1831 Rules

Ian DBurger
Carl
Wilson
1831
1831
Rules of Play
Copyright 1996 Carl M. Burger
Copyright 2014 All-Aboard Games, LLC
Version 2.0, July 31, 2014
4.5 Stock Round Phases................................................................. 6
4.6 Selling Stock ............................................................................... 6
4.7 Buying Stock ............................................................................... 8
4.8 Ending a Stock Round............................................................. 9
Overview ............................................................................. 2
1.0 Parts List ........................................................................ 2
1.1 Money ............................................................................................. 2
1.2 Station Tokens and Rail Yard Tokens ............................... 2
1.3 System/Company Mats.......................................................... 2
1.4 Trains .............................................................................................. 2
1.5 Track Tiles ..................................................................................... 2
1.6 Game Map .................................................................................... 2
1.7 Rule Book ...................................................................................... 2
1.8 First Buy Deck ............................................................................. 2
1.9 Stock Certificates...................................................................... 2
1.10 Stock Spilt Markers ................................................................ 2
1.11 Other Markers - Par Value, Stock Marker, Last Run
Markers, Earnings Markers ........................................................... 2
5.0 Operation Rounds ...................................................... 9

5.1 Phase 1: Restore Trains .......................................................... 10
5.2 Phase 2: Lay Track and Buy Tokens ................................. 10
5.3 Phase 3: Buy Trains ................................................................... 12
5.4 Phase 4: Receivership ............................................................. 13
5.5 Phase 5: Establish Track Rights ........................................... 14
5.6 Phase 6: Run Trains.................................................................. 15
5.7 Phase 7: Dispose of Dividends ............................................16
5.8 Phase 8: Move Stock Marker Token ................................ 16
5.9 Phase 9: Mergers and Takeovers ....................................... 16
5.10 Phase 10: Collect Bond Revenues ................................... 18
5.11 Phase 11: Pay Debt ...................................................................18
5.12 Ending an Operation Round ..............................................18
2.0 Winning the Game...................................................... 2

3.0 Starting Play................................................................. 4
3.1 Money............................................................................................. 4
3.2 Other Paraphernalia................................................................. 4
3.3 Trains .............................................................................................. 4
3.4 Beginning Play............................................................................. 4
4.0 Stock Rounds ............................................................... 5

4.1 Stock Certificate Types .......................................................... 5
4.2 Beginning a Stock Round ....................................................... 5
4.3 The Stock Market...................................................................... 5
4.4 Stock Marker Tokens .............................................................. 6
6.0 Ending the Game .......................................................19

7.0 Optional Rules for a Shorter Game .....................19
7.1 Shorter Game.............................................................................19
1831 Game Credits ..........................................................19

Appendix A - Tile Manifest............................................19
Appendix B - Tile Upgrades .......................................... 20
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1831 Rules v2.0
July 31, 2014
Overview
1.5 Track Tiles
1831 is a railroading game like no other. It combines the real spirit

of the original Robber Barons with both common and preferred
stock, hostile takeovers, passenger and cargo routes, and a game
map that accurately reflects the real terrain.
Track tiles (quantity and type described in Appendix A).
1.0 Parts List
This rule book.
1.1 Money
The players must provide a bank. The bank size ranges from
$16,000 to $40,000 depending on the number of players and
whether a standard or extended game is played as detailed in Section 3.1 Money.
1.2 Station Tokens and Rail Yard Tokens
1.4 Trains
Trains are numbered and can reach different types of destinations.
The breakdown is:
Total
12
11
10
6-Trains
7-Trains
9-Trains
12-Trains
15-Trains
12
18
2Ts - 6Ts
20
13
16
49
7Ts - 15Ts
12
27
39
2-Trains
3-Trains
4-Trains
5-Trains
Total
1.9 Stock Certificates
36 2x markers are supplied to designate stock or bond certificates that have split.
System/Company Mats: 30 (one for each company).
Rail
Yards
The cards with the 1831 logo on the back, and either a train, Government Intervention, or Priority Deal printed on the front.
1.10 Stock Spilt Markers
1.3 System/Company Mats
Mixed
1.8 First Buy Deck
Stock Certificates for companies come in the amounts shown in

Table 1.9.
Tokens are divided as follows:

Stations (round): 19 for each of 30 corporations = 570.
Rail Yards (square): 19 for each of 30 corporations = 570.
Stations
A map of the Northeastern United States.
1.7 Rule Book
1831 comes packed with the following parts:
Trains
1.6 Game Map
1.11 Other Markers - Par Value, Stock Marker,

Last Run Markers, Earnings Markers, Round
Marker
120 markers are supplied to mark par value, current stock value,
last run status, and to track earnings. These tokens are wider round
tokens than the station tokens. A Round Marker is provided as a
play aid to track how many operating rounds have occurred since
the last stock round.
2.0 Winning the Game

The game is won by the player with the highest total value of personal cash, preferred stocks, common stocks, and bonds at the end
of the game. The assets of Companies or Systems owned by a
player (the President) do not count towards the players total.
88
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1831 Rules v2.0
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Table 1.9
Company
Abbreviation
Presidents
Other
Share
Preferred
(Preferred)
Stock
Common
Stock
Common
Stock for
Mergers
Station
Rail Yard
Tokens
Tokens
Pennsylvania Railroad
PRR
1-10%
4-10%
5-10/5/0*%
5-5%
12
New York Central Railroad
NYC
1-10%
4-10%
5-10/5/0*%
5-5%
Baltimore and Ohio Railroad
B&O
1-10%
4-10%
5-10/5/0*%
5-5%
Chesapeake & Ohio Railway
C&O
1-10%
4-10%
5-10/5/0*%
5-5%
Philadelphia and Reading Rail Road
P&R
1-10%
4-10%
5-10/5/0*%
5-5%
1-10%
4-10%
5-10/5/0*%
5-5%
NYNH&H
1-10%
4-10%
5-10/5/0*%
5-5%
B&M
1-10%
4-10%
5-10/5/0*%
5-5%
Long Island Rail Road
LIRR
1-20%
3-10%
5-10/5/0*%
5-5%
Bessemer and Lake Erie Railroad
B&LE
1-20%
3-10%
5-10/5/0*%
5-5%
Delaware, Lackawanna and Western Railroad
Erie Railroad
New York, New Haven and Hartford Railroad
Boston and Maine Railroad
DL&W
1-20%
3-10%
5-10/5/0*%
5-5%
Delaware and Hudson Railway
D&H
1-20%
3-10%
5-10/5/0*%
5-5%
New York, Chicago and St. Louis Railroad
NKP
1-20%
3-10%
5-10/5/0*%
5-5%
LV
1-20%
3-10%
5-10/5/0*%
5-5%
Maine Central Railroad Company
MEC
1-25%
1-25%
5-10/5/0*%
5-5%
Grand Trunk Western Railroad
GTW
1-25%
1-25%
5-10/5/0*%
5-5%
NYC&HR
1-20%
3-10%
5-10/5/0*%
5-5%
CNJ
1-20%
3-10%
5-10/5/0*%
5-5%
NYO&W
1-25%
1-25%
5-10/5/0*%
5-5%
1-25%
1-25%
5-10/5/0*%
5-5%
Lehigh Valley Railroad
New York Central and Hudson River Railroad

Central Railroad of New Jersey
New York, Ontario and Western Railway
Rutland Railway
Detroit, Toledo and Ironton Railroad
DTI
1-30%
1-20%
5-10/5/0*%
5-5%
Buffalo, Rochester and Pittsburgh Railway
BR&P
1-30%
1-20%
5-10/5/0*%
5-5%
Toronto, Hamilton and Buffalo Railway
THB
1-30%
1-20%
5-10/5/0*%
5-5%
East Broad Top Railroad
EBT
1-30%
1-20%
5-10/5/0*%
5-5%
Bangor and Aroostook Railroad
BAR
1-25%
1-25%
5-10/5/0*%
5-5%
Pere Marquette Railway
PM
1-25%
1-25%
5-10/5/0*%
5-5%
Western Maryland Railway
WM
1-30%
1-20%
5-10/5/0*%
5-5%
Lehigh and New England Railroad
LNE
1-30%
1-20%
5-10/5/0*%
5-5%
Coudersport and Port Allegany Railroad
C&PA
1-50%
None
5-10/5/0*%
5-5%
Pittsburg, Shawmut and Northern
PS&N
1-50%
None
5-10/5/0*%
5-5%
* 5% and 10% amounts refer to common stock; 0% refers to bonds.

Table 3.3
Train
3 players
4 players
5 players
6 players
7 players
8 players
9 players
10 players
Chart
MX
YD
MX
YD
MX
YD
MX
YD
MX
YD
MX
YD
MX
YD
MX
YD
2-Trains
2
2
3-Trains
4-Trains
5-Trains
6-Trains
7-Trains
9-Trains
12-Trains
15-Trains
11
12
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1831 Rules v2.0
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Use the companies and their associated mats listed after the
appropriate number of players plus all of the companies listed
for fewer numbers of players. The number in parentheses, following the company list, is the total number of companies in use
for that number of players. The other companies and their mats,
stock, and tokens will not be in play. The Certificate Holding
Limit is the total number of stock and bond certificates (not
shares) that a player may hold.
3.2.2 Stock Certificates
Arrange the stock certificates off the map with Common Stock
for mergers (the 5% certificates) on the bottom, Common Stock
(10/5/0%) on top of that, Preferred Stock certificates on top of
them, and the Presidents Preferred Stock certificate on top.
(Note that there are certificates specifically marked as bonds.)
These off-map certificates are the Initial Offerings of all the
companies.
3.2.3 Choosing Who Goes First
3.2.3.1 Any player shuffles the First Buy deck of cards. These are
the twenty large cards that have 1831 printed on one side, and
either a train or the words PRIORITY DEAL or GOVERNMENT
INTERVENTION printed on the other. There are a total of twenty of these cards. They are placed with the 1831 insignia facing
up and, starting to the left of the player that shuffled, one card
is drawn and immediately exposed. If the card has a train, then
the next player in a clockwise rotation draws and exposes his
card, and so on until a card with writing appears. If the card says
GOVERNMENT INTERVENTION, it is retained and drawing continues to the left of the person that drew the GOVERNMENT
INTERVENTION card. When a player exposes the PRIORITY
DEAL card, drawing ceases and he becomes the first player to
take a turn in the game. Play begins with the first Stock Round.
3.2.3.2 If a player drew the GOVERNMENT INTERVENTION card,
that player may, before play begins with the first Stock Round,
swap positions at the table with any player at the table including
the player that goes first. This is at his own option but he must
decide before play begins, and swapping with the player that
goes first does not change who goes first.
3.2.3.3 The cards that comprise the First Buy deck are gathered
together again, except for the PRIORITY DEAL card which is
retained by the player that goes first. These cards (including the
GOVERNMENT INTERVENTION card) are shuffled and placed
off-map for later use.
3.0 Starting Play

