1846 1

2nd Edition

RULES OF PLAY
Game Design: Tom Lehmann

TABLE OF CONTENTS
1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2. Setup. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Tips for Faster Play. . . . . . . . . . . . . . . . . . . . . . . . . . 13
3. Private Co. Distribution . . . . . . . . . . . . . . . . . . 4 Detailed Example of Play. . . . . . . . . . . . . . . . . . . . . 14
4. Sequence of Play . . . . . . . . . . . . . . . . . . . . . . . . 4 Historical Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
5. Stock Round. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Player Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
6 Operating Rounds. . . . . . . . . . . . . . . . . . . . . . . 6 Experienced 18xx players: Points to Remember . . . 19
7. Bankruptcy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
8. Closing a Railroad. . . . . . . . . . . . . . . . . . . . . . . 11 Tile Manifest and Upgrades. . . . . . . . . . . . . . . . . . . 21
9. Advancing the Game Phase. . . . . . . . . . . . . . . . 11 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
10. Game End / Winning. . . . . . . . . . . . . . . . . . . . . 13 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
11. Etiquette. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Planning Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

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2 1846

1. INTRODUCTION 1.4 COMPONENTS

1 board
In 1846, 3-5 tycoons compete to earn money and build the best
6 sheets with 120 track tiles
stock portfolio by investing in and operating railroads within the
1 sheet with 70 counters
mid-western United States during 1846-1935.
7 corporate mats
63 stock certificates
1.1 HISTORICAL SETTING 12 Private Company certificates
Five competing eastern railroads, in search of mid-western grain 29 train cards
and markets, crossed the Appalachian mountains in the early 5 player cards
1850s: the New York Central, Erie, Pennsylvania, Baltimore 1 Priority Deal card
& Ohio, and, via Canada, the Grand Trunk, backed by Boston 1 pack of play money, containing $12,000: (15x $500, 30x $100,
merchants. In front of them were literally hundreds of failed local 15x $50, 15x $20, 30x $10, 15x $5, 30x $2, and $15x $1)
railroads, most existing only on paper, but a few of which had
laid bits of track and acquired locomotives, before running out of
capital and being sold to Eastern interests in 1846. Further west, 2. SETUP
the first land grant railroad, the Illinois Central, is being formed. 2.1 Seating: Shuffle as many player cards as the number of play-
Can you knit together these local companies and major railroads ers and draw for seating order. Give the first player the Priority
to form the most profitable rail network in the midwest, stretching Deal card.
to Chicago or St. Louis and connecting East and West? 2.2 Prepare the Bank: Return 11, 9, or 6 $500s to the box, based
on the number of players, to make a bank of the correct size (see
1.2 OVERVIEW chart) from $12,000. Give each player $400 from the bank.
Each player begins with $400, spending some of this to purchase NOTE: The $500s put away are used once the bank runs out of
Private Companies, which provide varied advantages. money, see 10.1.
Play then proceeds by alternating Stock Rounds with pairs of Oper-
Number of players 3 4 5
ating Rounds. In Stock Rounds, players launch, invest in, and trade
shares in the railroads. During Operating Rounds, the President Initial Bank Size $6,500 $7,500 $9,000
(majority stock holder) of each railroad directs it to build track,
run routes with its trains, possibly pay dividends to its sharehold- 2.3 Removals: Return extra Private Companies and, with fewer
ers, and buy new trains. A railroad’s stock price depends on both than 5 players, extra player cards and corporations to the box (see
investments and stock trades by players and the dividends it pays. the top of facing page).
Trains are grouped in phases, representing technological advances. NOTE: Four Private Companies, including the two Independent
Once the first train in the next phase is purchased, the game phase Railroads, and four corporations are present in all games.
advances, affecting various game aspects. The game ends after the
bank runs out of money. 2.4 Board Setup: Put the Phase and Round markers and trains on
the board as shown on the next page (removing trains as indicated
1.3 GOAL on the board when playing with fewer than five players). Place the
track tiles, corporate mats, stocks, tokens, and two Independent
At game end, players total their cash and the value of their stock
Railroads’ (yellow) trains nearby for later use.
shares. The player with the highest total wins.
Important: A railroad’s treasury does not count towards its Pres- 2.5 Prepare the Private Company Distribution: Shuffle the
ident’s final score. Victory is determined by players’ personal Private Company and player cards in play together.
stock portfolios and cash, and only indirectly by the railroads they
build and operate.

About “18xx” Games

example of play, covering the initial private distribution, first
If you are familiar with 18xx games, 1846’s rules are summa-
Stock Round, and first two Operating Rounds on pages 14-17.
rized on page 19. A few ambiguous rules in earlier versions of
Page 22 has a glossary of terms.
1846 have been clarified, as detailed in the end of that section.
1846 is a somewhat lengthy game, depending on your experi-
1846 is one of many “18xx” games, all inspired by Francis
ence and your group’s play style. Experienced, brisk players
Tresham’s 1829, set in various countries and regions. These
can finish 1846 in 2-3 hours. Newer or more deliberate players
games share many features, but vary quite a bit in their details.
should allow 2 hours more. Tips for faster play can be found
If you are new to 18xx games, pay particular attention to the on page 13.
tile and token example at the bottom of page 8 and the detailed

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 1846 3

Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Railroad
Railroad
Railroad
Railroad

Two
Two Shares 20%
TwoShares
Two Shares
Shares 20%
20%
20%

Remove from the indicated groups either: one and one item (with five players); or two items, two
items, and one item (with four players); or three , three , and two items (with three players).
Randomly select and then reveal which companies and corporations are removed.
When removing a corporation, return its mat, stock certificates, and tokens to the box, after placing one token
face down in its Home City (the city circle whose colored symbol matches its tokens).

Shuffled Private Cos Independent Available

and Player Cards RR Trains Stock Certificates
Baltimore
Baltimore and
and Illinois
IllinoisCentral
Central New
New York
York Chesapeake
Chesapeake and
and Erie
Erie Grand
Grand Trunk
Trunk Pennsylvania
Pennsylvania
Baltimore
Ohio and
Railroad Illinois Central
Railroad New
Central York
Railroad Chesapeake
Ohio Railroad and Erie
Railroad Grand Trunk
Railway Pennsylvania
Railroad
Ohio
OhioRailroad
Railroad Railroad
Railroad Central
CentralRailroad
Railroad Ohio
OhioRailroad
Railroad Railroad
Railroad Railway
Railway Railroad
Railroad

One Share 10% One Share 10% One Share 10% One Share 10% One Share 10% One Share 10% One Share 10%
One Share 10% One Share 10% One Share 10% One Share 10% One Share 10% One Share 10% One Share 10%
One Share 10% One Share 10% One Share 10% One Share 10% One Share 10% One Share 10% One Share 10%

