THE OLD PRINCE 1871

An 18xx game of the Old Prince Edward Island Railway

Prototype Rules

1INTRODUCTION

Construction began on the Prince Edward Island Railway (PEIR) in 1871 … the rest is a financial catastrophe. Criticized as the most crooked railway in the world (both physically and financially), Prince Edward Island was nearly at a full economic collapse within a year.

In 1873, Prince Edward Island dumped the PEIR onto Canada and joined the Canadian Federation. The years that followed showed an economic boom for the island and the railroad operated until the 1980s.

This game is not attempting to recreate the history of the island, but borrows its history and geography to explore a new narrative about the island's Old Prince Edward Island Railway.

These rules assume familiarity with the 18xx system.

2COMPONENTS

• 1 game map
• 1 stock market
• 1 set of game rules
• Track tiles
• 12 private companies
• Small charter for Union Bank
• 34 Trains
• 2 sets of 4 player order cards numbered 1–4
• PEIR company components:
  • 1 charter
  • 7 PEIR shares
  • 5 PEIR stations
  • 1 station marker for revenue
• 13 10-share train companies (7 PEIR companies and 6 Branch companies), each with:
  • Charter
  • 9 share certificates (1 ×20%, 8 ×10%)
  • 4 station markers
  • 3 additional markers
• 1 round marker

Trains Chart

3GAME SETUP

• Place the map and stock market in the center of the play area.
• Use the revenue tracker if you would prefer — it is provided only for convenience.
• Place the round marker on the round tracker.
• Organize the tiles, stocks, charters, and stations as you wish. All shares start the game in the bank pool.
• Organize the trains in ascending order based on the Trains Chart above in a single stack.
• The Bank is of unlimited size.
• Consult the chart below for starting cash for each player count and certificate limit.

• Set aside the PEIR charter.
• Place $200 cash and the King's Mail private company into the treasury of the PEIR.
• Randomly shuffle the seven PEIR shares and select two at random. The associated PEIR company on the first share selected is the Mainline for this game. The second share selected is the Shortline for this game.
• Place a Mainline stock market token on the stock market at the gray 92 space, and place a station on the Main space on the tranche chart. Also place a station at that company's home city on the map. Place $920 in the Mainline's treasury. The Mainline begins the game floated and does not require 60% to operate. Set aside the 20% presidency and three 10% shares. Place one 10% share in the treasury of the Union Bank. The rest are sold with private companies in the auction (Mainline Concession, Royal Agricultural Society, and Railcar Ferry).
• Place a Shortline stock market token on the stock market at the gray 86 space, and place a station on the Short space on the tranche chart. Set aside the 20% presidency and three 10% shares. The 20% presidency will be sold in the auction and the three 10% shares are reserved as exchange shares for private companies Merchant's and Co, Vernon River Bridge, and Shipbuilding.
• The two selected PEIR shares are now removed from the game, leaving five remaining PEIR shares that will be sold in the Initial Auction.
• For each PEIR share in the game, place a PEIR station marker on their associated home city spaces as indicated on the shares. These will be the five starting homes of the PEIR for this game.
• Select one PEIR share at random from the five shares. Take one 10% share of the associated company and place it in the treasury of the Union Bank.
• If playing with four players, shuffle all five PEIR shares with the 11 private companies.
• If playing with three players, remove Ice Boats private company and shuffle the five PEIR shares with the remaining 10 private companies.
• Randomly deal each player an equal number of items from the deck of PEIR shares and privates. If 4 players, each player should have 4 items. If 3 players, each player should have 5 items. These items are public information.
• Proceed to the Initial Auction.

4GAME OVERVIEW

• The game begins with the Initial Auction. When the Initial Auction is complete, play will continue with alternating Stock Rounds and Operating Rounds. This is tracked with the round marker.