Play begins by issuing capital to all players. Play then proceeds in
repeated alternation between Stock Rounds and Operation
Rounds.
3.1 Money
Players must decide if they are playing the standard game or an
extended game. The extended game will last longer but allow
players to run their companies and systems longer, so the focus
will be on the longer term. Having decided which game to play,
the currency that makes up The Bank will have to the following
levels. All transactions that use The Bank will be with these monies.
Standard
Extended
3 Players
$16,000
$26,000
4 Players
$18,000
$28,000
5 Players
$20,000
$30,000
6 Players
$22,000
$32,000
7 Players
$24,000
$34,000
8 Players
$26,000
$36,000
9 Players
$28,000
$38,000
10 Players
$30,000
$40,000
3.1.1 Each player receives $800 from The Bank as starting capital.
This amount is for all games regardless of the number of players
or the initial size of The Bank.
3.1.2 The Bank is public, and players are entitled to know the
amount of funds in it at any time.
3.2 Other Paraphernalia

3.2.1 Company Mats
3.2.1.1 Depending upon the number of players, there will only be
a limited number of companies available. Refer to Table 3.2 to
see which companies are used. Player counts are also listed on
the lower right-hand corner of the company mats.
Available Companies
Certificate
Holding
Limit
3 or 4
B&LE, B&M, B&O, C&O, D&H, DL&W,

E, GTW, LIRR, LV, MEC, NKP, NYC,
NYNH&H, P&R, PRR (16)
20
5 or 6
All lines listed above plus: BAR, EBT,

NYC&HR, PM, PS&N, THB (22)
18
7 or 8
All lines listed above plus:

BR&P, CNJ, DTI, NYO&W, (26)
16
9 or 10
All lines listed above plus:

C&PA, LNE, R, WM (30)
14
# of
Players
3.3 Trains
Not all trains are in use for all games. Refer to the Table 3.3 and
place the appropriate number and type of trains in their respective areas on the map above the Stock Market. These trains are
The Banks trains. Leftover trains are removed from play. S refers to trains that run to Stations only; MX refers to trains that
run to mixed-type tokens; YD refers to trains that run to Rail
Yards only.
3.4 Beginning Play

3.4.1 Play is now ready to begin. Play occurs in two distinct
rounds, Stock Rounds and Operation Rounds, each with different sub-phases. The first round of a game is a Stock Round. This
is followed by an Operation Round, and then alternately Stock
Round and Operation Round, or Rounds (called the Operation
Set), until the game ends.
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1831 Rules v2.0
July 31, 2014
4.0 Stock Rounds
4.3 The Stock Market
During Stock Rounds players may purchase and sell stock certificates in companies or systems. A company is a single rail line
operating by itself. A system is created when two or more companies merge.
The Stock Market is where price fluctuations of all stock prices

of all companies and systems will be recorded using the wide
round token that comes with each company.
4.3.1 The center column of the Stock Market outlined in red and
is where all markers representing a companys initial selling and
buying price will be placed. It is called the Stock Marker Token
and is subject to movement as stock prices fluctuate. The PAR
BAR CHART (at the top right of the map) tracks stock par values
(those sold from Initial Offerings) and only changes when these
rules dictate.
4.1 Stock Certificate Types

4.1.1 Stock certificates come in four types: Preferred Stock (Presidents Share), Preferred Stock, Common Stock (designated by
the 10/5/0% markings), and Common Stock for mergers (designated by the 5% marking).
4.3.2 If a Stock Marker Token ever reaches the area marked

STOCK TRADES CLOSED the company or system immediately
ceases to exist and all traces of it are removed from the map: Its
Station tokens and Rail Yard tokens are removed; its Stock
Marker Token and Par Marker are removed. Players, companies,
or systems holding stock of any type (common, preferred,
bonds) in the company or system surrender it without compensation. The stock is returned to the Initial Offering area and will
be available for sale during the next Stock Round. Any money
asset in the company or system is returned to The Bank and any
trains held by the company or system are placed in the Stock
Bank Pool as USED trains. All Stations and Rail Yard tokens of the
company or system are removed from the map. Any track that
was laid by the company or system remains on the board and
may be used and upgraded by other companies and systems as
usual.
4.1.1.1 The Presidents Share of Preferred Stock must be the first

purchase made in any company.
4.1.1.2 Preferred Stock is available for sale in a company once the
Presidents Share has been purchased.
4.1.1.3 Common Stock is available for sale when there is no more
Preferred Stock remaining for a company in its Initial Offering
area.
4.1.1.3.1 Common stock certificates marked 10/5/0% are the
only ones initially available for sale by a company. If a company
becomes a system by merging, the 5% common stock for mergers certificates will also be used.
4.1.1.3.2 Common Stock certificates may become Bonds later in
the game when a company is subject to a hostile takeover. The
certificates themselves do not change, only their designation.
The 10/5/0% certificates become bonds.
4.3.3 If a Bond Marker Token reaches the STOCK TRADES

CLOSED area of the Stock Market, the bonds of the system are
immediately closed and all bond certificates of the owning system are removed from play without compensation. The original
company from which the bonds came will be available for sale
again during the next Stock Round. The system associated with
the bonds goes into immediate receivership and its train limit
drops by one, and token limits drop to their pre-final-merger
level. During Phase 2 of the next Operation Round the system
will correct its map token holdings (if it is over allocated) by
removing excess tokens of its choice without compensation. If it
has trains beyond its limit, it must turn them in to the Stock Bank
Pool as USED trains without compensation. Once out of receivership, it may merge again to create bonds and increase its train
limit and token limits.
4.2 Beginning a Stock Round

4.2.1 At the beginning of a Stock Round, one card is drawn from
the top of the First Buy deck that was shuffled in 3.2.3.3. If the
card is blank, then play continues as usual. If the GOVERNMENT
INTERVENTION card is drawn, then in the current and all subsequent Stock Rounds the Government Intervention rules will apply and no further cards need to be drawn from the First Buy
deck.
4.2.2 Government Intervention modifies play in many ways. Profit Taking (4.6.7) and Cycling (4.6.8 & 4.6.8.1) are prohibited. During
the buy phase of a Stock Round, only one certificate may be
purchased. Additionally, players may own at most 70% of any
one companys or systems preferred stock and common stock. If
a player is over the limit he must make the correction at his first
opportunity during a Stock Round. EXCEPTION: If selling sufficient
shares to correct to only 70% ownership would violate the five
share limit of the Stock Bank Pool, the player must sell enough
shares to reach the five share limit but may retain his extra
shares. If on any subsequent turn he is able to correct further, he
must do so. If selling sufficient shares to make the correction
would bankrupt The Bank, he must sell only those that The Bank
is able to pay for, and may retain the others, but must correct his
holdings later if The Bank is able to pay.
4.3.4 If a Stock Marker Token reaches the area marked STOCK

SPLIT GO TO TARGET, then the marker is immediately moved
to the area marked SPLIT TARGET under any markers that may
already be there, and all common stock and preferred stock certificates owned by players, companies, or systems receive a 2x
marker. (The Stock Bank Pool and Initial Offerings never have 2x
markers on them.) The 2x marker is added regardless of the
number of 2x markers already present on the certificates. If a
Bond Marker Token reaches the STOCK SPLIT GO TO TARGET
area, the Bond Marker Token is moved to the SPLIT TARGET
area of the Stock Market and placed under any markers already
there. Each bond held by a player or system receives a 2x marker.
4.2.3 The player holding the PRIORITY DEAL card plays first. The
round then continues to the left and so on until the round is
over.
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1831 Rules v2.0
July 31, 2014
4.4 Stock Marker Tokens
panies or systems that have Presidents shares of 30% (three

shares) or more may never be sold once purchased. The transfer
will also occur if any other player buys a quantity of preferred
stock greater than the current President.
4.4.1 The Stock Marker Token is used on the Stock Market area
of the map board. The location of the marker describes both the
common stock and preferred stock prices. The number to the
right of the C is the current value of a companys or systems
common stock and the number to the right of the P is the value of the preferred stock. Bond Marker Tokens follow the same
general rules as the Stock Marker Token. The bond price is the
P value.
4.6.2.1 Even if the President holds only the Presidents Preferred

Stock certificate he may still sell it or a portion of it if: selling
shares will effect a transfer of presidency (another player will
hold more preferred stock), and, the Stock Bank Pool limit of
five shares of any one company will not be violated by the sale,
and, the player to receive the Presidents share has at least as
many shares of preferred stock as the Presidents certificate.
4.4.2 Whenever the Stock Marker Token moves to another

square on the Stock Market, it is always placed underneath any
markers that are already there.
4.6.2.2 To effect the transfer, the current President hands over

to the new President the company mat complete with all assets
and tokens, and exchanges his Presidents certificate for the new
Presidents ordinary preferred stock in equal share amounts. He
then completes his sale with the bank.
4.5 Stock Round Phases

During the Stock Round, a players turn consists of SELLING
shares of companies and systems, followed by BUYING shares in
companies and systems. Selling must always occur first.
4.6.3 Selling shares of a company or system may affect the value

of the stock. Common stock sold to the Stock Bank Pool affects
the movement of the Stock Marker Token, and sale of bonds
affects the movement of the Bond Marker Token. Sale of preferred stock does not affect stock values. Selling stock of any
kind will never affect the par price of that company or system.
4.6 Selling Stock

4.6.1 Any number of shares personally held by a player may be
sold into the Stock Bank Pool (located at the top-left portion of
the game map) and only into the Stock Bank Pool. Shares may be
sold in any company or system in any amount subject to the
Stock Bank Pool restrictions (4.6.1.1). A player may elect not to
sell shares during his turn. Not selling shares does not affect his
option to buy, or options to sell, in later turns of the same Stock
Round.
4.6.3.1 All stock sold in a company or system takes place at the

same time. You may not sell your preferred stock first and then
your common (or vice versa), but you may sell any combination
of stock certificates in a company or system and on later turns
sell more.
4.6.3.2 The value of the common and preferred stock or the
bond is the price that is posted before the Stock Marker Token
or Bond Marker Token moves (if it moves). A Bond Marker Token
always moves down one square (or left if it cannot move down)
for each bond sold into the Stock Bank Pool. How much a Stock
Marker Token moves is dependent upon what the company or
system being sold did with its revenue on the last Operation
Round of the Operation Set during Phase 7: Dispose of Dividends. Companies that have not yet operated are equivalent to
Paid Preferred Only status. EXCEPTION: See 4.6.8.2.
4.6.1.1 The Stock Bank Pool may hold a maximum of five shares
of any one company or system at a time. If selling a certificate
would violate this limit, then that certificate may not be sold.
The certificates type is irrelevant (common, preferred, bond) to
the five share limit.
4.6.1.2 It may happen that a company merges with or takes over
another company, and the combined total of the shares of both
companies already in the Stock Bank Pool exceeds the five maximum shares allowed. In this case, the Stock Bank Pool will hold
more than the five share limit. No player, company, or system
would be forced to buy any of that system's stock in the Stock
Bank Pool, and the excess shares can legally remain there. However, no further shares of that system could be sold into the
Stock Bank Pool until the total there was reduced below five
shares.
4.6.3.2.1 The movement of the Stock Marker Token for sales of