Bank

All 120
Tiles

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3.23 After distributing the Private Companies, all players reveal
3. PRIVATE CO. DISTRIBUTION and pay for them. Remove the player cards. Give the Michigan
Prior to the first Stock Round, distribute the Private Companies Southern and Big 4 Independent Railroads each its initial treasury,
among the players. equal to its list price (without debt), even if its actual price was
reduced below this, train, and token. Place their tokens on the
3.1 PRIVATE COMPANY OVERVIEW map in Detroit and Indianapolis, respectively. Then, begin the
Each Private Company produces first Stock Round.
income for its owning player each
Operating Round, until it is either
purchased by a corporation (and then 4. SEQUENCE OF PLAY
produces income for it) or is removed Play proceeds by alternating each Stock Round with two Operating
when the game enters phase III. Rounds.
List Price Income
Two Private Companies, the Michigan 4.1 STOCK ROUND
Southern and Big 4, are Independent A. Starting with the Priority Deal player, each player in turn
Railroads, operating as “miniature” (clockwise) may sell stock share(s) before possibly buying one
corporations until purchased or removed. stock certificate (or passes, doing neither of these things).
Their costs include both their list prices,
which form their initial treasuries, and B. A Stock Round ends once all players pass in succession. Assign
their debts, which are paid to the bank. $140 total paid the Priority Deal card and, in stock price order, adjust corporations’
stock prices for shares in the Stock Market or stocks 100% held
The other ten Private Companies each have a special ability that by players.
can be used after it is purchased by a corporation and before it is
removed. See 6.9 and page 12, plus notes to various rules.
4.2 OPERATING ROUNDS
Exceptions: The Steamboat Company’s ability can be used before A. Private company owners receive income from the bank.
being purchased and the Mail Contract, once purchased by a B. The Michigan Southern and Big 4, in this order, operate.
corporation, is not later removed.
C. Each corporation, in stock price order, operates.
3.2 DISTRIBUTION PROCEDURE Exception: Do step C of the first Operating Round of the game
Starting with the player to the right of the Priority Deal player (only) in reverse stock price order.
(2.1) and proceeding counter-clockwise (i.e., in reverse player
order), each player in turn draws from the deck of shuffled player 4.3 STOCK PRICE ORDER
and Private Companies as many cards as the number of players 4.31 Stock Price Order: Do the action starting with the highest
plus two, selects one card face down, shuffles the others, and adds price corporation, followed by the others in descending price
them to the bottom of this deck. Do not reveal the cards you take order, skipping any corporations already dealt with (whose stock
until all Private Companies have been selected. price fell).
NOTE. Typically, you will draw a mix of Private Company and NOTE: In reverse stock price order, start with the lowest price
player cards. As long as there are Private Companies left, you will corporation, followed by the others in ascending order.
always receive at least one of them.
4.32 Breaking Ties: If several corporations have the same stock
3.21 If you do not wish to buy any of the Private Companies you price (their markers are in the same column), start with the corpora-
draw, select a “blank” player card. If you draw no player cards and tion whose marker is on top and then proceed downwards through
two or more Private Companies, you must select one. all markers in that column.
After the number of remaining cards is less than the number of NOTE: Go from top to bottom in the same column whether the
players plus two, each player in turn selects one card from all Operating Round is being done in descending or ascending order.
of them. Continue until either a player draws all blanks, ending
4.33 Entering Columns: When placing or adjusting markers on
the distribution, or the deck consists of no blank cards and one
the stock price chart, a marker entering a given column is placed
Private Company.
below any markers already present (stacking them if needed).
3.22 If the deck is reduced to one Private Company, the player who
draws the last Private Company reveals it and may either buy it
at list price or pass it on to the next player with its price reduced
by $10. This player then has the same choice: buy it at its current
(reduced) price or pass it on, reducing its price by another $10.
Repeat this until a player chooses to buy it. A player must take it
for free (and pay any debt it has) if its price falls to $0.

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previous NYC President will own one 10% NYC share and the
5. STOCK ROUND NYC’s stock price will be one value lower.
During a Stock Round, players buy and sell shares in railroad
corporations, possibly launching new ones. 5.26 If a corporation’s stock price falls to $0, it is immediately
closed and removed from the game (see section 8).
5.1 OVERVIEW
5.3 BUYING STOCK
5.11 Each player, in turn, starting with the Priority Deal player
and proceeding clockwise: 5.31 After possibly selling stock, a player may buy one stock
certificate, subject to the limits below, either:
A. may sell one or more shares, and then,
• a share from the Stock Market, or
B. may buy one stock certificate.
• a share from a corporation’s treasury, or
A player who does neither, passes. • an available President certificate, launching that corporation.
5.12 Each stock certificate is a 10% share, except for President 5.32 Buying from the Stock Market: To buy a share from the
certificates, which are two shares or 20%. (Each corporation has Stock Market, pay its current stock price to the bank and put the
nine stock certificates: 100% of its shares.) Stock shares are bought share in front of you.
or sold at the current stock price. President certificates are bought
or sold for twice this amount. 5.33 Buying from the Corporation: To buy a share from a corpo-
ration’s treasury, pay its current stock price to its treasury and put
5.13 A Stock Round ends once all players consecutively pass. The the share in front of you.
Priority Deal card is then reassigned (5.51) and stock prices are
adjusted for any shares in the Stock Market or for stocks 100% Important: Throughout the game, cash belonging to players must
held by players (5.52). be kept separate from cash held by corporations in their treasur-
ies. Corporation Presidents may not normally mix the funds they
NOTE: If all players don’t consecutively pass, a player who control with their own cash.
passed can sell and/or buy stock normally on his or her next turn.
5.34 To launch a corporation, choose its initial stock value, from
5.2 SELLING STOCK $40-$150, and mark it with one of its tokens on the stock chart,
5.21 A player may sell any number of stock shares on his or her take its corporate mat, pay twice its stock price to its treasury,
turn, subject to the limits below. The player receives the current and put its President certificate in front of you. Put its eight 10%
stock price for each share sold and places the stock certificates in shares in its treasury. Take its tokens. Put one next to the dividend
the Stock Market. track and all but three on its mat, shifting the left-most token to its
Home City (a colored city spot matching its token).
5.22 Adjust the stock price (after receiving money) one column left
only if shares were sold by their President (even if several shares NOTE: The three extra tokens for each corporation are used if it
in that corporation were sold at once). purchases the Chicago & Western Indiana Private Company or the
two Independent Railroads. They are not available otherwise. Set
5.23 Only the current President may sell a corporation’s stock them aside. Due to production limits, three of these extra tokens are
before the corporation has operated (at least once). shared: Pennsylvania/Illinois Central; New York Central/Erie; and
Baltimore & Ohio/Chesapeake & Ohio.
5.24 Presidency Change: A sale by a corporation’s President
which reduces the player’s holdings in this corporation below 5.35 Upon being launched, the Illinois Central RR receives a bonus
another player (who holds at least 20% of its shares) results in a equal to its initial stock price paid by the bank into its treasury.
Presidency change. The player who now holds the highest percent- HISTORICAL NOTE: This represents benefits of the first Federal
age of that stock, resolving ties clockwise, receives the President land grant for a railroad, in 1850. It served as a model for the
certificate in exchange for two 10% shares and becomes President later land grants that funded the transcontinental railroads.
of that corporation.
5.36 Shareholder Limits: No player may ever purchase or own
5.25 Restrictions: A sale may not result in more than 50% of a more than 60% of a corporation’s stock.
given corporation’s shares being in the Stock Market. A President
certificate may not be sold into the Stock Market. 5.37 Presidency Change: If, after a purchase, a player owns more
stock shares in a corporation than its current President, then that
NOTE: A sale resulting in a Presidency change such that these player becomes President, swapping two shares of its stock with
rules are obeyed after the sale is complete is allowed. the previous President to obtain the President certificate.
EXAMPLE: The President of the NYC holds 20%, two other play- 5.38 Once a player sells a share in a given corporation, that player
ers each hold 20% and 40% is in the Stock Market. The President may not buy shares in that corporation until the next Stock Round.
may sell one NYC share, even though the only NYC certificate held
by that player is the 20% President certificate. After this sale, the 5.39 A player may not buy shares in excess of the Certificate Limit
first player clockwise from the seller will have the NYC President (see below), even if doing so would produce a Presidency change
certificate, five 10% NYC shares will be in the Stock Market, the that would result in the player not exceeding the certificate limit.
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5.4 CERTIFICATE LIMIT B. May, in any order, lay tiles and/or place one token.
5.41 Each player may hold up to a number of stock certificates C. Run routes with each train it owns, producing revenue.
that depends on the number of players and corporations available D. Pay, pay half, or retain its revenue and adjust its stock price.
or in play (see chart). When counting how many certificates a E. May buy trains (corporations must own at least one).
player holds, each Private Company or 20% President certificate
counts as one certificate. At any time during these steps, a corporation may buy one or
more Private Companies and/or exercise the abilities of purchased
5.42 Private companies owned by corporations do not count against Private Companies.
their Presidents’ certificate limits.
NOTE: The two Independent Railroads, the Michigan Southern
5.43 A player who is involuntarily in excess of the certificate limit and the Big 4, act as corporations but do only parts of steps B, C,
(due to a change in Presidency) must comply, if possible, on his and D when they operate (as they have no extra tokens to place,
or her next stock turn. must split their earnings, have no stock, and cannot buy trains or
Private Companies).