• During Stock Rounds players will be able to trade stock, start companies, and carve out positions for themselves with the railroads on the island.
• After a Stock Round is completed, a number of operating rounds will be played based on the phase of the game when the stock round ended.
• During the Operating Rounds, players get to see how their decisions play out. They will build track, develop stations, and purchase trains, all influencing the stock value of their investments.
• The game ends with one complete set of Operating Rounds after the first Diesel Train is purchased, or if a player bankrupts. The player with the largest net worth at the end of the game wins.
• Player cash, holdings, and companies are all public information and should be visible for the entire game.

5INITIAL AUCTION

5.1 Initial Auction Turn Order

• Randomly determine a start player. This player begins the game as the auctioneer. Turn order for the auction is always clockwise.

5.2 Initial Auction Procedure

1. The auctioneer selects an item from the items dealt to them during setup to put up for auction. Only the two players to the left of the auctioneer will participate in the auction of this item.
2. The player to the left of the auctioneer may now either pass or bid on the item. A bid must be at least $5 over face value and be a multiple of 5. Players may not bid more money than they have. If that player passes, play continues with the next player clockwise.
3. The next player clockwise may now choose to pass or bid and the auction is resolved as follows:
   • If both players bid, they continue bidding until one player passes. The player with the highest bid is the winner.
   • If the first player bids and the second player passes, the first player wins the auction.
   • If the first player passes and the second player bids, the first player may either pass again or elect to bid.
   • If both players pass, the next player clockwise is forced to purchase the item at face value. In a three player game, this player is the auctioneer.
4. When a player is forced to purchase an item and is unable to afford the item, instead the player with the most cash (ties broken by player order starting from auctioneer) must buy it. If no player can afford it, all the privates in player hands pay dividends. The player with the most cash must now purchase the item. Continue paying dividends until a player is able to purchase the item.
5. Once the item is sold, the player to the left of the auctioneer becomes the new auctioneer. All winning bids and forced purchases are paid to the bank. Repeat the above steps until every item is sold.
6. After all items are sold, play continues to the first stock round. Player order, for the first stock round only, is now determined by remaining player cash. From least cash to most cash deal players a numbered player order card. The player with the least cash gets the #1 card and the player with the most gets the highest numbered card. Ties are broken by previous turn order starting with the auctioneer.

6STOCK ROUNDS

6.1 Stock Round Turn Order

• Turn order in stock rounds happens in player order beginning with the #1 card and proceeds in ascending order.

6.2 Stock Round Overview

• During a stock round, players may first:
  • Sell
• And then may do one action of the following:
  • Buy
  • Start a company (two ways)
  • Act on behalf of the Union Bank (only the owner of the Union Bank)
• At any time on a player's stock turn they may use the private powers of Merchants and Co, Vernon River Bridge, and Shipbuilding to exchange for a share in addition to the above actions. Exchanging but performing no other stock action will forfeit any previous order for priority. Exchange with these privates allows the player to exceed the 60% ownership limit and is not required to sell down.
• If a player does none of these actions, they pass and receive the lowest numbered available player order card for the next stock round from the unused set of player order cards.
• A player that has passed may re-enter the stock round if play returns to them. If they take an action they forfeit their turn order card for the next stock round. The player with the next larger number card of the other color then swaps their card for the returned card, repeating as necessary for the other players such that the existing relative player order is maintained.

6.3 Certificate Limit

• There is a limit to the number of certificates a player may own. A certificate is one of the following:
  • 10% stock certificate
  • 20% president's certificate
  • Private company
  • PEIR share
  • Union Bank Charter

• A player may not buy any certificate that would cause them to exceed the certificate limit. PEIR and reserve share exchanges may cause a player to exceed the certificate limit temporarily.
• If a player is over the certificate limit at the start of their turn in the stock round, they must sell down to at least the certificate limit if possible.

6.4 Sell Action

• A player may sell any number of shares on their turn following the below conditions:
  • They sell before they buy any shares, start a company, or act for the Union Bank.
  • The player does not sell the president's certificate. It may only be transferred between players and the Union Bank.
  • The company has operated. No shares of companies that have not operated may ever be sold.
  • The player may not sell more than 30% of one company in a single stock turn.
  • Shares of the PEIR cannot be sold and do not have a stock price.
• Shares are sold at current market value per share. The selling player receives the current market value per share in cash from the bank. If multiple shares of the same company are sold they are collectively sold for the current market value.
• The stock price of the sold shares is moved vertically down one space. If the stock price reaches the bottom of a column it isn't moved any further. If shares were sold from multiple companies in a turn and would cause stock prices to move to the same space on the stock market, the selling player must choose the relative order of those stock prices, and place them below any stock price markers already on that location.