common stock is summarized here:
If the company or system, during the last Operation Round of
the Operation Set:
DID NOT RUN A TRAINThe marker moves down two
squares for each certificate (not shares) sold.
HELDThe marker moves down one square, rounded up, for
each certificate sold.
PAID PREFERRED ONLYThe marker moves down one
square for each CERTIFICATE sold.
PAID 50% to PREFERRED, 25% to COMMON, HELD 25%The
marker moves down one square for each certificate sold.
PAID ALLThe marker moves down 1/2 square, rounded up,
for each certificate sold.
PAID ALL +200%The marker moves down 1/2 square,
rounded down, for each certificate sold.
4.6.1.2 The Stock Bank Pool may temporarily hold more than
five shares of the stock of a single company or system if a player
will immediately have the corporation buy back enough of the
common shares to reduce the total shares in the Stock Bank Pool
to a maximum of five. (See rule 4.6.4.1.)
4.6.2 A player may never sell the Presidents Share certificate.
This certificate may only be transferred. The transfer occurs
when the President of a company or system sells enough preferred stock so that some other player holds more preferred
stock than the President does. The amount held by the player to
receive the Presidents share must be greater than or equal to
the share amount of the Presidents share. This means that comPage 6
1831 Rules v2.0
July 31, 2014
If a company or system Paid All or Paid All +200%, count the

number of certificates sold, multiply by 0.5, and then round up
or down as appropriate to determine how many squares the token is moved.
Note: In order to correctly move the Stock Marker Token after
sales of common stock, during an Operation Round players
should keep track of whether or not each company or system
paid a dividend and how it disposed of those dividends per rule
5.7.2.
cates. The certificates are placed in the ASSETS area of the company mat. Companies and systems may not purchase preferred
stock, except during a merger. All cash, bonds, and stock owned
by a company or system are considered ASSETS of the company
or system. In regard to stock, only common stock shares that
have been bought back into the company or system treasury are
considered to be ASSETS. Unsold original shares of common
stock are not considered assets, nor do they count toward a
corporations net worth.
4.6.3.2.2 The Stock Marker Token moves down the appropriate

number of squares. If it should happen to reach the bottom of
the market, then it moves left until it is able to continue downwards. Each movement (down or left) is counted toward the
total number of movements that are to occur.
4.6.4.1 A player may sell six or seven shares simultaneously provided that he will immediately buy back any excess shares over
the five that the Stock Bank Pool is permitted to retain (rule
4.6.1.1). The sale of the shares of common and preferred stock
would be simultaneous, so their sale prices would be from the
same location on the Stock Market Chart occupied by their
Stock Marker Token at the time of sale. Buying back the shares
takes place immediately after they have been sold. The one or
two shares of common stock bought back by the company
would be purchased at the new, lower price of the stock after its
Stock Marker Token has been moved to reflect the original sale.
4.6.3.2.3 Sale of common or preferred stock does not affect the

Bond Marker Token. It is completely independent from other
forms of stock.
4.6.3.2.4 For each bond sold into the Stock Bank Pool (bonds
count toward the five share limit and count as one share), the
Bond Marker Token for the bond moves down square (or left as
appropriate as in 4.4.3.2.2).
4.6.5 Each company or system may hold up to 25% of its own

stock. This is 25% of the total of all preferred and common stock
combined. The certificates must be common stock. Such certificates are assets of the company or system (placed in the ASSETS
area of the company mat), and any dividends paid to common
stock owned by the company or system are retained by the
company treasury.
4.6.3.3 Monies earned from the sale of stock and bonds are received from The Bank. Certificates that are sold are placed in the
Stock Bank Pool. These shares are now available for purchase by
other players. The value of the stock or bonds for the sale, is the
value of the location of the Stock Marker Token or Bond Marker
Token before it moves. Preferred stock is valued at the number
to the right of the P in the square, and the Common stock is
valued at the number to the right of the C in the square. Bonds
are valued at the P value.
4.6.5.1 Each system may hold up to four bonds (beyond the 25%
common stock limit) of its own bonds. Any interest due to the
bonds is paid to the company treasury.
4.8.8 Once a player has sold a certificate (preferred stock, common stock, bonds) in any company or system, he may not purchase certificates of any type in any company or system he has
sold for the duration of the current Stock Round.
4.6.3.3.1 If a certificate being sold has 2x markers on it, the money received from the sale is the sum of all the 2x markers multiplied by the posted value of the stock (the value before the
Stock Marker Token moves), multiplied by the number of shares
of the certificate. Selling stocks with 2x markers is never considered cycling (4.6.8), regardless of the stock price or par value.
4.6.7 If a player buys common stock in a company or system

from Initial Offerings and sells it during the same Stock Round
for more than par value, it is called Profit Taking and is prohibited when Government Intervention rules apply.
4.6.3.3.2 When certificates with 2x markers are sold, all the

markers are removed before the certificate is placed in the
Stock Bank Pool.
4.6.8 If a player buys common stock or bonds in a company or

system from the Stock Bank Pool and sells it during the same
Stock Round, it is called Cycling and is prohibited when Government Intervention rules apply.
4.6.3.4 If The Bank has insufficient funds to pay the seller, the
sale is canceled. The player may still sell certificates if The Bank
is able to pay the amount due.
4.6.8.1 If a player buys common stock in a company or system

from Initial Offerings and sells it during the same Stock Round
for equal or less money, it is also called Cycling and is prohibited
when Government Intervention rules apply.
4.6.4 When either common stock certificates or bonds are sold

into the Stock Bank Pool, the President of those companies or
systems may elect to immediately purchase the common stocks
or bonds of the company or system on behalf of the company or
system. This is the only time at which common stock or bonds
can be purchased by the company. They are purchased at their
new, reduced value, occasioned by their sale to the Stock Bank
Pool. The corporation may simultaneously purchase two 10%
shares or shares equal to 25%, provided it will not thereby exceed the 25% maximum of its shares that it is permitted to own
(see rule 4.6.5). The monies are paid to The Bank and the company or system may only pay with cash in treasury for the certifi-
4.6.8.2 Stock that has been Cycled, is valued at the final price
after all Stock Marker Token movement has been completed,

and not before movement. Thus, a player who bought stock of a
company or system and then sells it later in the Stock Round will
receive the market price to which the stock drops due to the
sale.
4.6.9 Players may not sell certificates of any type in any company or system in receivership.
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Preferred Stock certificate multiplied by the par value of the
companys stock, rounded up to the nearest dollar. All certificates purchased from Initial Offerings will be paid to the companys treasury in the amount equal to the number of shares
multiplied by the par price as indicated on the Par Bar Chart,
rounded up.
4.7 Buying Stock

4.7.1 During the buy phase, a player may purchase preferred
stock, common stock, or bonds. He may at his own option purchase them from the Stock Bank Pool or Initial Offerings at his
own choice. Stock purchased from Initial Offerings (including
the Presidents share of a company) is paid to the companys
treasury ( ASSETS area) valued at the par price on the Par Bar
Chart. Stock purchased from the Stock Bank Pool is paid to The
Bank in the amount posted by the Stock Marker Token. Bonds
are always purchased at the price set by the P portion of the
Bond Marker Token and paid to The Bank.
4.7.6 When all of the PREFERRED stock of any one company is purchased, the company becomes active and will participate in all
subsequent Operation Rounds. Additionally, the Par Marker on
the Par Bar Chart moves up one value and all common stock
shares will be sold at this new par value.
4.7.6.1 If a block purchase of stock bumps up the par price of a
company or system, then the preferred stock price is the old par
value and the common stock price is the new par value (see
4.7.6).
4.7.2 Players must use their own cash holdings to pay for stock
purchases.
4.7.3 The number of certificates that a player may buy varies
throughout the game. Initially it is one certificate per buy phase,
but may be modified by a companys or systems train purchases.
4.7.7 A player may never own more certificates of stock and

bonds beyond the limit set in the table shoen in Section 3.2.1.1.
EXCEPTION: Common stock of companies or systems in receivership do not count toward the total. (Preferred stock in receivership does count toward the certificate limit.)
4.7.3.1 Stock Rounds following an Operation Set of two Operation Rounds, allow for the block purchase of two certificates of
a single companys or systems stock. The purchase must be
made in the same company or system, but may be any combination of preferred stock, common stock, or bonds of that company. The purchase may be from the Stock Bank Pool, Initial Offerings, or both.
4.7.7.1 Stock certificates of companies or systems in receivership

that are in Initial Offerings or the Stock Bank Pool may still be
purchased. All such monies used to purchase these certificates
are placed in the companys or systems ASSETS area of the company mat.
4.7.3.2 Stock Rounds following an Operation Set of four Operation Rounds, allow for the block purchase of four certificates of
a single companys or systems stock as in 4.7.3.1.
4.7.7.2 Stock certificates of companies or systems in receivership

may only be sold by those companies and only if not in violation
of the Stock Bank Pool limit (4.6.1.1).
4.7.3.3 When the Government Intervention rules apply, they supersede rules 4.7.3.1 and 4.7.3.2 and once again only one certificate may be purchased during a stock buy phase.
4.7.8 When common stock certificates become available, they

are the 10/5/0% certificates and represent 10% shares of the
companys total stock. At this point the 5% common stock certificates are not used, and may not be purchased. When the
company merges with another company to become a system,
the current holdings of 10% common stock certificates become
5% certificates (although they are still one share), and the 5%
common stock certificates (marked with 5% only) become available (see Mergers: sections 5.9.7.5, 5.9.8.6, 5.9.9.5, & 5.9.10.8). All
5% stock certificates are purchased at the full par value on the
Par Bar Chart. They are always worth one full share, but pay only
half the dividends a 10% share normally does.
4.7.4 Players may never purchase certificates of any type in any

company or system whose certificates they have sold during the
current Stock Round.
4.7.5 The purchaser of a PRESIDENTS PREFERRED STOCK certificate
must immediately set the par value of the stock. This is the value
at which all Initial Offering preferred stock shares will be purchased. The purchaser places a wide round token on the map in
the appropriate area of the Par Bar Chart. Any number of markers may occupy the same par price slot. The $166 par price may
not be selected as a par value. Once placed, the Par Marker cannot be changed (except by 4.7.6). Another wide token (the Stock
Marker Token) is placed in the Stock Market area of the board in
the square marked par whose preferred stock price matches the
par value of the company stock. The Stock Marker Token is
placed under any markers that are already there.
4.7.9 If a player buys more preferred stock than the current President of a company or system, the presidency is transferred to
the player with more preferred stock. The new President takes
the Presidents certificate and gives the former President an
equal number of shares of preferred stock as indicated on the
Presidents certificate.
4.7.5.1 The company mat associated with the rail line purchased
is given to the President complete with the appropriate number
of Stations and Rail Yards as indicated in Chart 1.9 and printed
on the mat. All tokens, trains, stock, and assets of the company
on the company mat or map, belong exclusively to the company
and may not be mixed with the Presidents money or stock.
4.7.10 If a player purchases the third 10/5/0% common stock

certificate of a company from its Initial Offerings, the company
is now 80% funded (50% preferred and 30% common), and its
Stock Marker Token rises one square (or goes right if it cannot
rise). When a merger occurs in which one company is at least
80% funded, the resulting system may have less than 80% of its
stock in players hands. The systems Stock Marker Token will
rise (or move right) when it also has become 80% funded.
4.7.5.2 The purchaser of the Presidents Share then pays to the

companys treasury (the ASSETS section of the company mat) an
amount equal to the number of shares printed on the Presidents
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4.7.11 If a player purchases the fourth 10/5/0% common stock

certificate of a company from its Initial Offerings, the company
is now 90% funded (50% preferred and 40% common), and its
Stock Marker Token rises one square (or goes right if it cannot
rise). When a merger occurs in which one company is at least
90% funded, the resulting system may have less than 90% of its
stock in players hands. The systems Stock Marker Token will
rise (or move right) when it also has become 90% funded.
5.0.3 Each company or system, in turn, will execute each of the

following phases:
Phase 1 Restore Trains
Phase 2 Lay Track & Buy Tokens
Phase 3 Buy Trains
Phase 4 (Receivership)
Phase 5 Establish Track Rights
Phase 6 Run Trains
Phase 7 Dispose of Dividends
Phase 8 Move Stock Marker Token
Phase 9 Mergers & Takeovers
Phase 10 Collect Bond Revenues
Phase 11 (Pay Debt)
Note that some phases are optional.
4.7.12 A players turn ends when he completes his buy phase. If

he purchased any certificates, he takes the PRIORITY DEAL card
from the player that currently holds it. If he does not wish to
make any purchases, he says No buy, and the Stock Round continues with the player on his left.
4.8 Ending a Stock Round