# of corps. Number of players

6.3 ISSUING / REDEEMING SHARES
available/in play 3 4 5
A corporation may either issue shares from its treasury (to raise
7 - - 11 cash) or redeem its own shares from the Stock Market (paying to
regain shares for their future dividends and appreciation).
6 - 12 10
6.31 Issuing Shares: A corporation may issue shares up to the
5 14 10 8
number of its shares held by players minus the number already
4 or fewer 11 8 6 in the Stock Market. It moves them from its treasury to the Stock
Market, receiving one value less than its current stock price (i.e.,
Certificate Limit
the price of the column to the left of its stock price) from the bank
for each share issued.
5.5 ENDING A STOCK ROUND
EXAMPLE: The Grand Trunk RR’s stock price is $60. Its shares
5.51 Reassigning the Priority Deal Card: Once all players
are 30% owned by its President, 10% held by another player, 20%
consecutively pass, give the Priority Deal card to the player left
in the Stock Market, and 40% in its treasury. It can issue up to two
of the last player to sell and/or buy stock. That player will be first
shares (four held by players minus two in the Stock Market) for
to take a turn in the next Stock Round.
$50 (one value less) apiece.
NOTE: The Priority Deal does not shift if no stocks were bought
or sold. 6.32 Redeeming Shares: Alternatively, a corporation may redeem
any or all of its shares in the Stock Market, paying one value more
5.52 Then, in stock price order, adjust each corporation’s stock than its current stock price (i.e., the price of the column to the right
price one column left if it has any shares in the Stock Market (if of its stock price) to the bank for each share redeemed, placing the
it falls to $0, see section 8) or one column right if its shares are share in its treasury. (If its price is $550, pay $600.)
100% held by players (and its price is less than $550).
NOTE: A corporation is never required to redeem shares, even
if more of them are in the Stock Market than are held by players.
6. OPERATING ROUNDS 6.33 Issuing or redeeming shares does not affect a corporation’s
There are two Operating Rounds after each Stock Round. During stock price (except during a forced train purchase, see 6.86).
these rounds, each railroad operates, with its decisions being made
by its President (or owner, for the Independent Railroads). TIP: During play, it is often easier for a President to figure out
how much cash is needed for a corporation’s operations and then
decide how many shares to have (earlier) issued or redeemed.
6.1 SEQUENCE
A. Private Company owners receive their income from the bank.
6.4 LAYING TILES
B. The Michigan Southern and Big 4, in this order, operate. Railroad track is laid by placing tiles on the map, either in empty
C. Each corporation, in stock price order (see 4.31), operates. tan hexes or by upgrading preprinted or previously laid tiles.
Exception: Do step C of the first Operating Round of the game 6.41 Only yellow tiles can be laid in empty hexes.
(only) in reverse stock price order (see also 4.31).
6.42 Upgrades: Replacing a tile, even a yellow preprinted one,
6.2 OPERATING STEPS with another tile is an upgrade. Tiles have four colors: yellow,
green, brown, and gray. They must be placed and upgraded in
To operate, a corporation does all these steps (in order):
this order. Tiles are available according to the game phase: yellow
A. May either issue or redeem shares to/from the Stock Market. tiles in phases I and on; green tiles in phases II and on; brown tiles

