system to a game located outside Great Britain. He was amenable to the idea, so we started chatting about the various differences that would make the game more distinctly Canadian.

As with 1822, the overarching goal was to create a game that did not have a scripted start or a "best opening", and one which would have a different opening with each outing.

It was a design goal to retain as much of the 1822 feel as possible, which retained the minor companies, and the flexibility in which minor companies are merged into major companies. In addition, the "Lawsonian" mechanism utilizing bidding boxes addresses inherent instability in the random setup by allowing the players to determine the value of each item in the start packet based on the specific combination of private companies, minor companies, and concessions available. The auction mechanism also allows the pace of the initial train buying to be influenced, with the intent that the phase change introducing the 3-trains provides challenges and such that prior to the advent of the 4-trains, players are having to use their major companies to acquire their minor companies.

On Game Balance

As with 1822, some of the companies in the game are much better than others. Some minor companies are good if floated in Phase 2 or later, but poor if floated in Phase 1. Some minor companies, if floated in Phase 1, will not merely under-perform, but actively lead the director into difficulty. Some minor companies will be fine if floated early in Phase 1, but will also be troublesome if floated just before Phase 2 starts.

The minor companies can work in combination with other companies if they float at the right time, so which company is "good" and which is "bad" is not totally consistent from game to game, although some are inherently stronger than others.

Subject to which minor companies start, Phase 2 might be triggered in the second operating round (OR2), unless actively blocked it always can, (but might not) start in OR3, and if it has not already done so it will very likely start in OR4. As a general rule, the later Phase 2 starts, the more vulnerable companies starting late in Phase 1 will be.

All of this is deliberate – the game is intended to be different each time it is played and to require careful consideration of the order in which minor companies will become available.

On Geographical and Historical Accuracy

There were many hundreds of historical railway companies chartered in Canada. Of these, I have tried to select larger and geographically appropriate companies, but where these criteria gave me a choice, I have selected companies that I consider to be most appropriate for the intention of the game. For the major companies, I have selected from the larger companies prior to the early part of the 20th century and prior to the formation of the Canadian Government Railways (which later became Canadian National Railways). For the minor companies, I selected ones that provided a balance across the nation. A large number of the bigger or more active companies were all situated along a line from Windsor to Quebec, and as a result, many of these were either left out or became minor companies.

Whilst numerous projects were planned and many chartered, prior to 1846, it was the 16-mile Champlain and St Lawrence that was the primary operational steam railway in the United Province of Canada (now Ontario and Quebec). In the British colony of Nova Scotia, the six-mile Albion Mines Railway, built by the General Mining Associates, became operational in 1840. By comparison, up to 1846 the UK had built over 2,800 miles of railway, and the US nearly 5,000. Development in Canada was hindered by political unrest (rebellion in 1837 and 1838), commercial depression, and the focus of public funds into canals. Railway mania broke out in England in the middle 1840s, when George "King" Hudson, first of the great promoters and speculators, turned all to gold.

In 1852, the Canadian government officially announced its plan to build a railway between Montreal and Toronto. On November 10 of the same year, the Grand Trunk Railway Company of Canada (GT) was incorporated. In 1853, the GT began by purchasing five existing railway companies. It acquired the St. Lawrence and Atlantic Railroad Company, the Quebec and Richmond Railroad Company, the Toronto and Guelph Railroad Company, the Grand Junction Railroad Company, and the Grand Trunk Railway Company of Canada East. The GT was one of the main factors that pushed British North America towards Confederation. The original colonial economy structured along the water route from the Maritimes up the St. Lawrence River and the lower Great Lakes was greatly expanded by the duplicate route of the GT. The explosive growth in trade during the 1850s within the United Province of Canada and further east by water to the Maritimes demanded that a railway link the entire region together.