4.8.1 A Stock Round ends when all players have, in sequence, had
a turn to play and no player elected either to sell or to buy any
certificates. The player holding the PRIORITY DEAL card gives it
to the player on his left.
5.0.4 Companies and systems operate one-at-a-time and in sequence. The sequence of operation is determined by the common stock price of each company or system as indicated by the
Stock Marker Token at the start of the Operation Round.
Movement of the Stock Marker Token during an Operation
Round does not change this order. Companies and systems with
higher prices go first. If two or more have the same price but are
on different squares, the rightmost one will operate first. If two
or more company or system Stock Marker Tokens are on the
same square, then the topmost one will operate first and then
the one underneath that, and so on. Only active companies and
systems will participate in an Operation Round.
4.8.2 Immediately following a Stock Round is one or more Operation Rounds. If there are no active companies or systems to
operate, another Stock Round immediately commences.
4.8.3 At the end of a Stock Round, if any company or system is
fully funded (that is if none of its common stock and preferred
stock is in either the Stock Bank Pool or Initial Offerings) the
Stock Marker Token of that company or system moves up one
square (or right one if it is unable to move up). All such Stock
Marker Tokens move simultaneously and preserve the operation
order.
5.0.5 The number of Operation Rounds following a Stock Round

is variable. Initially there is only one Operation Round following
a Stock Round, but with the purchase of the first 4-Train there
will be two Operation Rounds following any Stock Round, and
with the purchase of the first 7-Train there will be four Operation Rounds after each Stock Round. One or more Operation
Rounds comprise the Operation Set.
4.8.4 At the end of a Stock Round, if any systems bonds are

completely held by players and systems (i.e. none are in the
Stock Bank Pool), the Bond Marker Token moves up one square
(or right if it cannot move up).
5.0 Operation Rounds
5.0.6 The assets of a company or system are public (available for

inspection) to shareholders but private to non-shareholders.
Shareholders may only inspect assets during an Operation Round
and may not share information with non-shareholders.
During Operation Rounds companies and systems perform their

duties: laying track, buying trains, running trains, disposing of
dividends, and merging.
5.0.1 The President of the company or system makes all decisions
for the company or system. If the company or system is in receivership, then these rules determine the course of action the
company or system will take, but the President executes it.
5.0.7 From this point on in The Rules, the word corporation will
mean either a company or a system. Companies are still single
operating entities, and systems are still companies that have
merged with one or two other companies.
5.0.2 All monies paid out for any Operation Round activity come
from a companys or systems cash assets. EXCEPTION: A company
or system in receivership may sequester the Presidents cash to
purchase a train or pay its debt, or take a loan from The Bank to
purchase a train or pay for tokens and tile lays.
5.0.8 If at any time during an Operation Round, The Bank runs

out of money, the game will end with the completion of the
current Operation Round (not Operation Set). All monies owed
by The Bank will be tracked on paper.
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5.1 Phase 1: Restore Trains

5.1.1 Corporations not in receivership that hold retired trains turn
them in to The Bank (they are out of play).
5.1.2 Any trains owned by a corporation that are USED change
status to RESTORED (at no cost) and run normally.
5.2 Phase 2: Lay Track and Buy Tokens

5.2.1 Track refers to the yellow, green, brown, and gray hex tiles
with track and cities on them. All tiles not already on the map
are available for use (if permitted). Tokens refer to Rail Yards
(square tokens) and Stations (round tokens).
5.2.2 Laying track and buying tokens is optional, but a corporation that is active must have a running route: A route that connects one of its Rail Yards or Stations to another of its Rail Yards
or Stations.
5.2.3 Track and Laying Track
5.2.3.1 The map board is made up of several different kinds of
hexes. The dark blue hexes are lake areas that are impassable,
and no track tiles may be laid there.
5.2.3.2 The gray half-hexes are fixed track that may be used, but
no track tiles may be laid there.
5.2.3.3 The light green hexes are plains hexes and track tiles may
be played there at a cost of $10 for the first tile laid there, and a
cost of $5 any time the tile is upgraded. (See the Legend at the
bottom right of the map.)
5.2.3.4 The predominately light blue hexes are river hexes and
track tiles may be played there at a cost of $50 for the first tile
laid there, and a cost of $25 any time the tile is upgraded.
5.2.3.5 The predominately brown hexes are mountain hexes and
track tiles may be played there at a cost of $90 for the first tile
laid there, and a cost of $45 any time the tile is upgraded.
5.2.3.6 Red lines traversing the map board indicate state boundaries and have no effect on play.
5.2.3.7 Blue lines traversing the map board indicate rivers and
have no effect on play.
5.2.3.8 No hex tiles may be played outside the boundary of the
hex map, nor may a tile be placed that would extend track to
this border.
5.2.3.9 Some hexes may contain circles and/or squares. Hexes
with these markings are collectively called city hexes or cities.
The circles are Stations and the squares are Rail Yards. The presence of Rail Yards or Stations in a hex does not change the cost
to lay a tile or upgrade a tile. If a hex contains two circles or
squares or a combination, it is a small city. If a hex contains any
combination of three circles or squares it is a large city. These
city sites are where companies and systems will place their Station tokens and Rail Yard tokens.
5.2.3.10 There are three special red city hexes. These are labeled
NYC (New York City), Cleveland, and Buffalo. These hexes are
extensions of the cities and are considered part of the same hex
as the on-map cities. No tiles may be laid on these hexes, but
their available Stations and Rail Yards may be used as if they
were part of the original city hex. At the start of the first Operating Round of the game, these cities already have a total of four
locations each for stations or yards. For example, both Cleveland
and Buffalo would each have one open station location upon
placement of the first yellow large city tile, plus the extra station and two yards of the special red hex. New York would have
an open station upon placement of its initial yellow tile, but it
would also have two more stations and a yard available in the
special red city hex. Always make sure that the track tiles are
oriented correctly, especially those that border on the Red City
Hexes of Cleveland, Buffalo, and New York City.
5.2.3.11 There are twelve named cities on the map. Each of these
cities has its own tiles and only tiles with the cities names may
be played on these hexes.
5.2.3.12 Only small city tiles may be placed on small city hexes,
and only large city tiles may be placed on large city hexes. The
token types on the tile must match the token types on the map.
5.2.4 If a corporation decides to lay track (hex tiles) it must pay
for each initial lay or upgrade with cash, and may not upgrade
the same tile twice, or make an initial tile lay and then upgrade
that (that is it may only alter any hex only once per track lay
phase).
5.2.4.1 In order to place a tile on a hex, the corporation must
have a route to that hex, that is it must be able to trace a direct
path from one of its Rail Yards or Station tokens to the hex to be
laid or upgraded. If a city hex is full with other corporations
tokens, that tile becomes a block and the operating company
may not pass beyond, except by another route, unless the corporation upgrades the city to make a vacancy (an unused Rail Yard
or Station). If a corporation upgrades a city to create a vacancy,
it must also lay a token there. If a corporation with a token in a
city upgrades the city, it does not have to lay a token there and
may leave a vacancy. This still counts as a city laid. If a city is
fully tokenized, and further upgrading would not produce a vacancy, then only the corporations with tokens in the city may
upgrade it further.
5.2.4.2 Systems may lay up to 7 tiles during a track lay phase.
They may lay or upgrade at most five cities. They may build up
to six Stations or Rail Yards.
5.2.4.3 Companies may lay up to 4 tiles during a track lay phase.
They may lay or upgrade at most two cities. They may build up
to three Stations and Rail Yards.
5.2.5 When a company operates for the first time, its first play
will be to lay a tile on its home city if this is not already done. It
must pay for the tile lay if it must lay a tile. It is also required to
purchase its home token, as indicated on the map by its logo,
and place it on the tile. If it laid its home city tile this counts
towards its total track lay, and its purchase of its home token
counts toward its token limit. Note that the home token is not
special in any way except that its location is reserved for exclusive use by the company. The home token acts and is used as any
other Rail Yard or Station token would be used.
5.2.5.1 The home token must match the type (Station or Rail
Yard) as indicated on the map. If the city tile has no vacancies,
the company must upgrade the home city tile to create one.
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SPECIAL: If the proper upgrade tile has not yet become available
by train purchases, then the company may violate normal token
lay rules and place its home token in a black (filled in) city site.
The home token does not have to match the correct type (Station or Rail Yard). This is the only time a corporation may violate
this rule.
5.2.6.3 Brown tiles (track series 300, city series 700) upgrade to
gray tiles only.
5.2.6.4 Gray tiles (track series 400, city series 800) are permanent and may not be upgraded.
5.2.6.5 To upgrade a tile, the corporation must be able to trace
an unblocked path from one of its Rail Yards or Station tokens
to the tile to be upgraded. When upgraded, all tokens that were
on the old tile remain intact on the new tile, and any existing
track must be preserved (duplicated) on the new tile. The old tile
is removed from the map and placed in the track pool, and is
immediately available for use.
5.2.5.2 Because of the Special rule in 5.2.5.1 it is theoretically possibly for hexes that have locations reserved for home tokens of
companies to end up having an extra one or two tokens. When a
site is reserved for the start of a company, it just means that the
company can always start there with the proper Station or Rail
Yard token, even if the space with the logo is already occupied
by another token. For example, if other companies had filled
both of the two Station locations for Cleveland before green
tiles became available, the C&O could still start there by placing
its token on the black Station location on the yellow track tile,
per rule 5.2.5.1. However, if the C&O started after the brown tile
was laid and there were already three Stations placed over the
three available Cleveland Station locations, the C&O could start
a fourth Station token on the Cleveland hexes. This could also be
done by the Nickel Plate or the Erie if their home logo locations
were already occupied by another token. In essence, a "reserved"
location does not prevent another company's token from occupying the space, for the company with the "reserved logo site"
cannot be prevented from placing its proper token in the city
hex reserved for it. Placement of an extra token or two on a hex
tile or red city hex probably wont happen very often, but should
a company in receivership disappear during play and then later
reappear, it would at least never be blocked (due to a shortage
of open token locations) from "resurrecting" as a new company
again. The logos for companies reserve a token placement for
those companies in that hex, but do not reserve the exact location shown by the logo on the map. Thus there is never a problem with placing tokens on logo locations of companies that
happen to not be available for play in the current game being
played.
5.2.6.6 Different track types (colors) become available at different times during the game. Initially only yellow tiles are available. With the purchase of the first 3-Train by any corporation,
green tiles immediately become available to all corporations.
With the purchase of the first 4-Train, brown tiles become available. With the purchase of the first 7-Train, gray tiles become
available.
5.2.6.7 The availability of colored track tiles (other than yellow)
does not change the strict progression of upgrades. An unoccupied hex must first be laid with a yellow tile, and then that upgraded to green, then brown, then gray. No skips in the progression are allowed.
5.2.6.8 If a corporation lays an initial tile (yellow) in a city site, it
must also purchase a token for that site.
5.2.6.9 SPECIAL: Brown Track tile #301 and Gray Track tile #401
may only be placed in the blank hex that separates Baltimore
and Washington, and only in an orientation that connects Baltimore and Washington.
5.2.7 Buying Rail Yards and Stations
5.2.7.1 Each company comes with 19 Rail Yards and 19 Stations,
although not all may be used in a game. If you look at Chart 1.9,
you will see a list detailing the number of Station tokens and Rail
Yard tokens that a company starts with. This is the maximum for
the company, but may be modified if the company becomes a
system by merging with another company. The company receives the number of Rail Yards and Stations listed in Chart 1.9
and on the company mat when it becomes active. They are
placed on the company mat.
5.2.5.3 The C&O may start at either Cleveland with a station or in