6.5 Buy Action

• A player may buy 1 share on their turn following the restrictions below:
  • They must have enough cash to pay for the share and the share is available for purchase.
  • Buying the share does not cause them to exceed 60% ownership of a company (shares in the Union Bank do not count against its owner's limit).
  • Buying the share does not cause the player to go over the certificate limit.
  • The player has not sold shares of that company previously in the current stock round.
• Players may purchase stock only from the bank or from a company's treasury (not from the Union Bank).
• The price paid for all stock is the current value on the stock market.
• If stock is purchased from the bank, the price is paid to the bank. If it is purchased from a company treasury the price is paid to the company treasury.

6.6 Exchange of Company Presidency

• Sell and Buy actions may cause a change of ownership of a company's president certificate. The player (or Union Bank) with the highest percentage of ownership of a company is the president of the company. That player should own the president's certificate of that company. If they do not, two 10% shares are exchanged with the owner of the president's certificate. Ties are broken in favor of the current owner of the President's Certificate, then by player turn order. The Union Bank never has a player order and cannot win ties for presidency based on turn order.

6.7 Start a Company

There are two types of 10 share companies: PEIR companies and Branch companies. The PEIR companies are related to the PEIR (see 7.7) and the Branch companies are only available to start when an existing 10 share company splits.

• There are two ways to start a company:
  1. Start a PEIR company
  2. Split an existing company
• Both ways of starting a company must follow the rules for company tranches and starting company market values.

6.7.1 Company Tranches

• All companies started in the game are tracked in the game's tranche chart. The chart is read top to bottom and left to right. There are four total tranches (rows) on the chart. The top tranche is reserved for the Mainline and Shortline during the setup process.
• A station is placed in those spaces to represent that those companies have been started on the chart.
• Tranche 1 has one space, tranche 2 has two spaces, and tranche 3 has three spaces.
• Companies may only be started if a space in a tranche is open and the tranche is available. A tranche becomes available if the tranche before it is full and every company in that tranche has either operated or is sold out.
• Once every company in a tranche has operated or is sold out, the next tranche immediately becomes available and more companies may be started.
• When every space on the chart is full no more companies may be started. There are a maximum of eight companies in the game.

6.7.2 Starting Company Market Values

• The prices available to start a company are the colored spaces on the stock market located in the second column.
• The 92 and 86 spaces are reserved for the Mainline and Shortline companies respectively. No other companies may start at these prices.
• The remaining prices (80, 74, 65, 58) are available for companies to start at depending on the phase of the game.
• Prices 80 to 58 are available to players from the beginning of the game. After the first 5H train is purchased the 80 price is no longer available. After the first 3+ train is purchased, only 65 and 58 remain. After the first 7 train is purchased companies may only start at 58.

6.7.3 Starting a PEIR Company

• To start a PEIR company follow the steps below. The first two steps define conditions that must be met to allow a PEIR company to be started.
  1. Check that there is an available space in the current tranche on the tranche chart.
  2. Select an unstarted PEIR company that has an associated PEIR Share owned by a player. This is indicated by the PEIR subheading below the name of the company on the charter.
  3. Choose a starting market value and place the company's stock market token on that space. If there are other tokens in that space, the new token is placed below those token(s) at the bottom of a stack of tokens. Place one of the company's stations on the tranche chart on an available space.
  4. Purchase the company's 20% president's certificate for two times the starting market value.
  5. Place the company's charter and stations in front of the player who is starting the company.
• Nothing else will happen until the company is floated.