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in phases III and on; and gray tiles in phase IV. Gray preprinted that terrain feature), the placing corporation must pay the cost listed
hexes cannot be upgraded. in that symbol. Once a terrain cost has been paid, upgrades in that
hex cost only $20 (plus any new hexside costs).
6.43 Limit: Each Operating Round, a corporation may lay one
yellow tile in an empty tan hex and it may either lay a second Exceptions: The Illinois Central may lay yellow track in its five
yellow tile or upgrade one tile. All tile lays and upgrades cost empty “$0 IC” land grant spaces for free (though any hexside
money (see below) and are optional. A corporation laying two costs must be paid). Other corporations may lay track in these
tiles or a tile and an upgrade does so sequentially in any order. hexes normally. Extra tile lays by the Michigan Central or Ohio
& Indiana and the Lake Shore Line’s upgrade are free.
NOTES: If desired, a given tile may be laid and then upgraded.
Or, a tile could be upgraded before laying a yellow tile from one
of its new track sections. Or, a corporation could just upgrade one
6.5 PLACING TOKENS
tile without laying a yellow tile, etc. Tokens serve as “bases” for laying track, placing new tokens, and
running train routes. Tokens can potentially limit these activities
6.44 Cities: Some empty hexes contain a large circle, indicating by other corporations by blocking paths through cities.
a city. Only yellow city tiles may be laid in these hexes. City tiles
may not be laid in non-city hexes. Three cities, Cleveland, Detroit, 6.51 Each Operating Round, a corporation with one or more
and Cincinnati, have “Z” tiles. Chicago has its own tiles. These unplaced tokens may place one of them for $80.
tiles cannot be laid in other cities and other city tiles cannot be NOTE: Since a corporation’s Home City token is placed (for free)
laid in these cities. when it is launched, a corporation may place a token during its
6.45 Restrictions: A tile upgrade must preserve, by both its type first round of operations.
(city or not) and how it is oriented, all previous track that existed 6.52 A token may be placed in any vacant non-home and non-re-
in that tile. Tiles may not be placed in the Michigan Central’s or served (see below) city spot that it connects to (see 6.47).
Ohio & Indiana’s reserved hexes until the respective company
has been purchased by a corporation or removed (either during Exceptions: The Baltimore & Ohio and Pennsylvania railroads
setup or later). Tiles cannot be placed with track that connects to: may each place a token in Cincinnati or Ft. Wayne, respectively,
an all-sea (blue) hexside; either a red off-board area edge or gray that it does not connect to. These tokens have two prices listed.
pre-printed hexside without track; or any map edge. Use the lower price, $40, if the corporation does connect to that
city spot when placing the token; use the higher price, $100 or
NOTE: These hexside and map edge restrictions prevent brown city $60, if it does not connect.
upgrades for Port Huron, South Bend, Springfield, and Wheeling.
HISTORICAL NOTE: Placing these unconnected tokens represents
6.46 Tile Limits: The number and types of available tiles limits the local activities of the Ohio & Mississippi and Ft. Wayne &
what may be laid, with the exception of the yellow basic track Chicago railroads, which were later acquired by the Baltimore &
tiles: #7, #8, and #9 (which are unlimited). Return any previously Ohio and Pennsylvania railroads, respectively.
placed tiles after upgrading them so they can be reused.
NOTES: Tokens and tiles may be placed in any order. Thus, a
6.47 Connection: Some of the newly placed track of a non-city corporation could upgrade a tile to gain access to a city, place
tile must connect to a token of the corporation placing it. A a token there, and then lay a tile in a hex it did not previously
connection exists if a path of any length can be traced from any connect to (due to the route without this new token involving
token of the corporation to the new piece of track without either “backtracking”). When using an ability to place an unconnected
“backtracking” or passing through a blocked city (one whose city token, a corporation may place it even if no tile is present in that
spots are all occupied by other corporations’ tokens). When placing hex (and then, typically, lay a tile there).
or upgrading a city tile, the corporation must connect to the city
and not necessarily to the tile’s new track. 6.53 Reserved City Spots: The Baltimore & Ohio, Erie, Illinois
Central, and Pennsylvania railroads have reserved city spots in
NOTES: Not all track of a non-city tile must connect to a token of Cincinnati, Erie, Centralia, and Ft. Wayne, respectively (see mats).
the placing corporation; just some of the new track being added. Before phase IV, if the corporation with a reserved city spot is in
Multiple tiles laid in the same round need not connect to each other. play (and hasn’t closed, see section 8), other corporations may not
Exceptions: The Little Miami’s and the Lake Shore Line’s upgrades place a token in that spot. A corporation placing a token in a spot
need not connect to their owning corporations’ tokens. Tiles placed reserved for it pays $40, not $80 (unless it is using an ability to
by the Michigan Central or Ohio & Indiana must connect to each place it without a connection), even in phase IV (only the “reser-
other (if both tiles are placed), but need not connect to their owning vation” goes away, not the listed price).
corporations’ tokens. NOTE: These tokens are not required to be placed in the listed
6.48 Track Cost: The placing corporation must pay either $20 or cities; they can be placed for $80 in other city spaces normally.
the listed terrain cost of the empty hex or preprinted tile which it 6.54 A corporation cannot have more than one token in a city.
replaces, whichever is greater, for every tile lay or upgrade. Further,
if the new track is the second to connect to a given bridge, pass, or 6.55 The Chicago tiles depict several distinct cities. A corporation
tunnel hexside symbol (i.e., it completes a track connection across cannot have more than one token in Chicago.
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6.6 RUN ROUTES A route can run between both west (W) off-board areas (i.e.,
Chicago Connections and St. Louis). Holland (B8) and Louisville
6.61 Each Operating Round, a corporation may run as many routes
(J10) are neither east nor west.
as it has trains, generating revenue.
NOTE: An Independent Railroad’s 2-train may not be run by its 6.64 A route’s base revenue is the total of the values of the cities
owning corporation on the round that the Independent Railroad and any off-board areas that it visits, subject to its train size.
was purchased (see 6.93). NOTES: A given location can be visited by several trains of the
operating corporation during the same round, as long as no track
6.62 Routes: A route is a length of track without any “backtrack-
is used more than once. (Different corporations may use a given
ing” that includes at least one city with a token belonging to the
piece of track multiple times in one Operating Round.)
running corporation and at least one other city or off-board area. A
train’s route may not visit a given location more than once or pass Train Size: Trains come in two types:
through any blocked cities (one whose city spots are all occupied • N trains, such as a 2 or 6 train. These may visit any number of
by other corporations’ tokens). cities and off-board areas totaling up to N in its route. An N train
NOTES: A train can start and/or end its route in a city wholly cannot visit more than N locations or skip any cities.
occupied by tokens belonging to other corporations. Off-board • N/M trains, such as a 3/5 (“three out of five”) train. These may
areas cannot be run through (as no track runs through them). count any number of cities and off-board areas totaling up to
Vacant reserved or Home City spots can be run through; the Home N towards its revenue (with at least one of them containing a
City spots of corporations removed from play during setup cannot token belonging to the corporation), while visiting up to M
be run through. cities and off-board areas. An N/M train cannot visit more than
M locations.
6.63 Restrictions: The Chicago tiles depict distinct cities; a route
may not visit more than one Chicago city. A route cannot run from EXAMPLE: A 3/5-train could visit five cities and count the three
an east (E) off-board area to any other east off-board area. highest valued of them towards its route, as long as at least one
of those three cities had one of its tokens.