SE Virginia with a yard. It may start either of them on any turn of
the game. Thus, it could begin with a station in Cleveland and on
a later turn start a yard in SE Virginia, thereby having two unconnected routes. A player could even start the C&O with one station in Cleveland and one yard in SE Virginia simultaneously, although he would not be able to build a route for either location
on the same turn unless he used "track rights" on an adjacent
company.
5.2.7.2 As a corporation lays track, it may elect to purchase Rail

Yards and Stations. It does not need to lay track per se to purchase tokens, but it must have a place to put the tokens it purchases on the map. It may place its tokens on any city tile with a
vacancy (round area for Stations and square area for Rail Yards),
but it must demonstrate a clear running route from one of its
Stations or Rail Yards to the city it is placing the token into (see
5.2.4.1). City sites that are filled in with black are not available for
tokens, but may become available at some point when the city
upgrades. EXCEPTION: A company placing its home token may
violate usual token placement rules (see 5.2.5 and its subsections).
5.2.6 The initial tile lay on a hex with no tiles will be a yellow tile.
The color of a tile on a hex does not change the hex type (plains,
river, mountain). Tile upgrading is when an already existing tile is
changed to another tile of a different color. Upgrades must always be to a superior track type (a tile of the next higher series
number).
5.2.6.1 Yellow tiles (track series 100, city series 500) upgrade to
green tiles only.
5.2.6.2 Green tiles (track series 200, city series 600) upgrade to
brown tiles only.
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5.2.7.3 All monies paid for tokens are from corporate cash to The
Bank, except corporations in receivership which add to their
debt.
5.2.7.4 The cost of tokens varies throughout the game. Initially
Stations cost $40, but increase to $70 when the first 5-Train is
purchased, and increase to $110 when the first 9-Train is purchased. Initially Rail yards cost $70, but increase to $110 when
the first 5-Train is purchased, and increase to $210 when the first
9-Train is purchased.
5.2.7.5 Stations and Rail Yards increase the value of running a
train to a city with the token. Station tokens increase the value
of a city (to the owner of the token) by $10 initially, but add $20
when the first 5-Train is purchased, and add $30 when the first 9Train is purchased. Rail Yards increase the value of a city by $20
initially, but add $30 when the first 5-Train is purchased, and add
$50 when the first 9-Train is purchased.
5.2.7.6 A corporation may own at most one Rail Yard or one Station in any one city hex, until the first 3-Train is purchased. Then
it may own one Rail Yard and one Station in the same city hex if
the hex can support it and has the appropriate token types.
5.3 Phase 3: Buy Trains

5.3.1 The Buy Trains phase is optional if the corporation has the
required number of trains to operate. All corporations must have
at least one train to operate, but for systems this increases to
two with the purchase of the first 3-Train by any corporation. If a
system buys the first 3-Train, it must comply immediately with
the new train minimum holding of two trains.
5.3.2 Trains may be purchased from The Bank (the train area
above the Stock Market), the Stock Bank Pool, or other corporations. Trains purchased from other corporations are USED and will
not run until RESTORED in a later Operation Round, although they
still count toward train requirements. (A trains status is indicated as USED by turning it over.) Trains purchased from The Bank
may be used immediately. Trains purchased from the Stock Bank
Pool are USED and will not operate until their status changes to
RESTORED. Corporations may not buy retired trains.
5.3.2.1 Trains purchased from the Stock Bank Pool cost 60% of
their face value and are USED.
5.3.3 If a corporation is required to purchase a train and no trains
are available in either the Stock Bank Pool or The Bank, if the
President cannot arrange for the purchase of a train from another corporation, the corporation goes into receivership. It will be
allowed to exist without a train, but must purchase one later
during this phase if one becomes available in the Stock Bank
Pool. Its status during Phase 7 will be DID NOT RUN A TRAIN and all
usual receivership rules, including Stock Marker Token movement will apply. Note that this rule is applicable in the rare circumstance that all type 15-Trains have been bought from The
Bank, although the game designer has never seen that happen.
5.3.4 A corporation not owning the required number of trains to
operate, must still purchase a train(s) even if the only train it can
buy is a train it cannot use because the corporation has the
wrong kinds of tokens in play for the available train(s) to run
through. Moreover, when a company lacks the required number
Page 12
of trains to operate, it also must buy a train even if it has insufficient cash assets to make the purchase. If these rules force a
corporation to purchase a train, and the corporation has insufficient cash assets to make the purchase from The Bank or Stock
Bank Pool, then:
1) The President may solicit Presidents of other corporations (including corporations this President owns) to
sell a train to this corporation at any mutually-agreed
price, but it must be at least $1 and no more than the
real cost (as printed on the train), and must be fully
funded by the corporations cash assets. Any train(s)
thus purchased are USED and will not run this Operation
Round. The President is not forced to accept any offers.
2) If the President is unable to purchase a train from other
corporations, the corporation must sell its common
stock (if any is held) to add to its cash. Selling the stock
moves the Stock Marker Token one-half square (rounded up) left (or down if it cannot move left) for certificates sold, and no more may be sold than a sufficient
number to make the lowest appropriate train purchase.
Once this step is reached (even if there is no common
stock to sell), the President may no longer buy a train
from any corporation. If the corporation still does not
have enough cash to buy a train from the Stock Bank
Pool or The Bank, it must sell its bonds. Each bond sold
moves the Bond Marker Token one square down (or left
if it cannot move down) and no more bonds may be
sold than a sufficient number to make the lowest appropriate train purchase. Note that the sale of common
stock or bonds may not violate the five certificate
Stock Bank Pool limit, and the company or system must
immediately sell its common stock or bonds if space in
the Stock Bank Pool becomes available during a Stock
Round. It may not sell if doing so would deplete The
Bank (4.6.3.4).
3) If after selling its common stock and bonds, the corporation still does not have enough capital to purchase a
train, the President of the corporation must supply a
sufficient amount of cash from his own personal holdings to the corporation to make the purchase (and only
enough to make the purchase). He may not sell any
stocks or bonds to raise cash. Any cash sequestered by
the corporation is placed directly in the corporations
treasury (assets). If the President cannot supply enough
cash to buy a train, the corporation takes all the cash
the President has.
4) If the five certificate limit prevents the sale of bonds,
all bonds of the system are immediately closed at onehalf value (rounded down) and the system enters receivership even if the revenue from the bonds provides
enough money to purchase a train. (See 5.4.14 for bond
closing and its repercussions.)
5) If after step #3 there is still insufficient cash to purchase
a train, the corporation goes into receivership. The receivership rules will guide the corporation until it is no
longer in receivership.
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5.3.5 The purchase of trains may modify the rules. With the purchase of the first train of any particular number, the rule modifications apply immediately. The rule changes are printed in the
map boxes that contain The Banks trains, and are summarized
here:
Initially:
Corporations may own a maximum of five trains. (Systems
may modify this by one or two trains.)
Yellow tiles are available.
There is one Operation Round each Operation Set following any Stock Round.
Stations cost $40 and add $10 to a city.
Rail Yards cost $70 and add $20 to a city.
Corporations may have at most one token per city hex.
With the purchase of the first:
2-Train
Mergers may now take place.
3-Train
Systems must maintain a minimum of two trains.
Green tiles are available.
Corporations may have one Station and one Rail Yard in
the same city hex.
4-Train
Corporations may own a maximum of four trains. (Systems may modify this by one or two trains.)
Brown tiles are available.
There are two Operation Rounds in an Operation Set following any Stock Round.
Block purchases of two certificates begin (if Government
Intervention does not apply).
5-Train
Corporations may own a maximum of three trains. (Systems may modify this by one or two trains.)
2-Trains are RETIRED.
6-Train
7-Train
Gray tiles are available.
There are four Operation Rounds in an Operation Set following each Stock Round.
Block purchases of four certificates begin (if Government
Intervention does not apply).
9-Train
Corporations may own a maximum of two trains. (Systems may modify this by one or two trains.)
12-Train
Mergers cease.
15-Train
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5.3.6 When a train type Retires, it becomes obsolete and is immediately removed from play. All corporations surrender the
trains to The Bank, and they are placed off the map. EXCEPTION: A
corporation in receivership does not surrender obsolete trains,
but may still run them until it is no longer in receivership.
5.3.7 A corporation at its train limit may still purchase trains. It
must give its extra trains to the Stock Bank Pool, with no compensation, to make room for the new trains.
5.3.8 When a corporation buys a train from The Bank, it must
purchase the lowest numbered train available. All 2-Trains must
be purchased before a 3-Train may be purchased; All 3-Trains
must be purchased before a 4-Train may be purchased; Etc.
5.3.9 Corporations in receivership pay a 10% (rounded up) interest charge on their debt at the end of this phase. This charge is
added to their paper debt.
5.3.10 7-Trains and higher are permanent trains. They will never
retire although they may still be sold to other corporations or
placed in the Stock Bank Pool.
5.3.11 The President of a system may use his own cash holdings
to subsidize the purchase of a train for his system. All of the cash
in the system must be used first, and then the President may add
enough to buy the trains he desires, but he may not put any extra cash into the system. The system will have no cash holdings
after the train buys.
5.4 Phase 4: Receivership