6.7.4 Splitting a Company

• To split a company follow the steps below. The first two steps define conditions that must be met to allow a split to be performed.
  1. Check that there is an available space in the current tranche on the tranche chart.
  2. Select a company that the splitting player is currently the president of and which is floated (now referred to as the parent). Make sure the splitting player owns at least four shares of the parent and that the parent has at least two stations on the map.
  3. Select an unstarted Branch Company (now referred to as the child). Place the child's charter and stations in front of the splitting player. Place one of the child's stations on an available space on the tranche chart.
  4. Select an appropriate starting market value for the current phase and place the child's stock market token on that space. If there are other tokens in that space, the new token is placed below the token(s) at the bottom of a stack of tokens.
  5. Simultaneously, all players (and the Union Bank) will exchange half of their parent shares (rounded down) for an equal number of shares of the child. The splitting player's exchange will always include an exchange of two shares for the president's certificate of the child.
  6. Any parent shares exchanged are placed into the treasury of the parent.
  7. Half of the parent's shares owned by the bank (rounded down) are now placed in the company's treasury. The child's shares remain untouched in the bank.
  8. If there are shares of the parent that are reserved as exchange shares they remain and are not exchanged for shares of the child.
  9. After all shares are exchanged, the splitting player must now divide the assets of the parent.
  10. First, exchange stations on the map of the parent with stations of the child. The parent may never exchange its printed starting home location, but may exchange any number of their other stations on the map. The child must receive at least one station as its home. Stations exchanged this way are lost and not returned to the parent.
  11. The splitting player may now reallocate cash, trains, and the Hunslet Steam Engine private company (if owned) between the parent and child in any manner they prefer.
  12. Determine the starting capitalization for the child. Count the number of the child's shares remaining in the bank and multiply it by the starting market value of the child. Place that much cash from the bank into the child's treasury.
• Any parent company that splits and has previously operated is considered to still have operated after splitting.
• The child company is not considered floated until 60% of the company is no longer owned by the bank.

6.7.5 Floating a Company

• When a company is started it will not operate until it is floated.
• A PEIR company is considered floated when at least 60% of the company's shares are no longer in the bank. When this condition is met, the company immediately receives ten times its starting market price in cash from the bank. The associated PEIR station on the board is replaced with a station of the floated company. The associated PEIR share is converted into a 10% share of the PEIR company from the bank pool. This may allow a player to go over the 60% ownership limit. They are not required to sell down. The PEIR station and PEIR share are removed from the game. This may cause a change of presidency of the PEIR.
• A Branch Company is considered floated when at least 60% of the company is no longer in the bank.

6.8 Acting for the Union Bank

• Once per stock round, the owner of the Union Bank may perform a buy or start a company action on behalf of the Union Bank. The Union Bank must pay for as much of the action as possible and then the owner must contribute the difference. The Union Bank follows all stock round rules regarding buying and starting a company as though it is another player.
• The Union Bank may never sell shares in a stock round.

6.9 Ending a Stock Round

• A stock round ends when all players pass. Players return this stock round's player order cards and should have a new player order card for the next stock round.
• At the end of every stock round, any company that has no shares in the bank and has none in a company treasury is considered sold out and moves up one space on the stock market. Adjust these in descending stock market value. Exchange shares and shares in the Union Bank count as being sold. If the company is already at the top of the stock market, do nothing instead.

7OPERATING ROUNDS

7.1 Operating Round Overview

• Every individual operating round exists within a larger set of operating rounds performed sequentially between stock rounds. The number of operating rounds in the set is always based on the current phase of the game at the start of the set of operating rounds. It does not change if the phase changes during the set of operating rounds.
• The train limit, rusting, tiles, offboard values, and miscellaneous private company details always happen immediately when a phase changes.
• The president of a company makes all decisions on behalf of that company during an operating round.