Operating Round 1 Operating Round 2, after NYC operates

During OR1, the Michigan Southern (owned by the Grand Trunk Phase II has occured, to upgrade a free, extra tile in Toledo.
President) and the GT built to Toledo while the New York Central The NYC then builds west, spending $20 to connect to Toledo,
—with the highest stock price and going last since OR1 is done and through this now partially vacant city, to Detroit. The NYC
in reverse order—built west to Cleveland from Erie. The NYC upgrades Detroit, paying $100 ($40 terrain cost + $60 tunnel
then purchased the final three Phase I trains and the first Phase to Windsor). The NYC then places a token in Detroit for $80.
II train, advancing the game phase to Phase II, when green tiles
are available. The NYC runs four routes: a 2-train $80 route from Detroit
to Port Huron; a 2-train $80 route from Detroit to Toledo; a
In OR2, the MS upgrades Port Huron for $60 ($20 + $40 tunnel 2-train $90 route from Detroit to Windsor; and a 3/5-train $120
to Sarnia). The NYC then buys the Lake Shore Line Private Detroit-Toledo-Cleveland route (using the second Detroit-Toledo
Company from its President and uses its special ability, once track), for total revenue of $370.
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 1846 9
NOTES: The length of a route in hexes does not matter. An N/M 6.73 Dividends for shares in the Stock Market are paid to the bank
train must run a legal route; its route may not “skip” blocked (i.e., do nothing).
cities. The Mail Contract’s bonus applies to the locations that its
train visits (not counts). 6.74 Adjust the corporation’s token on the earnings per share chart
to match the corporation’s total revenue divided by 10.
6.65 East-West Route Bonus: A route whose ends are an east NOTE: This information can aid players making stock purchases.
(E) off-board location and a west (W) off-board location earns Some groups prefer to track actual dividends paid or not to track
a bonus equal to the sum of the amounts listed below each of its any information.
respective off-board revenue values.
6.75 Adjusting the Stock Price: A corporation’s stock price rises
NOTE: Locations skipped off a route’s end by an N/M train do or falls based on its total payout compared to its current stock price:
not count as part of an East-West route; both off-board locations
must be counted. • Shift its stock price one column left if either there is no payout
or its payout is less than half its current stock price.
6.66 A route’s revenue is its base revenue plus any bonuses. • Do not adjust its stock price if its payout is at least half and
Bonuses can be earned from east-west routes, the Mail Contract, less than its current stock price (it maintains its position in the
or locations with Meat Packing, Pork Production, or Port markers. column).
6.67 Running Multiple Routes: When a corporation runs routes • Shift its stock price one column right if its payout is at least
with multiple trains, the track used for each route must be distinct. equal to and less than double its current stock price.
• Shift its stock price two columns right if its payout is at least
NOTES: A given location can be visited by several trains of the
double its current stock price and, if its stock price is $165 or
operating corporation during the same round, as long as no track
greater, less than three times its current stock price.
is used more than once. (Different corporations may use a given
piece of track multiple times in one operating round.) • Shift its stock price marker three columns right if its current
stock price is $165 or more and its payout is at least equal to
6.68 After its President announces a corporation’s route(s), if three times its current stock price.
another player describes routes with a higher total, the President
must run those routes instead. Total payout includes all dividends (but not retained revenue),
whether they were paid from the bank to itself for Stock Market
6.69 After a corporation’s run routes step, remove any phased out shares or to the corporate treasury for treasury shares. On its
trains belonging to it (whether or not they ran routes), see 6.82. first Operating Round, a corporation cannot run a route (it has
no train), so its stock price will fall. An adjusted stock price that
6.7 PAYOUTS AND STOCK would move past $550 stops at $550.
ADJUSTMENTS EXAMPLES: A corporation has total revenue of $500:
6.71 A company’s total revenue is the sum of its revenues from
• If its stock price is $165 and it pays full dividends, it price shifts
routes run by its trains. It does not include any Private Company
right three columns to $212; if it pays half dividends ($250
income. This revenue may either be retained in its treasury or paid
payout), its price shifts one column right to $180; if it retains
out, in full or half, as dividends to its shareholders:
all its revenue, its price shifts left to $150.
• Retained revenue is placed in the corporate treasury.
• If its stock price is $124, then whether it paid full or half divi-
• To pay full dividends, divide revenue by 10 and pay this amount dends, its stock price would shift right two columns to $150.
per share to each shareholder. Full dividends does not produce three shifts right, as its current
• To pay half dividends, divide total revenue by two. Round this stock price is less than $165.
amount down to the nearest $10 and retain it in the corporate
treasury. Divide the remainder by 10 and pay this as dividends 6.8 PURCHASING TRAINS
per share to each shareholder. 6.81 A corporation may purchase trains from the bank at list price
NOTES: If the corporation has unsold shares, it is a shareholder or from other corporations at any agreed upon price not less than
and receives dividends per share in its treasury. A half dividend $1. Each train purchase is done separately, one at a time. No train
will result in two payments to its treasury: the amount retained, belonging to a later game phase may be purchased until all trains
plus the dividend paid per share for its treasury shares. of the current phase have been purchased from the bank.

EXAMPLE: A corporation’s revenue is $250 and its President 6.82 Purchasing the first train of the next phase from the bank
elects to pay half dividends. $120 is retained and $13 per share is advances the game phase. Entering phases III and IV will result
paid to its shareholders. The corporation has three shares in its in earlier phase trains being phased out or removed. Mark phased
treasury, so it receives $39 in dividends, for a total of $159 ($120 out trains by turning their certificates sideways (see chart on next
retained plus 3 times $13). page). Phased out trains may not be purchased from a corporation.

6.72 An Independent Railroad splits its revenues 50%-50%, with

no rounding, between its owner and its treasury.

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Types Phased 6.87 A corporation which can afford an available train of one type,
Phase Available List Price Limit Out Removed but not the other, may issue shares but may not use cash from its
President to buy the more expensive train. Similarly, if an earlier
I 2 $80 4 III IV train type is available for purchase (from being turned in by a
II 3/5, 4 $160, $180 4 IV - corporation that exceeded the train limit) and the corporation can
afford that train but cannot, after issuing shares, afford a current
III 4/6, 5 $450, $500 3 - - phase train, the corporation may not use cash from its President
IV 7/8, 6 $900, $800 2 - - to buy a current phase train.
However, once a corporation has to use cash from its President
6.83 Train Limit: The number of trains which a corporation may to purchase a required train, then it may freely buy from the bank
own varies with the game phase. Phased out trains do not count any available phase or type of train.
against a corporation’s train limit.
6.88 A President who doesn’t have the needed cash must raise it
If, due to an advance in game phase, any corporation owns trains by selling stock shares. The President may sell any shares, subject
in excess of the train limit, it must immediately comply (out of to the normal restrictions, except shares that would cause a Presi-
turn) by turning in excess trains of its choice to the bank (for no dency change in or closure of the corporation currently operating.
money). Returned train certificates may be purchased again (as
either type) and do not affect either the current game phase or train NOTE: These sales may produce other Presidency changes or alter
availability. Remove them if they phase out. the order in which corporations still to go that round will operate.