The British colony of Nova Scotia was debating a rail link between Halifax and Quebec and chartered the groundwork for the Intercolonial Railway in 1851. This, however, would not come to pass for many years. By 1860, the GT was on the verge of bankruptcy and was in no position to expand further east to Halifax. On the eve of the American Civil War, the GT stretched from Sarnia in the west to Rivière-du-Loup in the east and Portland in the southeast. Colonists in the United Province of Canada, some of whom experienced their territory being attacked by the United States only 40 years earlier (in the War of 1812), were uncomfortably close to the giant Union Army and faced terrorist attacks during the mid-19th century in the form of Fenian raids. Such security concerns led to demands for a year-round transportation system that British reinforcements could use should their territory be attacked during winter when the St. Lawrence River was frozen, and the only railway for British reinforcements to use would be the GT connection at Portland, in the United States. Many citizens thought that the only way to finish the GT – and protect the country – would be to unite all the colonies into a federation so that they could share the costs of an expanded railway system. Thus confederation, enacted by the British North America Act of 1867, included the provision to complete an Intercolonial Railway to link with the GT at Rivière-du-Loup.

Confederation joined the British colonies of the United Province of Canada, New Brunswick and Nova Scotia into the Dominion of Canada in 1867. The United Province of Canada was split along the lines of the original Upper and Lower Canada (Upper being based on the headwaters of the St Lawrence river and the Great Lakes, and Lower at the mouth of the river) into Ontario and Quebec. In 1870, Manitoba joined the confederation and in 1871, British Columbia. One of the stipulations for BC joining with Canada was to build a rail link to connect it with the east. As the dominant railway in British North America, The GT was reportedly asked by the federal government soon after Confederation to consider building a rail line to the Pacific coast at British Columbia but refused, forcing the government to enact legislation creating the Canadian Pacific Railway (CPR) to meet British Columbia's conditions for joining Confederation.

Kingston was the capital of United Province of Canada from 1841 until 1844, then it alternated between Toronto, Montreal, and Quebec City until a permanent home was chosen by Queen Victoria in 1857 to make Ottawa the capital. Bytown was renamed Ottawa in 1855, and became the capital in 1866, just prior to confederation.

The Great Western Railway (1853) and the Midland Railway (1864) were dominant railways in southern and eastern Ontario. Both of which were formed through a series of mergers and acquisitions. QMOO (1875) was also formed by mergers and was the first railway to link Ottawa to Montreal and Quebec along the north shore of the St. Lawrence. GT, on the other hand, had connections south of the St. Lawrence to a point opposite of Quebec at Levis. The Ontario & Quebec Railway ran a line between Toronto and Ottawa. The Canada Atlantic Railway built its fortunes running timber to the Ottawa sawmills for supplying the north east USA. At one point CAR was transporting 40 percent of the freight traffic between the Great Lakes, Ottawa, and into New England. Despite all of this, the GT was the behemoth rail company in the latter part of the 1800's, carrying ten times the traffic of their nearest competitors. GT's operations stretched from Windsor to the east, but had connections into the big US cities to the west such as Detroit and Chicago. The CPR started as a set of mergers of companies stretching from Brockville (near Kingston) through Ottawa to North Bay and then built rails west along the north shore of the Great Lakes. CPR built through the prairies and was the first to complete a transcontinental line laying the golden spike in November of 1885. The grain elevator is symbolic of the Canadian prairies with over 5,700 elevators at their peak. The rail lines criss-crossed the prairies to move the grain to markets and ports. CPR expanded quickly across the prairies to service these towns by moving in freight and bringing in settlers to the area. CPR earned large land grants for every mile of track laid.

By the early 20th century, The GT desired to operate in Western Canada, particularly given the virtual monopoly of service that CPR maintained and the lucrative increasing flows of immigrants west of Ontario. The federal government encouraged GTR to co-operate with a local railway company operating on the Prairies, the Canadian Northern Railway (CNoR), but an agreement was never reached. CNoR decided to build its own transcontinental system at this time, forcing GTR in 1903 to enter into an agreement with the government to build a third railway system from the Atlantic to the Pacific. GTR (with federal assistance) would build and operate the Grand Trunk Pacific Railway (GTP) from Winnipeg, Manitoba to Prince Rupert, British Columbia, while the government would build and own the National Transcontinental Railway (NTR) from Winnipeg to Moncton, New Brunswick via Quebec City, which the GTR would also operate. As part of this program, the federal government encouraged the GTR to purchase the Canada Atlantic Railway (CAR), which was a dominant railway in Eastern Ontario, with lines southeast from Ottawa to Vermont, and west from Ottawa to Georgian Bay. The GTR took effective control of the CAR in 1905.