A corporation not in receivership skips Phase 4, and moves on to
Phase 5: Establish Track Rights. The effects of receivership are
not restricted to this phase.
5.4.1 A corporation in receivership must still have the minimum
number of trains required for its type of corporation. If the
guidelines set out in 5.3.3 fail to meet these requirements, then
the corporation must borrow money from The Bank.
5.4.1.1 The money borrowed from The Bank is a loan and must be
repaid, with interest. The loaned money is kept on paper; No
actual notes are given to the corporation. The amount of the
loan is any deficiency after both the corporations and the Presidents cash are combined (as in 5.3.4 #3).
5.4.1.2 At the end of each Buy Trains phase (Phase 3) of any Operation Round in an Operation Set, if the corporation is in receivership, it must pay a 10% surcharge (rounded up) for its outstanding debt. This is the interest on the loan and is added directly to its paper debt. Corporations that have just entered
receivership by being forced to purchase a train will still have an
interest payment starting as soon as the corporation or company
goes into debt for the train. Even if a corporation has borrowed
just a small amount and its revenue run gives it sufficient cash to
pay off its debt at the end of the same Operation Round that it
incurred the loan, it will still be charged the full loan interest.
5.4.2 Any corporation that is in receivership during the Dispose
of Dividends phase (Phase 7) must HOLD all monies collected by
any trains run. This money cannot be spent until Phase 11 (Pay
Debt) of the Operating Round.
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5.4.3 A corporation in receivership may not purchase more than

the required minimum number of trains.
5.4.4 Corporations in receivership may not sell their trains to
other corporations.
5.4.5 When a corporation enters receivership, its Stock Marker
Token immediately moves one square left (or down if it cannot
move left).
5.4.6 Common stock of a corporation in receivership does not
count towards a players certificate limit as set in 3.2.1.1. When
the corporation comes out of receivership, the stocks will again
count, and the player must make any necessary corrections to
his portfolio to comply with the limit (Similar to the exception
in 4.2.2). The preferred stock of a corporation in receivership
does count toward the certificate limit.
5.4.7 Corporations in receivership may not pay Track Right Fees
(Phase 5) to extend their runs. A corporation, however, may use
track rights it had already established during the same Operation
Set prior to entering Receivership.
5.4.8 If the purchase of a train by any corporation would retire a
train held by a corporation in receivership, the corporation in
receivership will hold and run the train to be retired until it is no
longer in receivership. The train still counts towards the corporations required train holdings.
5.4.9 Corporations in receivership are required to have a running
route equal-to or greater-than one-half (rounded up) of the
smallest train they own. For example, a company in receivership
with a 4-Train, must have a route that connects two of its tokens
(4/2=2). A system with a 7-Train and a 9-Train must have a route
that connects four of its tokens (7/2=4 rounded up). The tokens
must be of the appropriate type (Stations or Rail Yards) for the
train in use. Mixed trains (greater than 2-Trains) still carry the
requirement, but the tokens must be mixed with at least one
Station, one Rail Yard, and others of any appropriate type for
the train. If the corporation in receivership does not own enough
tokens to meet the requirements of this rule (for example, it has
a 15-Train and only 6 tokens), it must build all of its remaining
tokens allotted to it. It may happen that a corporation is
blocked by tokens and track of other corporations and thereby
is prevented from building the required additional track tiles for
its tokens. Likewise, if it lacks the correct type of tokens for its
train, it may not be able to meet the requirements of this rule. In
either of these cases, there is no further penalty against the corporation, although it may find itself in a perpetual market slide
leading to ultimate closure of the corporation.
5.4.10 If the corporation in receivership does not have an appropriate route (as required by rule 5.4.9), it must lay track and purchase tokens (subject to the limitations of rule 5.2.4.2, rule 5.2.4.3
and rule 5.4.15). The new track and token purchases occur in the
next Lay Track and Buy Tokens phase, and possibly in subsequent
Lay Track and Buy Tokens phases if the limitations of 5.2.42. &
5.2.4.3 pertain. The cost of all such track lays and tokens is added
directly to the paper debt and not paid for from cash. It may lay
only yellow tiles to make the route. If the corporation has met
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its trains needs (rule 5.4.9) it may still lay track, but such lays are
restricted to yellow or green tiles and are also added to its debt.
It may not buy tokens beyond the necessary minimums. Note
that the added debt of buying more tokens and track to meet
the requirements of rule 5.4.9 may cause a corporation to be
unable to get out of receivership by the end of an Operation Set,
thereby causing it to remain in receivership for another full Operation Set.
5.4.11 A corporation will no longer be in receivership if it has paid
off its debt and has any cash asset at the end of an Operation
Set.
It is still considered to be in receivership until the absolute end
of the Operation Set, and not when it is finished operating or has
paid off its debt.
5.4.12 The President of a corporation in receivership may not
transfer the presidency while the corporation is in receivership.
5.4.13 No shares of any corporation in receivership may be sold
by any players during a Stock Round.
5.4.14 If a system with bonds goes into receivership, the bonds
are immediately closed at one-half value. The original company
from which the bonds came will be available for sale during the
next Stock Round. The systems allocation of Rail Yards and Stations drops to its pre-final-merger limit, and its train limit drops
by one (see 4.3.3). It must also immediately reduce it tokens similar to 5.9.7.8, if it is over its new reduced limit. It may again
merge to create bonds, when it is no longer in receivership.
5.4.15 Corporations in receivership may not add to their debt by
laying track or buying tokens once The Bank has run out of money.
5.5 Phase 5: Establish Track Rights

5.5.1 To enhance its route, a corporation may purchase the temporary use of other corporations Stations and Rail Yards. The
cost is the current cost of buying a new Station or Rail Yard, and
is paid to the treasuries of the owning corporations. The cost is
the current value of the token type, and is paid to the treasuries
of the owning corporations.
5.5.2 A Station or Rail Yard purchased in such a way is considered to be the operating corporations own Station or Rail Yard
and any rights, including enhanced city values and train routes
are purchased with it.
5.5.3 These rights last for the Operation Set they are purchased
in.
5.5.4 A corporation may not refuse to sell use of its tokens.
5.5.5 The corporation may purchase track rights to any number
of Stations and Rail Yards from any number of corporations, but
it must be able to pay from cash assets.
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5.6 Phase 6: Run Trains

Running trains is how a corporation produces money for itself
and its shareholders. It makes money for its shareholders by paying dividends and positively affecting its stock price.
5.6.1 USED trains do not run. They count toward train requirements but collect no money. RESTORED trains are exactly equivalent to normal trains and run normally. Trains collect money by
running from token to token.
5.6.2 A route consists of an unbroken chain of track connecting
tokens (Stations and Rail Yards). Trains may use any track on a
tile, and after entering a city may leave by another track connected to the city. No two trains (of the operating corporation)
may use the same track segments during the same Operation
Round, but any number of trains may use the same tokens.
5.6.2.1 A train may not use the same city hex twice, although it
may use other hexes any number of times as long as it uses different track each time. EXCEPTION: The Delaware large city may
be run to twice by the same train, as long as the train runs to
both cities South of the large city before returning to the large
city. EXCEPTION: Commuter Runs (section 5.6.7) may use the same
cities more than once.
5.6.2.2 A vacancy on a city tile allows a train to pass through, but
no city points are received. A train only makes money by running
to tokens.
5.6.2.3 Trains may only run to tokens of the proper type for the
train as printed on the train. Mixed trains may only run to the
correct number of each type of token for that train. A train cannot "pass through" a token of the wrong type. Freight trains can
only include rail yard tokens or "uncounted" vacant token spaces
on their runs. Likewise, this rule applies to passenger trains and
station tokens. Only Mixed trains can (and must) combine the
two types of tokens in their runs.
5.6.2.4 Track running to the edge of a tile is connected to track
running to the same edge of another tile, even though the track
lines do not strictly meet. (Example: A single track touching a
double track is connected to both tracks on the double track.)
5.6.2.5 A route must begin and end on a token. Both the beginning and end token count toward the trains run limit, and the
train must run to at least two tokens, and at most to the number
printed on the train.
5.6.3 The money received for a train run is the value of the city
(as printed on the city tile) plus the value of the token in the
city, for each token reached by a train, for each train. (Example:
Only 2-Trains have been purchased, so the value of a Station is
$10 and the value of a Rail Yard is $20. The B&O runs the Stourbridge Lion 0-4-0 (a mixed 2-Train) between a small city with a
Rail Yard, and a large city with a Station. For the small city, the
run gets $10 for the city and $20 for the Rail Yard, and for the
large city, the run gets $20 for the city and $10 for the Station.
The total monies for the run is $10+$20+$20+$10=$60.)
5.6.4 All monies collected from running trains are kept separate
from corporate treasury. The dispensation of run money will
come in Phase 7: Dispose of Dividends.
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5.6.5 Any tokens purchased as track rights in Phase 5 count just

as if the purchasing corporation owned them. The corporation
must use each token purchased in Phase 5 in a train run. At least
one token in the run, however, must actually belong to the corporation making the run and not be one of those purchased by
track rights. Consequently, corporations purchasing track rights
should keep this in mind so as to not buy more Track Rights than
can be run by their trains.
5.6.6 A corporation is not required to run all of its trains, nor is it
required to find and run optimal routes, but it must run at least
one train if it has an unused train and a route with the correct
tokens for the train type. If a company or system has one or
more trains that cannot run because its routes contain the wrong
type of tokens, then the unfortunate company or system will not
be able to collect revenues and will likely see the value of its
stock gradually diminish until such time as the correct train can
be bought.
Note: It is part of the game strategy to deny usable trains to
ones opponents by purchasing the trains they would need so as
to push them into receivership or weaken them for hostile takeovers.
5.6.7 A Commuter Run is a continuous loop of Stations between
two or more cities.
5.6.7.1 There are only two commuter runs. One starts in White
Plains and then runs to New York City, to Long Island West, to
Long Island East, then back to Long Island West, to New York
City, to White Plains, then to New York City and so on. The run
must start in White Plains. The corporation to make the run must
have a Station token in each of the four cities. The train to make
the Commuter Run must run to Stations only (it may not be
mixed or run to Rail Yards only). The train may use the same city
tokens when making the run, but must use different track each
time. Token and city values are counted as usual. Note that even
a type "15" train can also make the commuter run because it can
finish by making the run from White Plains directly to Long Island West and back. The route runs as follows: White Plains (WP)
- New York City (NYC) - Long Island West (LIW) - Long Island
East (LIE) - LIW - NYC - WP -NYC - LIW - LIE - LIW - NYC - WP LIW - WP.
5.6.7.2 The other Commuter Run is between Baltimore and
Washington. The corporation must own a Station token in both
cities, and the train to make the Commuter Run must run to Stations only (it may not be mixed or run to Rail Yards only). The
run may start in either city, and then run back and forth between
the two cities using the same Station tokens. The train must use
different track for each pass in the run. Token and city values are
counted as usual.
5.6.7.3 Only 5-Trains or greater that service Stations only may be
used in a Commuter Run. Any excess or unused stations normally
available to the train are forfeit after it completes a Commuter
Run. Thus only one Commuter Run per corporation may occur in
each of the two Commuter Run locations.
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5.7 Phase 7: Dispose of Dividends
5.9 Phase 9: Mergers and Takeovers
During this phase, monies collected from running trains are disbursed according to the Presidents will. Monies owed to shares
of any type in the Stock Bank Pool are paid to The Bank. Monies
owed to shares in Initial Offerings are kept by the company or
system.
Mergers occur when two companies join together, or a system

takes over a company.
5.9.1 A company may during its life absorb or take over at most
two other companies. This may be modified if a system with
bonds goes into receivership. It may have at most 19 Stations and
19 Rail Yards and at most two more trains than the current limit.
Any operating corporation may attempt to merge only once per
Operation Round. If a system merges a second time, it is to create bonds only, and must follow Type IV rules.
5.7.1 If the corporation did not run a train (it only had used
trains), it automatically takes DID NOT RUN A TRAIN status.
5.7.2 The corporation may do any of the following with the monies collected during Phase 6: Run Trains:
5.9.2 In this merger section, the company or system that is taking

over another company is corporation A, and is the operating
corporation. The company that is being taken over is company B.
5.7.2.1 It may HOLD all monies in corporate treasury.