NOTES: Extra trains, beyond the train limit, may not be bought Once the amount needed has been raised, no further sales may
even if this would trigger a change of game phase that would, be made.
by phasing out trains, result in the corporation complying with
EXAMPLE: In Phase IV, the Illinois Central (IC) has a price
the train limit. Trains may not be voluntarily turned in or sold
of $137, with four shares held by its President, two in the Stock
to the bank.
Market, and four in its treasury, along with $83 and two phased
6.84 The number of trains available for purchase in each game phase out 3/5-trains.
is also limited, except for Phase IV trains, which are unlimited.
It issues two shares for $124 apiece (the maximum it can issue),
NOTE: If Phase IV train certificates ever do run out, use Phase I upgrades Chicago for $20, places a token in Cincinnati ($80)
train certificates to represent the extra needed trains. and runs its routes for a total of $510, removing its trains. It
pays out half, $260, which increases its stock price to $150 and
6.85 Train Types: Trains in phases II, III, and IV come in two
leaves it with $533 in treasury, not enough for a Phase IV train
types, printed on either side of their certificates and costing different
(either $800 or $900).
amounts. When purchasing these trains from the bank, either type
may be purchased. While owned, a train’s type may not change. The IC President must raise the difference. He has $208 in cash,
for a total of $741. He sells one IC share (the maximum IC he
6.86 Forced Train Purchase: A corporation must buy a train if it
may sell, as 40% is now in the Stock Market) for $150, which
has none after running its routes (if any) and removing any phased
decreases its stock price to $137 (as its President sold a share).
out trains. If it is unable to buy a train from another corporation or
He could sell some other share to buy a 7/8 train (he needs $9
the bank with its treasury funds, it must buy a currently available
more), but elects not to and gives the IC $267 to buy a 6 train
train, of either type, from the bank using all of its treasury with
for $800, keeping $91.
the remainder coming first from issuing shares up to the normal
limit (see 6.31, as modified below) and then, if needed, from its 6.89 If, after making all possible sales, the President has not raised
President’s cash on hand. the sufficient cash to purchase a train, then that player is bankrupt
and out of the game (see section 7).
NOTES: A forced train purchase is the only time when a corpora-
tion may mix its funds with its President’s funds. Typically, making TIP: The most common way for a player to go bankrupt is to launch
a corporation’s decisions benefits its President; this is balanced by two early corporations, both at low to medium initial stock prices.
the potential liability of the President possibly having to purchase Be careful when doing this.
trains for it “out of pocket”.
If a bankruptcy results in a Presidency change in the operating
To issue shares, first shift its stock price one column left for each corporation, its new President must then purchase a train for it.
share that it will issue. The corporation receives one value lower
than this new stock price for all shares issued. Shares that would NOTES: Very rarely, this could cause multiple players to go
drop its stock price below $20 cannot be issued. bankrupt. A corporation will always end its operations with at
least one train, except when its President goes bankrupt without
TIP: Since issuing shares for a forced train purchase results in a producing a Presidency change and the corporation (see 7.14) is
reduced stock price and less money received per share, it is almost then unable to afford a train.
always better to have issued shares fully (or to not redeem any)
earlier in the turn.

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 1846 11

6.9 PURCHASING PRIVATE COMPANIES column left). If it does not own a train at this step, instead shift
its stock price two columns left.
6.91 At any point while operating (during phases I and II before
Private Companies are removed), a corporation may purchase • If it does not own a train and can afford to buy the cheapest
one or more Private Companies from players (with their owners’ available train from the bank, it will do so.
consent), paying for each one at least $1 and no more than its
list price.
8. CLOSING A RAILROAD
Independent Railroads cannot be purchased for more than their A corporation closes when its stock price reaches $0.
list price, not including any debt. A Corporation at its train limit
may not purchase an Independent Railroad. NOTE: This is rare, but might happen due to stock sales; low or
no payouts; or a corporation operating (after a bankruptcy) with
6.92 Put purchased Private Companies (and any markers) on the its President certificate in the Stock Market.
corporation’s mat. Add an Independent Railroad’s treasury to its
An unbought Independent Railroad closes when phase III occurs.
corporation’s treasury; its 2-train to its trains, and replace its token
with an extra token of the purchasing corporation (unless it already 8.1 Remove a closed railroad from the game, along with its shares,
has a token in this city). tokens, trains, and Private Companies. Return any money in its
treasury to the bank. Its former home city spot is now open for
6.93 Once purchased and before a Private Company is removed
railroads to run through or token.
by phase III, a corporation may use its Private Company abilities
(see next page). Any extra tile lays, extra tile upgrade, and token 8.2 Closing a corporation reduces the certificate limit (see 5.4).
laying abilities of Private Companies can be used at any time while
their purchasing corporation is operating (not just in the tile and
token step). An Independent Railroad’s train cannot be run by its 9. ADVANCING THE GAME
owning corporation in the round it is purchased. Using an ability
does not remove a Private Company; it will continue to produce
PHASE
income for its owning corporation until removed. The game phase advances once a train belonging to the next phase
is purchased. The new phase’s effects take place immediately and
persist until altered by a later game phase.
7. BANKRUPTCY NOTE: In some “18xx” games, corporations may not purchase
7.11 After a player has gone bankrupt due to a forced train purchase trains from each other or purchase Private Companies from
(see 6.89), put the cash the player raised in the corporation’s trea- players until a later game phase. In 1846, corporations may do
sury. Sell all remaining shares owned by this player to the Stock these things immediately.
Market without adjusting stock prices, even if this puts more than
50% of a corporation’s stock or a President certificate there. Add Phase I
the money raised to the corporation’s treasury. This may result in • Only yellow tiles may be laid.
a Presidency change in the corporation currently operating. If so, • Use the lower off-board values.
the new President must immediately purchase a train for it.
• Train Limit: 4.
7.12 The certificate limit is unaffected by a bankruptcy.
Phase II
7.13 If a corporation’s President certificate is in the Stock Market,
• Green or yellow tiles may be laid.
modify the normal stock rules:
• A player may not sell stock in this corporation. Phase III
• If, after buying a share, a player owns 20% of this corporation • Brown, green, or yellow tiles may be laid.
then that player becomes President, swapping shares for the • Remove Private Companies (but not markers), except the Mail
President certificate. Contract (provided it is owned by a corporation, not a player).
NOTE: A President certificate may not be directly bought from • Phase out the I trains.
the Stock Market (as two shares). However, if only the President • Use the higher off-board values.
certificate is in the Stock Market, a player holding a 10% share • Train Limit: 3.
in that corporation may purchase a virtual 10% share, swapping
certificates appropriately. Phase IV
7.14 A corporation with its President certificate in the Stock Market • Gray, brown, green, or yellow tiles may be laid.
operates as follows in the Operating Round: • Remove Private Company markers.
• It does not issue or redeem shares, lay track, purchase tokens, • Remove any remaining I trains.
or purchase Private Companies. • Phase out the II trains.
• It will run routes with any train(s) it owns (for the most revenue • Train Limit: 2.
possible) and retain its earnings (shifting its stock price one
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12 1846
Private Company Abilities
HISTORICAL NOTES: During the first two thirds of the 19th
century, there was extensive steamboat traffic on the Great Lakes
and the Mississippi and Ohio rivers, often in conjunction with
emerging railroads. Instead of a port symbol, Cincinnati’s early
importance as a port is reflected by it being a “Z” city.