The GTP's main line was located farther north than the profitable CPR main line in the Prairies, and NTR was located even farther north of populous centres in Ontario and Quebec. Construction costs on the GTPR escalated, despite having the most favourable crossing of the Continental Divide in North America at Yellowhead Pass. GTR's cost-conscious president, Charles Melville Hays, was one of the victims on board RMS Titanic on April 15, 1912. His death is speculated to have contributed to the decline of the GTR over the ensuing decade.

The Canadian Government Railways was the legal name used for all federal government-owned railways in Canada. The principal component companies were the Intercolonial Railway (ICR), the NTR, the Prince Edward Island Railway, and the Hudson Bay Railway. The deepening financial crisis in Canada's railway industry toward the end of the First World War saw the majority of major railways across the country nationalized by the federal government. The first system to be taken over was the bankrupt Canadian Northern Railway. The GTP was nationalized after defaulting on loan payments in 1919. While the bankrupt GT was nationalized in 1920. In the mid 1920's the Canadian Government Railways (CGR) was renamed Canadian National Railways. CPR remained viable and was not merged into the CGR/CNR. In 1923, CNR was reportedly the largest railway in the world operating 35,000 km of track (21,800 miles) and was made up of more than 125 smaller railways.

Differences from 1822

Setup: P1 (5T) and M6 (C&StL), and CPR concession are always top of their stacks.
Under no circumstances can a tile be placed and upgraded in the same tile laying step of a company's operating round. Not even when a company utilizes a tile private company, or a minor company acquisition bonus.
CPR is like 1822's LNWR. Its concession is 10% and it has two homes Montreal and Vancouver. Vancouver is the destination.
Once the bank breaks, complete the current operating round set and then run one additional operating round.
Pullmans are restricted to a maximum of two times the size of the train it is attached to for the number of towns which it may call at to claim income. (For example, a 2-train can include up to four towns). A company may not own two Pullmans.
Detroit to Duluth is blocked in yellow phases and is open in green or later.
Grain Elevators and Ports
- There are two grain train private companies which allow major company trains to run the elevators and not count the towns as stops. These count +$10 income from the grain elevator. A company may not own two grain trains.
- A single train cannot use both a Pullman (passenger service) and a grain train (freight service), but a company can hold and operate both a Pullman and a grain train on different trains.
- A company must run a train in order to use the grain train.
- The grain contract cannot be used by an E-train.
- A normal train including a town with grain elevator adds 10 (town) + 10 (elevator token) and counts this as a normal stop.
- A normal train including a port city (Vancouver, Prince Rupert, Churchill, Thunder Bay) adds +$10 (port token) to the run only if it stops at a grain elevator as well.
- A company that runs a grain train that stops at a grain elevator and a port adds +20 to its run for the port. The train may include up to two ports, thus getting this bonus twice. One must be either Prince Rupert or Vancouver while the other must be either of Thunder Bay or Churchill.
- Two elevator locations contain double dot towns. The elevator counts for both towns, and a route can include both.
Mountain Passes (Crowsnest Pass and Yellowhead Pass): Exercising the power of the respective private company (P19/P20) consumes the company's full track laying operation. These locations are not reserved. Other companies may lay track there, but must pay the associated terrain fee.
There are five cities (Winnipeg, Toronto, Ottawa, Montreal and Quebec) with diverse options for upgrade tiles. There are usually more than one tile at each of yellow, green, brown, or grey for each city. The upgrade chosen impacts the value of the city as well as the merging (or not) of stations. There is one private company per city which allows the owner to upgrade that city for free until the end of the game, and this track lay does not count against the companies track laying allowance. A minor company using the private company may only lay yellow or green and is restricted by normal track laying rules for minor companies from laying the brown or grey tiles. Laying the track does not close the private company. The company that is upgrading one of these cities must have a route to it.

12. Easy to Miss Rules

Setup and Map

Private company P1, M6, and the CPR concession are always placed in the first bid boxes. All other company and concession certificates are shuffled in their stacks.
Building into each side of a river costs $20 or $40 (thus, a complete river crossing costs a total of $40 or $80).
The five larger cities (M/O/Q/T/W) all cost $20/$40/$60/$80 (Yellow/Green/Brown/Grey) to upgrade.
Although some cities have separate stations, it is not allowed to run a train from one station to another.
M13 starts in Toronto and pays $20 to place its home station token. This counts as the company's track lay.