7.1.1 Operating Round Structure

• At the beginning of each operating round within a set, all private companies pay their owner the dividend printed on the private company.
• After private companies pay their owners, all other floated companies will take turns operating in descending stock price order. Ties are broken by right-most position on the stock market grid, then top to bottom of a stack of tokens at a single stock market value.
• On a company's turn in the operating round they perform the following actions in order:
  1. Lay / Upgrade track
  2. Place a station
  3. Run trains
  4. Distribute earnings
  5. Purchase trains
• At any time on a company's turn starting in phase 4H, it may purchase the Hunslet Steam Engine private company from its owning player and use its special power. The PEIR may never buy the Hunslet Steam Engine.
• The PEIR is always the last company to operate.

7.2 Laying Track

• On its turn, a company may lay or upgrade track (see section 12). Companies may lay one yellow tile for free and optionally a second yellow tile for a cost of $20. The company may also choose to lay no yellow tiles and instead upgrade a tile, but it may not lay a yellow tile and upgrade a tile in the same action.
• If a hex has a printed terrain cost on it, the company must pay this cost to the bank. The terrain cost is in addition to the $20 extra tile lay fee.
• If a player owns the Schreiber and Burpee Construction private company, that player has access to a single straight yellow tile. Placing this tile requires the same connectivity requirements as any other tile and counts as one of a company's yellow tile lays.

7.3 Placing a Station

• A company may place a station once per operating round in an unreserved (see 7.3.1) city spot that the company is connected to. The cost to place the station is $80. A company must have an unused station available in order to place it.
• No company may have more than one station per hex.
• All companies begin with 4 stations available.

7.3.1 Reserved Stations

• The printed home stations on the map are reserved as starting locations for those companies. Typically, a PEIR station will occupy this space and convert into a station of the reserved company upon floating. However, stations may not be built on a location if it would prevent the home of the unstarted company to be occupied.

7.3.2 Blocked Cities

• A city is considered blocked if all available city spaces are filled with stations. Only trains belonging to companies with stations in blocked cities may pass through them.

7.4 Run Trains

• If a company owns any trains it must run them for revenue during this step. Players are obligated to run their trains for maximum revenue.
• A company's revenue is the sum of the revenues generated by all the trains the company owns.
• See section 13 for train and route definitions.

7.5 Distribute Earnings

• A company may either pay dividends or withhold. Only the PEIR may also half-pay and has special earnings distribution (see 7.7).
• If a company chooses to pay dividends, divide the company's earnings by ten and pay that amount to each shareholder for each share held. Shares that are in the bank and in a company's treasury pay to the treasury of the company.
• If a company chooses to withhold, place all the company's earnings into its treasury.

7.5.1 Adjust Stock Price

• A company's stock price will change based on how earnings were distributed.
• If the company paid any dividend greater than $0, move its token one space to the right on the stock chart or in the direction of the arrow if it is in the last space of a row.
• If the company paid no dividends, move its token one space to the left on the stock chart or in the direction of the arrow if it is in the first space of a row.
• Companies that do not operate do not adjust their stock prices.

7.6 Purchase Trains

• A company may purchase one or more trains from either the bank or other companies during this step.
• If a company purchases a train from the bank it must buy the currently available train at its printed price from the bank.
• If a company purchases a train from another company both presidents must agree on the price. The price must be at least $1 and must not exceed the amount of money in the purchasing company's treasury.
• Trains are always purchased one at a time and must comply with the current train limit. Note that the purchase of a train may cause an immediate phase change and consequently a change in the train limit.
• Trains are always purchased sequentially based on the train roster (see 13.2). All trains of a rank must be purchased before any in the next rank may be purchased.

7.6.1 Train Limit

• The train limit is determined by the current phase of the game. A company may never own more trains than the current train limit. A company may never purchase trains over the current train limit, even if it would trigger a phase change that would reduce their number of trains to below the train limit by rusting.
• If any company owns more trains than the train limit permits due to a change of phase, it must immediately discard trains from its treasury until the company is at the train limit. The discarded trains are removed from the game.
• Trains may never be discarded voluntarily.

7.6.2 Train Rusting

• When a rank of trains rusts, all trains of that rank are removed from the game (with the 4+ always running at least one time, see 13.2). Rusting of trains happens immediately upon change of phase.