After being purchased by a corporation, these companies’

abilities may be used at any time while the owning corporation
operates, without needing a connection from one of its tokens.
Michigan Central or Ohio & Indiana: If the owning corporation
lays both tiles in its reserved hexes, then these tiles must connect to
each other. Other corporations may not lay tiles in these hexes until
these companies have been bought by a corporation or removed.
Big 4 and Michigan Southern: These companies each act as
Lake Shore Line: This company’s ability may be used once “miniature” corporations, laying tiles and running routes during
and not until green tiles are available. each Operating Round, splitting their revenue evenly with their
owners and their treasuries. Put their treasury money under their
Little Miami: If using this ability would complete a bridge train certificate. They may not buy trains.
connection to Cincinnati, the owning corporation must pay
$40 to do so. When it is purchased, put its train and treasury in the corpo-
ration’s treasury and replace its token with an extra one. A
Chicago and Western Indiana: This company’s ability may corporation purchasing an Independent Railroad must not be at
not be used if its owning corporation already has a token in the train limit; may not pay its owner more than its list price (do
Chicago. No token may be placed in the C&WI’s spot until the not include debt); and cannot run a route with the Independent
C&WI is either purchased or removed. Railroad’s train that round.
HISTORICAL NOTE: Many hundreds of failed railroads existed
in this area before 1846. Most laid only a few miles of track, to
impress prospective investors; but a few, such as the Michigan
Central and the Ohio & Indiana, laid substantial lengths. Only
a very few, including the Michigan Southern and the Big 4,
actually purchased rolling stock and ran routes before going
bankrupt. It was from these bits and pieces that the successful
Boomtown, Meat Packing Company, and Steamboat
eastern railroads knit together their paths to the west.
Company: Upon being purchased or before running routes,
the corporation owning each of these companies may place—or
shift with the Steamboat Company—a marker among the listed
locations, adding its value to the corporation’s routes that count
this location. Use the second marker for the corporation after
removing the company in phase III (before these markers are
removed in phase IV).

Before the Steamboat Company is purchased by a corpo- Mail Contract: An “N / M” train can visit more locations than
ration, its owner can assign its marker during the private it counts for revenue. Such locations do generate money for the
income step to a corporation or Independent Railroad, using Mail Contract’s bonus.
its second marker to indicate this. Remove both markers once Tunnel Blasting Company: A tunnel or pass hexside cost, such
it is purchased or removed. as between Wheeling and Pittsburgh, could be reduced to $0.
NOTES: The Steamboat marker for the board has two sides: HISTORICAL NOTE: Prior to the widespread adoption of
one side shows a $40 value for when it is placed in Holland or dynamite after 1866, tunnel blasting was a dangerous and
Wheeling. In the round in which it is purchased, two corpora- specialized engineering task.
tions could each benefit from the Steamboat Company’s marker.

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10. GAME END / WINNING Tips for Faster Play

10.1 The game ends after finishing the round sequence (Stock • Plan ahead. Sometimes a player’s decisions will affect your
Round plus two Operating Rounds) in which the bank ran out of own, but often they won’t. Planning your corporations’ next
money. Add the $500s removed during setup to the bank so it can tile lays, routes, and train purchases can dramatically speed the
continue to make payments. game. Similarly, in Stock Rounds, a given player can purchase
TIP: When it is obvious that the bank will run out of money, players only one certificate per turn. Picking a second choice, while
may find it faster to “spreadsheet” the final two Operating Rounds the player ahead of you is thinking, will often result in you
on paper (see example below). being able to take your turn immediately.
• Make change when it’s not your own turn.
OR Div. Player 1 Player 2 Player 3
NOTES: Much time in 18xx games is spent paying dividends and
Corp 1 2 Stock Sum Shrs Amt Shrs Amt Shrs Amt
making change. Some groups use poker chips to speed this up.
IC 53 53 320 426 5 2130 2 852 2 852 Others use computer spreadsheets to reduce the number of cash
transactions, often reducing game length by one to two hours.
GT 64 66 250 380 - - 3 1140 6 2280
• Help players close to the bank to make payments and change,
... ... ... ...
especially when they’re taking their turns.
Erie 48 50 212 310 3 930 - - 3 930 • Ask players when it isn’t their turn how much money is in their
Cash on hand 1143 324 912 hand or a corporation’s treasury.

Final Total 7833 6838 7342 • Avoid excessive analysis and comments on other players’ turns,
as this tends to slow down or distract the current player. Some
groups enjoy this analysis, though. That’s fine, as long as you
10.2 (rare) The game ends immediately if all but one player goes understand that the game will take longer.
bankrupt.
• Adjust your speed of play to that of the group. If you’re the
10.3 Total each player’s cash on hand and stock portfolio value, slowest player, try to speed up. If you’re the fastest player,
based on the final stock prices. don’t get impatient; instead, help the other players by finding
tiles, making change, checking rules questions, etc.
NOTES: Ignore money held in treasuries. If the game ends before
phase III (either by bankruptcy or by corporations not buying Above all, have fun!
trains and emptying the bank), add the list price of any Private
Companies still held by players to their totals.
10.4 The player(s) with the highest total wins! Credits
Design: Tom Lehmann

11. ETIQUETTE Prototype design: Chris Lawson and John Tamplin

Players may make deals; however, deals are not binding. No assets Prototype production: John Tamplin
may be traded, given, or sold among players or corporations except Development aid: Jacob Butcher, Christian Goetze, and
as explicitly set forth in the rules. Players’ cash on hand and stock Steve Thomas
holdings are open for examination, as are corporations’ treasuries,
Rules: Tom Lehmann and Steve Thomas
trains, certificates, and available tokens.
Inspiration: aspects of the 1829 game system by Francis
Tresham
12. Two Player Variant Playtesting and Advice: Jacob Butcher, Christian Goetze,
While 1846 is intended for three to five players, a two player variant David Hecht, Chris Lawson, Ron Sapolsky, Steve Thomas,
can be downloaded from: [Link]. and many others in the UK and USA. Thanks!
Art Director, Package Art and Design: Rodger B. MacGowan
Map, Certificates, and Tokens: John Tamplin and Mark
Simonitch
Cover Illustration: Kurt Miller
Special Thanks: to Dave Blanchard for organizing conventions
featuring early versions of 1846 and to Eric Brosius.
Production Coordination: Tony Curtis
Producers: Tony Curtis, Rodger B. MacGowan, Andy Lewis,
Gene Billingsley, and Mark Simonitch