End of Stock Round

End of stock round player cash determines player order for the next stock round.
Remove a 2/L-train from play for each unsold minor company.
If the minor company in Bid Box 1 is unsold, remove it and the next available train in the bank (not pool) from the game (applies throughout the game).
Minor company flotation order is determined by sum bid. Break ties by ascending bid box number.

Concessions

Have a face value $100 and contribute $100 to the conversion to the director's certificate of the associated major company. CPR is an exception as the director share is only 10%.
Cannot be started until the stock round after it is won at auction and in Phase 2 or later.
Are removed with no compensation at the start of Phase 5.
Pay a $10 dividend.

Private Companies

Red private companies cannot be acquired by minor companies. Green private companies may be acquired by both minor and major companies.
Are acquired, not sold, to minor/major companies. When assigning a private company, flip the private company over and it provides its special abilities to that company. Private companies stop paying revenue once owned by a company (exception: if the back of the private company still says "Revenue $10" then it will continue to pay $10 to the company while they remain active).
Private companies in player hands count against a player's certificate limit. The only time a player can assign a private company is during a major/minor company's turn in the operating round (i.e. not during a stock round).

Minor Companies

Must own a train (emergency fundraising if necessary).
Can buy an L-train at the start of their first turn.
May only lay one yellow or green track per turn (never brown or grey).
Do not receive revenue bonuses from elevators or ports.

Major Companies

May only start via concession conversion until Phase 5. They float immediately upon conversion.
From Phase 5, the director's certificate can be purchased directly from initial offering. They float when 50% of shares have been sold.
Are incrementally capitalized until Phase 6 and are fully capitalized in Phase 6 or later (place the remaining 50% of shares in the bank pool).
Have a destination token that is placed when they connect to their destination (exception: CPR). The destination token doubles the value of the destination city for one train when running a route from home to destination.
CPR has two home stations (Montreal and Vancouver). When an unblocked connection is completed between the two stations, the station in Vancouver becomes a destination station.
May only be sold once the company has completed one turn of operation.

Changes at the Start of Phase 5

Remove concessions from the game with no compensation. The director's certificates are available for direct purchase in a stock round.
Minor companies may be acquired from the auction row directly for $200 during the acquiring major company's "Acquire a Minor Company" step. The major company must be able to trace a route the minor company. The major company may exchange the token or make an exchange token "Available."

Minor Company Acquisition

This is the only way to close a player-owned a minor company.
Acquisition happens during the operation of a major company.
Prerequisites
- Both companies must have operated in a previous operating round, i.e. in OR-B of a set of two operating rounds, both companies will have met this condition. In OR-A of a set, newly formed companies will not have met this condition.
- The minor company must be able to trace a legal route (of arbitrary length) to a token of the major company (station-blocking rules apply).
Compensation for the minor company
- The major company must pay the full value of the minor company (minor share price x2) to the player.
- Zero, one, or two shares of the major company may be exchanged as part of the transaction to offset the cost. Each share counts as its stock market value. Cash is exchanged one way or the other to make the transaction sum to zero.
- If either the player or the company do not have the cash to make an equal exchange, no acquisition is possible.
- This may not cause a player to exceed their certificate limit. It does allow a player to exceed 60% holding of a company.
Acquisition of minor company's assets
- After the exchange is complete, give all assets (trains, cash, and private companies) of the minor company to the major company.
- Remember that the major company can not use the minor's assets to fund the acquisition.
- If the major company has an exchange token, either place it in the minor company's home or move it into its available tokens.
- Remove the minor's token, charter, stock token, and share certificate from the game.
After the completion of the acquisition, the major company gets a bonus tile action.

Routes

A route may be traced through multiple stations in the same hex for the purposes of laying tiles and placing station tokens.
A train may not run through multiple stations in the same hex.
A route may run through both towns in a single hex in either instance.

Trains

L-trains run only a single city. In addition, they can include a single town on their route. Only one L-train may run on each token.
E-trains include every token of the owning company on its route, skipping all other stations. The value of each tokened station is doubled. (destination stations are quadrupled if running from home to the destination). They can run on the same track as other trains.
2P-train, Pullman, grain and permanent L-trains:
- Do not count against a company's train limit.
- Do not contribute to a company's requirement to own a train.
- Cannot be bought by other companies.
- The decision to pay in full, pay half, or full withhold revenue for a 2P-train or permanent L may be made independent of the decision made for a company's combined other trains. If both the 2P-train and the other trains pay half, they are added together before halving, in order to minimize the amount of rounding. In any case, the dividend declared by a company (for the purposes of payout and stock chart movement) is equal to the sum of the dividends of ALL trains.
- Pullmans, when added to a normal train, allow it to include revenue from towns but not count them against the train number (i.e. it only counts large stations). They do not count against the train limit. They do not relieve the owning company of the requirement to own a train. They cannot be sold.
The 5-train private company (P1) may be assigned to a company even if that company already has two trains. This will cause the company to discard a train.