7.6.3 Requirement to Own a Train

• If any company other than the PEIR has a valid route it must own a train. A valid route is a station that connects to at least two revenue centers. If a company has a valid route and reaches the end of its turn without a train it will be forced to purchase a train.
• The PEIR is never required to own a train.

7.6.4 Forced Train Purchasing

• If a company is forced to purchase a train at the end of its turn, it must purchase the next available train from the bank at its printed price.
• First, the cash in the company's treasury is applied to the price of the train. If this is not enough cash to purchase the train, the company must first sell all of its own shares held in its treasury. This sale may exceed the 30% sell limitation. The company will receive the current market value for each share sold. The stock price will move down one space for the sale.
• If the company still does not have the necessary cash, responsibility for funding the train purchase moves to the president of the company. The President must now contribute cash to make up the difference between the price of the train and cash contributed by the company.
• If the president does not have enough cash to pay for the train, they must now sell shares subject to the following restrictions:
  • May not sell more than 30% of a single company.
  • May not exchange the presidency of the company that is forced train purchasing.
  • May not sell any company that has not operated.
  • May not sell more shares than are necessary to pay for the train.
• The president may select which shares and in what order they would like to sell them at. Adjust stock prices for each sale as you would in a stock round. Must comply with sell stock rules (see 6.4).
• If the president still fails to raise enough money to pay for the train, they are bankrupt and the game immediately ends.

7.7 The PEIR

• The PEIR has no stock price and always operates last. The PEIR may build out of any of its stations on the map. The PEIR has no extra stations to place.
• The PEIR runs trains exactly like other companies.
• The PEIR may choose to pay dividends, half-pay dividends, or withhold.
• If the PEIR pays dividends, divide the total earnings by the number of shares of PEIR in player hands. Each player receives that amount rounded up per share.
• If the PEIR half-pays, divide the total earnings in half and place half (rounded up) in the company treasury. The other half of the earnings are distributed equally among shares of PEIR held in player hands (rounded up).
• Remember that as PEIR companies are floated, PEIR shares are removed from the game and the density of dividends increases.
• If the PEIR withholds, take its earnings and place it in the company treasury.
• The PEIR may never buy more than one train from the bank in a single operating round. The PEIR has no restrictions on purchasing trains from other train companies. Follow the same rules for train purchasing between companies for the PEIR.
• The PEIR is never required to own a train and cannot ever force a train purchase.
• The PEIR may never purchase the Hunslet Steam Engine.
• The president of the PEIR is the player who holds the largest percentage of PEIR shares. This is frequently a tie. Ties are resolved in favor of the player that owns the lowest numbered share. Again, remembering that as PEIR companies are floated PEIR shares are removed from the game.
• The King's Mail always stays in the treasury of the PEIR. It pays $60 an operating round to the PEIR. It closes on the 4+.
• When the last PEIR company floats, the trains/cash remaining in the PEIR are lost forever.

7.8 Ending an Operating Round

• Once every company has operated, if all operating rounds in a set are completed proceed to a stock round, otherwise complete another operating round.

8END OF GAME

• The game end may trigger in one of two different ways:
  1. Bankruptcy
  2. Purchase of the first Diesel

8.1 Bankruptcy

• If a player fails to raise enough money to force purchase a train, they are declared bankrupt and the game ends. Calculate end game scores.

8.2 Diesel

• After a set of operating rounds where the first Diesel was purchased completes, perform one final stock round. The next set of three operating rounds will be the final set of the game. Calculate end game scores.

8.3 End Game Calculation

• The player with the highest net worth (combination of cash, share value, private company value) is the winner. Bankrupt players can win the game. PEIR shares have a face value of $80 at the end of the game. The net worth of the Union Bank (stocks + cash) applies to the owner.

9MAP

9.1 Map Overview

• The map is a geographical representation of Prince Edward Island and the development of the Prince Edward Island Railway.

Plain Hexes

Empty hexes where yellow tiles may be laid. Some carry printed terrain costs (e.g. $60, $80) that must be paid to the bank when building.

Cities

Circles on the map, either empty or with a printed company home location. The value of a city is the number in the white circle printed on the hex.