5.7.2.2 It may PAY PREFERRED ONLY. All of the money collected
is paid out to owners of the corporations preferred stock. The
owners of preferred stock split the dividend equally by share.
(Example: The LIRR ran during Phase 6 for $100. The President
owns only the 20% (2 shares) Presidents Preferred Stock certificate, and another player owns 10% (one share), the others being
in the Stock Bank Pool. The President receives two-fifths ($40)
for holding two of five shares, the other player receives onefifth ($20) for holding one share, and The Bank receives twofifths ($40) for its two shares.)
5.9.3 Corporation A may only take over company B, if A can

demonstrate an unblocked path from one of its Stations or Rail
Yards to one of Bs Stations or Rail Yards. If the movement of As
Stock Marker Token as a result of the merger/takeover announcement would move it to the STOCK TRADES CLOSED area,
the merger/takeover is canceled.
5.7.2.3 It may PAY 50% to PREFERRED, 25% to COMMON, and

HOLD 25%. Each share of preferred stock receives 10% of the
money collected; Each share of common stock receives 5% of
the collected money (if they are 10% shares) rounded down, or
2.5% of the money (if they are 5% shares) rounded down; The
corporate treasury holds the remainder.
5.9.5 Companies may not participate in mergers or takeovers, as

either company A or company B, until they have participated in
one full Operation Set after they have become active. Only active companies may participate in mergers. Corporations in receivership may not initiate mergers.
5.9.4 Systems are invulnerable to takeovers of any type (they

may not be company B).
5.9.6 There are four different kinds of takeovers. Type I is a

Friendly Merger. Type II is a Hostile Takeover of a Company Not
in Receivership. Type III is a Hostile Takeover of a Company in
Receivership. Type IV is a Hostile Takeover for Bonds. The steps
outlined for each type should be followed in sequence.
5.7.2.4 It may PAY ALL. Each share of Preferred stock receives

10% of the money collected; Each share of common stock receives 10% of the money collected (if they are 10% shares), or 5%
rounded down (if they are 5% shares), any remainder being held
by the corporation.
5.9.7 Type I: Friendly Mergers
5.7.4 It may PAY ALL + 200%. With this option, the corporation
takes an amount of cash from treasury (it must have enough cash
to select this) equal to twice the amount collected in Phase 6,
adds it to the run money, and disburses those funds as in PAY ALL.
5.9.7.1 A Friendly Merger is between two companies both with

the same President. If company B is in receivership, this type and
not Hostile Takeover of a Company in Receivership (Type III)
applies.
5.8 Phase 8: Move Stock Marker Token
5.9.7.2 The President of company A declares a planned merger

with company B.
5.8.1 The Stock Marker Token of the operating corporation will

move according to what actions it took during Phase 7: Dispose
of Dividends. If the corporation:
DID NOT RUN A TRAINThe Stock Marker Token moves
left (or down if it cannot move left) two squares.
HELDThe Stock Marker Token Moves left (or down if it
cannot move left) one square.
PAID PREFERRED ONLYThe Stock Marker Token moves
left (or down if it cannot move left) one square.
PAID 50% to PREFERRED, 25% to COMMON, HELD 25%The
Stock Marker Token does not move.
PAID ALLThe Stock Marker Token moves one square to
the right (or up if it cannot move right).
PAID ALL + 200%The Stock Marker Token moves two
squares to the right (or up if it cannot move right).
5.9.7.3 A must have enough cash to buy all of Bs preferred stock

from players and the Stock Bank Pool. Stock is purchased at the
price of Bs preferred Stock Marker Token multiplied by the
number of shares (including any 2x markers). Players certificates
are paid to the players, and Stock Bank Pool certificates are paid
to The Bank.
5.9.7.3.1 If A fails the test in 5.9.7.3, then the Stock Marker Token
for both A and B moves down one square (or left if it cannot
move down). The merger is canceled.
5.9.7.4 The preferred stock of B retires, and will not return to
play unless A gets closed out (4.3.2).
5.9.7.5 Each of Bs 10/5/0% common stock is replaced with As
5% common stock for mergers regardless of where it is (Stock
Bank Pool, players hands, Initial Offerings). As 10/5/0% com-
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mon stock certificates are now 5% holdings. Bs common stock

(both 10/5/0% and 5%) are removed from play. (Note that maximum corporation holding rules may force a player to reduce his
holding during the next Stock Round.)
5.9.7.6 Former company A, now system A, gets all of Bs assets
(cash & stock) and equipment (trains & tokens). From its pool of
extra tokens, A adds to its Stations and Rail Yards any not used
on Bs company mat. A also replaces any Stations and Rail Yards
of Bs on the map with its own. As new Station limit is the sum
of As and Bs Station limits, up to nineteen. As new Rail Yard
limit is the sum of As and Bs Rail Yard limits, up to nineteen.
5.9.7.7 As train limit increases by one.
5.9.7.8 A must now correct its train holdings and its tokens. Any
trains beyond its current allowed limit must be placed into the
Stock Bank Pool as used trains (the President decides which)
without compensation. If A cannot absorb all of Bs tokens, then
A must decide which of the tokens that cannot be absorbed are
to be liquidated. Liquidation pays one-half the current price of a
new Station or Rail Yard. A must liquidate tokens if it has more
than two in any city hex, or if it has two or more of any one type
in any city hex. All cash from the liquidation becomes a corporate ASSET.
5.9.7.9 System A receives from The Bank three times the value of
its par stock, placed in cash assets.
5.9.8 Type II: Hostile Takeovers of Companies Not In Receivership
5.9.8.1 The President of company A announces a Hostile Takeover of company B (which is not in receivership).
5.9.8.2 Bs Stock Marker Token temporarily moves two squares
right (or up if it cannot move right). As Stock Marker Token
moves one square left (or down if it cannot move left).
5.9.8.3 As total ASSETS (stock & cash) must be greater than all of
Bs preferred stock at current price including any 2x markers,
plus one-half of Bs assets (cash & stock). A must have enough
cash to buy all of Bs preferred stock at current price including
any 2x markers.
5.9.8.3.1 If this is not the case, then Bs Stock Marker Token
moves back to where it was (including within the stack if more
than one token was there) before the takeover announcement,
but As Stock Marker Token remains where it is. The takeover is
canceled.
5.9.8.4 If Bs stock split during the move in 5.9.8.2, all certificates
receive a 2x marker as in 4.3.4, and owners of Bs common stock
may sell at the current price including any 2x markers, or they
may trade one-for-one for As 5% common stock certificate and
transfer any 2x markers to the new certificates. Selling does not
affect the Stock Marker Token.
5.9.8.5 All of Bs preferred stock is purchased at the price of Bs
preferred Stock Marker Token multiplied by the number of
shares (including any 2x markers). Players certificates are paid to
the players, and Stock Bank Pool certificates are paid to The
Bank. Bs preferred stock is retired and will not be in play unless
A becomes closed out (4.3.2).
Page 17
5.9.8.6 Each of Bs 10/5/0% common stock certificates is replaced with As 5% common stock for mergers regardless of
where it is (Stock Bank Pool, players hands, Initial Offerings). As
10/5/0% common stock certificates are now 5% holdings. Bs
common stock (both 10/5/0% and 5%) are removed from play.
(Note that maximum corporation holding rules may force a
player to reduce his holding during the next Stock Round.)
5.9.8.7 Bs former President receives one-half of Bs cash (rounded up).
than two in any city hex, or if it has two or more of the same
type in any city hex. All cash from the liquidation becomes a
corporate ASSET.
5.9.8.11 System A receives from The Bank five times the value of
its par stock, placed in cash assets.
5.9.9 Type III: Hostile Takeover of Companies In Receivership
5.9.9.1 The President of company A announces a Hostile Takeover of company B, which is in receivership. A may not be a system.
5.9.9.2 As Stock Marker Token moves one square left (or down if
it cannot move left). Bs Stock Marker Token does not move.
5.9.9.3 A must have sufficient cash to buy all of Bs preferred
stock at current prices including 2x markers, plus pay all of Bs
loan.
5.9.9.3.1 If this is not the case, As and Bs Stock Marker Tokens
remain where they are. The takeover is canceled.
5.9.9.4 All of Bs preferred stock is purchased at the price of Bs
preferred Stock Marker Token multiplied by the number of
shares (including any 2x markers). Players certificates are paid to
the players, and Stock Bank Pool certificates are paid to The
Bank. Bs preferred stock retired and will not be in play unless A
becomes dosed out (4.3.2).
5.9.9.5 Each of Bs 10/5/0% common stock certificates is replaced with As 5% common stock for mergers regardless of
where it is (Stock Bank Pool, players hands, Initial Offerings). As
10/5/0% common stock certificates are now 5% holdings. Bs
common stock (both 10/5/0% and 5% are removed from play.
(Note that maximum corporation holding rules may force a
player to reduce his holding during the next stock round).
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5.9.9.6 A pays Bs debt to The Bank.