Emergency Money for Forced Train Purchase

When emergency fundraising for a train, the player must buy the cheapest available train from the bank/bank pool. This means that if paying out of pocket and there is a 3-train that was discarded, the player must buy it. It also means that emergency money can never buy an E-train, because 7-trains are cheaper.
The emergency fundraising rules also mean that if a company has $0, it cannot buy a train from another company. Rather it must emergency fundraise the full price of the cheapest available train.
If the player still does not have enough money, they borrow the remaining shortfall from the bank. Interest, at 50%, is applied immediately, so their debt is 150% of the shortfall borrowed.
At the end of each stock round, a further 50% interest is applied to any outstanding loan. A player may not buy or bid on anything whilst they have a loan.

13. Company Tables

Major Companies

Company	Name	Home	Destination
CNoR	Canadian Northern Railway	Winnipeg (N16)	Vancouver (C15)
CPR	Canadian Pacific Railway	Montreal (AG12)	Vancouver (C15)
GNWR	Great North West Railway	Thunder Bay (S16)	Winnipeg (N16)
GT	Grand Trunk Railway	Toronto (AD21)	Montreal (AG12)
GTP	Grand Trunk Pacific Railway	Winnipeg (N16)	Prince Rupert (A7)
GWR	Great Western Railway	Hamilton (AC24)	Windsor (AA28)
ICR	Intercolonial Railway	Halifax (AQ4)	Quebec City (AI8)
NTR	National Transcontinental Railway	Moncton (AP3)	Winnipeg (N16)
PGE	Pacific Great Eastern Railway	Vancouver (C15)	Prince George (D10)
QMOO	Quebec, Montreal, Ottawa and Occidental Railway	Quebec City (AI8)	North Bay (AB15)

Minor Companies

Number	Name	Abbr.	Location	Hex
M1	Dominion Atlantic Railway	DA	Halifax	AQ4
M2	European & North American Railway	E&NA	Saint John	AO6
M3	Quebec & New Brunswick Railway	Q&NB	Edmunston	AL3
M4	Quebec Central Railway	QC	Sherbrooke	AI12
M5	North Shore Railway	NS	Quebec	AI8
M6	Champlain & St Lawrence Railroad	C&StL	La Prairie	AH13
M7	Montreal & Lachine Railway	M&L	Montreal	AG12
M8	Bytown & Prescott Railway	B&P	Ottawa	AF15
M9	Canada Atlantic Railway	CA	Ottawa	AF15
M10	Midland Railway	MR	Peterborough	AE20
M11	Canada Southern Railway	CSR	Buffalo	AD23
M12	Toronto, Hamilton & Buffalo Railway	TH&B	Toronto	AD21
M13*	Ontario & Quebec Railway	O&Q	Toronto	AD21
M14	London & Port Stanley Railway	L&PS	London	AB25
M15	Lake Nipissing & James' Bay Railway	LN&JB	North Bay	AB15
M16	Windsor, Chatham & London Railway	WC&L	Windsor	AA28
M17	Canada Central Railway	CC	Sudbury	Z15
M18	Ontario & Abitibi Railway	O&A	Timmins	Y12
M19	Algoma Central Railway	ACR	Sault Ste Marie

*M13 places its home station token on the off-board Toronto rondel: this costs $20 and counts as M13's track lay. No other company may place a token on the Toronto rondel. The Toronto rondel effectively allows the M13 to convert one of the Toronto stations into a double station.