Towns

Represented by black dots when not connected to track and dashes when connected. The value of a town is the number in the white circle printed on the hex.

Offboard Locations

Always red. Revenue is determined by phase.

Malpeque Shipyard

Untokenable city for routing purposes.

10STOCK MARKET

10.1 Stock Market Overview

• The stock market is where the values of the companies in the game are tracked.

10.2 400 + 40 Space

• If a company reaches the 400 space and would need to move to the right, instead pay each share $40 more on top of whatever dividend was paid.
• The printed arrows on the stock market indicate the direction a company would move. If a company would move right on the market and there is no space to move into, the company will move up instead. If a company would move left and there is no space, the company will move down instead.
• Whenever a company moves into a new space on the stock market, it is always placed below the existing stock price markers, preserving order.

10.3 Tranche Chart

• This chart tracks what companies have been started and if any companies are available to start.

11COMPANIES

11.1 Train Company Overview

• Each company should have a charter, nine share certificates (one 20% president's certificate and eight 10% shares), and seven station markers (four for the map, one for stock market, one for tranche chart, and one for optional revenue chart).

11.2 PEIR Company Components

• The PEIR has seven special shares. Each share has the PEIR station printed on it as well as a number and an associated PEIR Company.

11.3 Private Companies

• Each private company has a name, private number in the top left corner, a face value in the bottom right, a dividend in the bottom left corner, and a brief description.

12TRACK

12.1 Track Overview

• A track is laid when a yellow tile is placed on the map in a plain hex.
• A track is upgraded when a tile (including pre-printed track on the map) is replaced with a tile of the next color. Plain hexes have yellow tiles laid on them. Yellow tiles are upgraded to green, green to brown, and brown to gray.
• Certain colors of tiles are only available during specific phases.
• When a tile is being placed on the map it must preserve all track, cities, towns, and stations.

12.2 Track Limitations

• When a company lays/upgrades a tile it must add new track or increase the value of a city that connects to one of the company's stations.
• All tiles are piece-limited.
• Track may not connect to the edge of the map or a gray hex without connecting track.
• Track may not be placed on hex N18 without the permission of the owner of the Vernon River Bridge private company until the Vernon River Bridge is closed.
• No upgrades may be placed on gray or blue hexes. The company must be able to trace a route to at least some of the new track on an upgraded tile.

Blue and Gray Preprinted Track

Not upgradeable, and may not have track laid into them that does not make a valid route.

12.3 Track Tiles

• Track is placed on the map to create routes that trains will be able to run. Yellow track is laid on plain hexes, which can only be upgraded to Green track. Green may only be upgraded to Brown, and only Brown may be upgraded to Gray. Tiles are piece-limited.

X and T Cities

• Some cities are labeled with an X or a T printed on the map. These locations upgrade to normal yellow cities, but have special tile upgrades in green, brown, and gray.
• When upgrading an X tile you may select any upgrade that preserves route and follows the upgrade rules.
• The CX tile follows the normal X tile upgrade path for green and brown. There is a special gray CX tile that is reserved for Charlottetown.
• See the tile manifest for full tile counts and information.

13TRAINS

13.1 Train Overview

• Trains run for revenue by running a route of connected cities, towns, and offboards together and adding up the values which that train can reach.
• Each train has a type, color, cost, and information about when it rusts or if it's permanent.

13.2 Train Types

Hex Trains

2H, 3H, 4H, 5H, and 6H are Hex Trains. A Hex Train may only pass through a number of hexes equal to its size. Count the tile crossings. A 6H train may cross six hex edges to reach a total of seven hexes.

+ Trains

2+, 3+, and 4+ trains may run to consecutive cities/offboards equal to their size and any number of towns between those points. The train may also collect any trailing towns hanging off from either end or start point. A + train must have a city and at least one other revenue center for a valid route.

The 4+ train is guaranteed to run one time. If the Diesel is purchased before a 4+ has run once, the 4+ will run on the company's next operating round and then rust. 4+ trains cannot be sold between companies after the Diesel has been purchased.