5.9.9.7 Bs President receives no payment for having been President.
Bs preferred stock is retired and will not be in play unless A becomes closed out (4.3.2).
5.9.10.7 Bs former President receives one-half of Bs cash
(rounded up).
5.9.10.8 Bs 10/5/0% common stock certificates are now system
As bonds and acquire the 0% label. Bs Stock Marker Token is
moved under As, and Bs 5% common stock certificates are removed from play.
5.9.10.9 Bs Stock Marker Token is now As Bond Marker Token.
The certificates of B that represent system As bonds are officially part of system A.

corporate ASSET.
5.9.9.11 System A is not in receivership.
5.9.9.12 System A receives from The Bank eight times the value
of its par stock, placed in cash assets.
5.9.10 Type IV: Hostile Takeover for Bonds
5.9.10.1 The President of system A announces a takeover of company B. B may not be in receivership. Note that a Hostile Takeover for Bonds is the only method by which a system can make a
merger.
5.9.10.2 System As Stock Marker Token moves one square left
(or down if it cannot move left). Company Bs Stock Marker Token temporarily moves two squares right (or up if it cannot
move right).
5.9.10.3 As total ASSETS (stock & cash) must be greater than all
of Bs preferred stock at current price including any 2x markers,
plus one-half of Bs assets (cash and stock). A must have enough
cash to buy all of Bs preferred stock at current price including
any 2x markers.
5.9.10.4 If this is not the case, then Bs Stock Marker Token
moves back to where it was (including within the stack if more
than one token were there) before the takeover announcement,
but As Stock Marker Token remains where it is. The takeover is
canceled.
5.9.10.5 If Bs stock split during the move in 5.9.10.2, all certificates receive a 2x marker as in 4.3.4, and owners of Bs common
stock may sell at the current price including any 2x markers, or
they may hold them and retain any 2x markers. Selling does not
affect the Stock Marker Token.
5.9.10.6 Bs preferred stock is purchased at the price of Bs preferred Stock Marker Token multiplied by the number of shares
(including any 2x markers). Players certificates are paid to the
players, and Stock Bank Pool certificates are paid to The Bank.
5.9.10.10 Any bonds of system A that are in Initial Offerings because they were unsold shares of Bs common stock, are placed
in the Stock Bank Pool even if in violation of the five share limit.
5.9.10.12 A must now correct its train holdings and its tokens.
Any trains beyond its current allowed limit must be placed into
the Stock Bank Pool as used trains (the President decides which)
corporate ASSET.
5.9.10.13 System A receives from The Bank two times the value
of its par stock, placed in cash assets.
5.10 Phase 10: Collect Bond Revenues

5.10.1 For each bond held by a player or a system, The Bank pays
10% (rounded down) of the current bond price as posted by the
Bond Marker Token.
5.10.1.1 2x markers do not affect the current bond price nor increase the payment of bond interest.
5.11 Phase 11: Pay Debt

5.11 .1 If a corporation has an outstanding loan, any cash in treasury, up to the amount of the loan, is given to The Bank and subtracted from the loan. If the loan is still not fully paid, the corporation will sequester cash from the President to pay the loan.
The President must use only his cash to pay the loan. If he does
not have sufficient cash to repay, all that he has is taken and
subtracted from the loan.
5.12 Ending an Operation Round

5.12.1 At the end of an Operation Round, all Bond Marker Tokens
rise one square (or go right if they cannot rise).
5.12.2 At the end of an Operation Round, if the Operation Set is
incomplete, another Operation Round commences immediately,
unless The Bank has run out of money during the Operation
Round, in which case the game is over. Stock Marker Tokens are
again examined to determine the order of operation during the
Page 18
1831 Rules v2.0
July 31, 2014
new Operation Round. If the Operation Set is completed, a

Stock Round begins with the player holding the PRIORITY DEAL
card.
5.12.3 A corporation will no longer be in receivership if it has
paid off its debt and has any cash asset at the end of an Operation Set. It is still considered to be in receivership until the absolute end of the Operation Set, and not when it is finished operating or has paid off its debt.
5.12.4 At the end of each Operation Round, any system that
owns more stock or bonds then the allowed limit of 4.6.5 or
4.6.5.1 must correct its holdings to comply with the limit. For
each share of common stock sold, the Stock Marker Token drops
(or moves left if it cannot drop) one-half square (rounded up).
For each bond sold, the Bond Marker Token drops (or moves left
if it cannot drop) one square. All monies are paid to the systems
treasury.
6.0 Ending the Game

6.1.1 The game will end at the end of the Operation Round in
which The Bank runs out of money at any point. The Operation
Round will be completed, although the Operation Set may not
be. If The Bank runs out of money during a Stock Round it has no
effect. You may not sell stock to break The Bank during a Stock
Round. Sales of this type are cancelled. The Bank thus always has
some money in it and there will always be an Operating Round
following a Stock Round. (See rule 4.6.3.4.)
6.1.2 All monies owed by The Bank will be kept on paper once it
runs out of money during an Operation Round.
6.1.3 Corporations in receivership may not add to their debt by
laying track or buying tokens once The Bank has run out of money.
6.1.4 Stock certificates of corporations in receivership have no
value and do not count toward a players final total value.
6.1.5 The player with the highest total value of cash, stocks, and
bonds, wins the game. Corporations and their assets do not
count toward the total. The value of stocks and bonds is the
price posted by the Stock Marker Token or Bond Marker Token
multiplied by the number of shares, multiplied by the sum of any
2x markers.
7.0 Optional Rules for a Shorter Game

7.1 Shorter Game
The game may be made shorter by changing the bonuses a system receives when it is created or takes over another company.
To effect the change:
The Type I bonus (5.9.7.9) changes from three times par to
five times par.
The Type II bonus (5.9.8.11) changes from five times par to
ten times par.
The Type III bonus (5.9.9.12) changes from eight times par to
13 times par.
The Type IV bonus (5.9.10.13) changes from two times par to
three times par.
Page 19
1831 Game Credits

Game Design: Carl M. Burger, Graphics: Scott A. Petersen, Rules:
Howard N. Christ III
Acknowledgement: To my Love, Diane, who has supported this
effort from the start. Bless you Dear for your patience and understanding. -Carl Burger
Appendix A - Tile Manifest

The subscripted numbers after each tile number are the quantities of the tile to be used in the game.
Yellow Track Tiles

101 20, 10216, 1038
Yellow City Tiles
501 20, 5024, 5036, 50420, 5054, 5066, 50712,
5084, 5094, 51012, 511 4, 5124, 5283, 5293, 5303,
531 3, 5323, 5333, 5343, 5353, 5363, 5373, 5383,
5393, 5401, 541 1, 5421, 5431, 5441, 5451, 5461,
5471, 5481, 5491, 5501, 551 1
Green Track Tiles
201 19, 20221, 2039
601 14, 6025, 6036, 6075, 6082, 6093, 6105, 611 2,
6123, 6282, 6292, 6302, 631 2, 6322, 6332, 6342,
6352, 6362, 6372, 6382, 6392, 6401, 641 1, 6421,
6431, 6441, 6451, 6461, 6471, 6481, 6491, 6501,
651 1
Brown Track Tiles
301 1, 3026, 3036, 3056, 3066, 3074, 3094, 3104
Brown City Tiles
701 4, 7025, 7035, 7045, 7056, 7063, 7073, 7082,
7092, 7101, 711 2, 7122, 7132, 7143, 7282, 7302,
7322, 7342, 7362, 7382, 7401, 741 1, 7421, 7431,
7441, 7451, 7461, 7471, 7481, 7491, 7501, 751 1
Gray Track Tiles
401 1, 4022, 4032, 4042, 4052, 4071, 4102
Gray City Tiles
8047, 8055, 8083, 8092, 8132, 8142, 8281, 8301,
8324, 8342, 8361, 8381, 8401, 841 1, 8421, 8431,
8441, 8451, 8461, 8491, 8501, 851 1
1831 Rules v2.0
July 31, 2014
Appendix B - Tile Upgrades

The list following each tile number indicates the available immediate upgrades of that tile.
101201
102202
103203
201301, 302, 303, 307
202302, 303, 305, 306, 309, 310
203305, 306
301401
302402, 404
303403, 404
305403, 405
306402, 405
307407
309None
310410
401None
402None
403None
404None
405None
407None
410None
501601
502602
503603
504601
505602
506603
507607
508608
509609
510610
511611
512612
528628, 632
529629, 633
530630, 632
531631, 633
532632, 634
533633, 635
534634
535635
536630, 636
537631, 637
538632, 638
539633, 639
540640
541641
542642
543643
544634
545645
546646
547647
548648
549649
550650
551651
601701, 702, 703, 704
602702, 703, 704
603702, 703, 704, 705
607707, 708, 709
608707, 708, 709
609706, 707, 708, 709
610710, 711, 712, 713
611711, 712, 713
612711, 712, 713, 714
628728
629728
630730
631730
632732
633732
634734
635734
636736
637736
638738
639738
640740
641741
642742
643743
644744
645745
646746
647747
648748
649749
650750
651751
701804, 805
702804, 805
703804, 805
704804
705805
706808
707808, 809
708808, 809
709809
710813, 814
711813, 814
712813, 814
713813
714814
728828, 832
730830, 832
732832, 834
734834
Page 20
736830, 836
738832, 838
740840
741841
742842
743843
744844
745845
746846
747None
748None
749849
750850
751851
804None
805None
808None
809None
813 one
814 one
828None
830None
832None
834None
836None
838None
840None
841 one
842None
843None
844None
845None
846None
849None
850None
851None

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Ian DBurger

5.0 Operation Rounds ...................................................... 9

2.0 Winning the Game...................................................... 2

4.0 Stock Rounds ............................................................... 5

6.0 Ending the Game .......................................................19

1831 Game Credits ..........................................................19

1831 Rules v2.0

July 31, 2014

1.5 Track Tiles

1831 is a railroading game like no other. It combines the real spirit

Track tiles (quantity and type described in Appendix A).

1.0 Parts List

This rule book.

1.2 Station Tokens and Rail Yard Tokens

1.9 Stock Certificates

System/Company Mats: 30 (one for each company).

1.10 Stock Spilt Markers

1.3 System/Company Mats

1.8 First Buy Deck

Stock Certificates for companies come in the amounts shown in

Tokens are divided as follows:

A map of the Northeastern United States.

1.7 Rule Book

1831 comes packed with the following parts:

1.6 Game Map

1.11 Other Markers - Par Value, Stock Marker,

2.0 Winning the Game

1831 Rules v2.0

July 31, 2014

New York Central Railroad

Baltimore and Ohio Railroad

Chesapeake & Ohio Railway

Philadelphia and Reading Rail Road

Long Island Rail Road

Bessemer and Lake Erie Railroad

Delaware, Lackawanna and Western Railroad

Delaware and Hudson Railway

New York, Chicago and St. Louis Railroad

Maine Central Railroad Company

Grand Trunk Western Railroad

Lehigh Valley Railroad

New York Central and Hudson River Railroad

Buffalo, Rochester and Pittsburgh Railway

Toronto, Hamilton and Buffalo Railway

East Broad Top Railroad

Bangor and Aroostook Railroad

Pere Marquette Railway

Western Maryland Railway

Lehigh and New England Railroad

Coudersport and Port Allegany Railroad

Pittsburg, Shawmut and Northern

* 5% and 10% amounts refer to common stock; 0% refers to bonds.

1831 Rules v2.0

July 31, 2014

3.0 Starting Play

3.2 Other Paraphernalia

B&LE, B&M, B&O, C&O, D&H, DL&W,

All lines listed above plus: BAR, EBT,

All lines listed above plus:

All lines listed above plus:

3.4 Beginning Play

1831 Rules v2.0

July 31, 2014

4.0 Stock Rounds