Private Companies

(see section 3.1 of the rules for additional information)

Nr.	Name	Rev.	Acq. By Minor	Acq. From Phase	Special Property / Notes
P1	Montreal Locomotive Works	$5	N	5	5-Train. This is a normal 5-train that is subject to all of the normal rules. Note that a company can acquire this private company at the start of its turn, even if it is already at its train limit as this counts as an acquisition action, not a train buying action. However, once acquired the acquiring company needs to check whether it is at train limit and discard any trains held in excess of limit.
P2	Robert Stephenson and Company	$0	Y	1	Permanent L-Train. LP-train is a permanent train. It cannot be sold to another company. It does not count as a train for the purposes of mandatory train ownership. It does not count against the train ownership limit. A company cannot own a permanent L-train and a 2P-train. Dividends can be separated from other trains and may be split, paid in full, or retained. If a company runs a permanent L-train and pays a dividend (split or full), but retains its dividend from other train operations this still counts as a normal dividend for share price movement purposes. Vice-versa, if a company pays a dividend (split or full) with its other trains, but retains the dividend from the permanent L, this also still counts as a normal dividend for share price movement purposes. Does not close.
P3	Toronto Locomotive Works	$0	N	2	Permanent 2-Train. 2P-train is a permanent 2-train. It cannot be sold to another company. It does not count as a train for the purpose of mandatory train ownership. It does not count against the train limit. A company may not own more than one 2P-train. A company cannot own a permanent 2-train and an LP train. Dividends can be separated from other trains and may be split, paid in full, or retained. If a company runs a 2P-train and pays a dividend (split or full), but retains its dividend from other train operations this still counts as a normal dividend for share price movement purposes. Vice-versa, if a company pays a dividend (split or full) with its other trains, but retains the dividend from the 2P-train, this also still counts as a normal dividend for share price movement purposes. Does not close.
P4	The Countess of Dufferin	$0	N	2	Permanent 2-Train. Same as P3.
P5	Pullman Car Company	$10	N	5

* Some private company abilities are used in place of a company's normal tracking-laying step (P12, P19-20, P29-30). Others are used in addition to the normal track laying step (P14-18, P21). One or more of the second group's abilities may be used in conjunction with a private ability from the first group.

1822CA

1822CA Rulebook

Table of Contents

Components List

1. Overview of the Game

1.1 Sequence of Play

1.2 Etiquette

1.3 About These Rules

1.4 The Map

1.5 The Bank Pool

1.6 The Stock Market

1.7 Setting Up the Game

2. Game Phases

2.1 Phases

2.2 Phase Descriptions

3. Corporate Entities

3.1 Private Companies

3.2 Minor Companies

3.3 Major Companies

3.4 Concessions

4. Stock Rounds

4.1 Introduction

4.2 Certificate Limit

4.3 Player Loans

4.4 Selling Shares

4.5 Buying Shares

4.6 Major Company Formation Overview

4.7 Converting a Concession to a Director's Certificate (Phases 2-4)

4.8 Forming a Major Company Directly (Phases 5-7)

4.9 Completing Major Company Formation

4.10 Bidding

4.11 End of Stock Round and Floating Minor Companies

4.12 End of Stock Round Share Price Movement

5. Operating Rounds

5.1 General

5.2 Operating Round Turn Order

5.3 Operating Round Actions

5.4 Routes

5.5 First Turn Housekeeping

5.6 Acquire Private Companies

5.7 Lay Track/Upgrade Track

5.8 Check for Connection to Destination

5.9 Place Station Tokens

5.10 Trains Overview

5.11 Run Trains

5.12 Earnings Distribution

5.13 Purchase Trains

5.14 Forced Train Purchases

5.15 Emergency Money Raising

5.16 Acquire a Minor Company - Requirements

5.17 Acquire a Minor Company from a Player (Phase 2 to Phase 7)

5.18 Acquire a Minor Company from the Bid Boxes (Phase 5 to Phase 7)

5.19 Issue or Redeem Stock

6. Winnipeg and P10 Manitoba South-Western Colonization Railway

6.1 General

7. Toronto and M13 Ontario & Quebec Railway

8. Game End

9. Eastern and Western Regional Scenarios

Scenario Setup/Rules

10. Credits

11. Designer's Notes

On Game Balance

On Geographical and Historical Accuracy

Differences from 1822

12. Easy to Miss Rules

Setup and Map

End of Stock Round

Concessions

Private Companies

Minor Companies

Major Companies

Changes at the Start of Phase 5

Minor Company Acquisition

Routes

Trains

Emergency Money for Forced Train Purchase

13. Company Tables

Major Companies

Minor Companies

Private Companies