7 Trains

This train runs to seven consecutive cities, offboards, and towns.

Diesel Trains

This train has no limit to the number of revenue centers it may count, other than the route must be consecutive and linear following normal route restrictions. 6 Diesel trains are included in the game, but they are unlimited.

13.3 Route

• A route is a continuous unblocked length of track that:
  • Includes at least one station token of that company.
  • Does not reuse any track already used by any train during that company's turn.
  • Complies to the limits of the train type (H trains, + trains, 7, and Diesel).
  • Does not skip revenue centers.
  • Does not reuse a revenue center already visited by the specific train.
  • Does not pass through a blocked city. The train may stop there and count the revenue, but cannot pass through.
• A valid route must contain at least two revenue centers (cities, towns, offboards).

14PHASES

14.1 Phase Overview

• As trains are purchased the phase of the game will advance. The current phase of a game always correlates to the most recently purchased train. The tiles available, number of operating rounds, train limit, available stock prices, offboard values, train rusting, and miscellaneous information about the private companies are determined by the current phase.
• The game always begins in the 2H phase.

15CHEAT SHEET

Setup

• Random Main and Short
• Random share for the UB
• No Ice Boats in 3P games (Ice Boat Shipping is 4-player only)
• Shuffle 5 PEIR shares and privates together and deal to players.

Initial Auction

• Auctioneer selects an item to auction.
• Two players to the left of the auctioneer may either bid or pass on the item. If both pass, the next player must buy. If they cannot afford the item, the player with the most cash must buy. If no player can afford it, all privates pay until a player can afford it. Player with the most money buys.
• After the item sells, the player next clockwise is now the auctioneer.
• Repeat until all items are sold.
• Turn order for the first stock round is player cash least to most. Ties broken by previous turn order (auctioneer then clockwise).

Stock Rounds

• Sell, then Buy.
• Cannot sell more than 30% of a company in a single turn.
• Stock falls once per sale, not per share sold.
• No limit to bank pool. Presidency may never be in the bank pool.
• UB may buy one certificate per stock round.
• Tranche must be available to start a company. Tranches become available when all companies in the previous tranche have either operated or are sold out.
• 60% required to float (except Mainline).
• Starting PEIR train companies: station goes on map when floated. Associated PEIR share is converted into a 10% share after the company is floated. 10 times starting market price in treasury.
• Splitting a Branch: Parent company must have at least two stations on the map. Child gets at least 1 non-home station from parent on map. Half the shares of the parent are exchanged for an equal number (rounded down) of shares from child. Parent president must be able to take 20% presidency of child. All parent shares exchanged go in company treasury. Choose any available market price for child. Divide parent's trains/cash/private freely. Child receives current market value times number of shares still in the bank pool into its treasury. Child requires 60% out of bank pool to float. Parent remains floated.
• Shares in UB and Exchange shares count for sell-outs.

Operating Rounds

• 1 yellow or 1 upgrade. 2nd yellow is $20.
• All stations are $80.
• Valid route is 2 revenue centers. Companies with a valid route require a train.
• Pay or Withhold. Stock price moves forward one if pay, otherwise moves back one.
• EMR: company issues treasury shares, then president must contribute. Can cause bankruptcy. Cannot dump company doing EMR.

PEIR

• Always operates last. May only buy 1 train from supply per operating turn. May not buy Hunslet. May half-pay. Dividends are divided equally rounded up. PEIR shares may not be sold. Presidency determined by majority, ties broken by lowest numbered share.

Game End

• Bankruptcy: game ends immediately. Highest net worth wins.
• Diesel: After the first Diesel is purchased, complete that set of ORs. Then complete one final stock round and three ORs. Highest net worth wins.

Privates

• Union Bank: Acts exactly like another player. Net worth of UB applied to owner at the end of the game. UB cannot voluntarily sell shares. UB can be president of a company. UB must spend all its cash before president may act for it. All normal player rules apply for UB.
• Exchange shares: Action in addition to Sell/Buy in stock round. Lose pass if only exchange in a turn.
• All privates close on the 4+ (except UB).