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14 1846
• Amy has the Priority Deal card, the Michigan Southern and
Detailed Example of Play $260.
Amy, Bob, and Carlos, in this seating order, are playing 1846. • Bob has the Chicago & Western Indiana, Lake Shore Line,
Amy has the Priority Deal. During setup, after removing the Erie Mail Contract, and $240 (due to paying only $60, not $80,
and Pennsylvania RRs, they shuffle the Lake Shore Line and the for the Mail Contract).
Meat Packing Co. with the four standard Private Companies and
• Carlos has the Big 4, Meat Packing Co., and $240.
3 player cards. In reverse player order, starting with Carlos, they
begin the Private Company distribution.
Stock Round 1
This is done in the normal clockwise player order, starting with
Private Company Distribution Amy, who has the Priority Deal card. Amy may either pass or
Carlos draws five cards, selects one face down and returns the launch any of the five corporations in play at an initial stock price
other four, in a random order, face down to the bottom of the from $40-$150, paying twice this amount for the President’s
deck. Bob draws 5 (of 8) cards, selects one, and does the same. 20% share.
Amy then draws 5 (of 7) cards: the Michigan Southern, Lake
Shore Line, Mail Contract, and two player cards. With $260, Amy could launch a corporation at $40, potentially
buying six shares of it (the most a single player can hold in a
corporation), or at $124, buying just two shares of it (the Pres-
ident certificate, the minimum number of shares to launch a
corporation), or some combination in between.
Lots of cheap shares maximizes shareholder earnings but puts
little capital in the corporation. If all of its shares are bought
at this low price (say, $400, at $40 per share), this will result
in a weak corporation, without enough cash—after buying
its initial trains—to lay track, buy tokens, or buy permanent
trains once its first set of trains are obsolete (due to advances
in the game phase).
Amy selects the Michigan Southern and returns the other 4 cards, This is not insurmountable if the corporation later acquires a
in a random order, face down to the bottom of the deck. Carlos “friend”; another corporation with enough cash to both afford
draws 5 (of 6) cards, selects one, and does the same. Bob draws its own trains and assist the earlier corporation in buying its
the remaining five cards, selects one, and passes the other cards permanent trains. Otherwise, its President—if forced to buy a
to Amy: the three player cards and the Mail Contract. permanent train “out of pocket”—may go bankrupt or fall far
behind.
If the other players don’t invest in a low priced stock and allow
the remaining 40% of its shares to both generate treasury
money for the corporation (when dividends are paid) and
appreciate in value (as its stock price climbs), a low priced
corporation might not run into capital problems.
Potentially, these 40% unbought shares could be later issued
for a large amount (say, $600, at $150 per 10% share), if the
corporation’s stock price has risen to $165 before it needs to
buy a permanent train. Of course, low priced shares are often
Amy has already committed to spending $140 of her initial $400
attractive for other players to invest in, so how likely is it that
(due to the Michigan Southern’s $60 price and $80 debt). She
these shares will remain unbought?
decides to conserve her remaining $260 to launch a corporation
and buy shares during the upcoming stock round, so she takes A corporation with a high initial stock price will have lots
a “blank” player card instead of the Mail Contract. Carlos and of capital available to it—when its shares are eventually
Bob do the same. bought—but its stock price may stagnate for a while if its
initial revenues aren’t high enough to advance its price when
Since the deck now consists of a single Private Company, the it pays dividends. Its shares won’t be as attractive for other
normal distribution procedure ends and the Mail Contract is players to invest in (due to being priced so high), but these
flipped face up. Amy can now buy it at full price ($80) or pass unbought shares will generate cash for the corporation when
it on to Carlos at $10 less. She passes it on. Carlos declines it at dividends are paid out.
$70 and passes it on to Bob for $60, which Bob accepts.
The problem with a high initial stock price is that its President
The players then flip their selected cards face up, removing won’t hold many shares and isn’t making much money from
the player cards from the game, and paying for their Private dividends, which, in turn, limits this player’s ability to invest
Companies: in more shares and build a winning portfolio.
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 1846 15
Players must balance their own financial interests versus the As Amy was the last player to buy (or sell) a share, the Priority
corporation’s capital needs when selecting its initial stock Deal shifts clockwise to Bob. As no shares are in the Stock Market
price. and no corporation’s shares are 100% held by players, no stock
A final consideration is whether cash is unevenly distributed adjustments are made.
among the players after the Private Company distribution. If
so, a player without much cash who launches a corporation Operating Round 1
might lose control of its Presidency due to a wealthier player Bob receives $25 and Carlos receives $15 income from their
buying more shares of it. To prevent this, a player without much Private Companies. The Independent Railroads now operate.
cash may pass—and give up the choice of which corporation
The Michigan Southern, with a initial treasury of $60, spends
to launch—until the wealthier players have invested in their
$20 to lay a route to Port Huron (the GT’s home city) and then
own corporations.
runs this route with its 2-train for $60, which it splits with its
Since the cash positions of Amy, Bob, and Carlos are very close owner, Amy, and its treasury (now $70). The Big 4, with a $40
to each other ($240 – $260), this isn’t an issue in this game. Amy treasury, lays track in Indianopolis towards Terre Haute ($40)
decides to launch the Grand Trunk (GT) as its home city, Port and runs its 2-train for $40, which it splits with its owner, Carlos,
Huron, is next to Detroit, the home of Amy’s Michigan Southern and its treasury (now $20).
Independent Railroad. She plans to have these two cooperate
Michigan So. OR1 Tile Lay
when laying tiles.
and Route
Amy chooses $60 as the GT’s initial stock price and pays $120
for its President certificate. If needed, she can buy two more
shares of it to prevent another player from taking its Presidency
away from her.
Amy takes the GT mat and puts the $120 she paid and the other
GT shares in its treasury. She places one token on the stock track in
the $60 column, another near the earnings per share track, one on
Port Huron (its initial city), and two others on its mat. She returns
its other tokens to the box, out of play, except as replacements.
Bob launches the New York Central (NYC), as it can benefit
from Bob’s Lake Shore Line, choosing $80 for its initial price Big 4 OR1 Tile Lays and Route
and paying $160 for its President certificate.
The corporations then operate, for just this one operating round,
Carlos then decides to launch the Illinois Central (IC), as it can
in reverse stock price order: GT, NYC, and IC. Since the IC is
work well with his Big 4 Independent in the west. As the IC
beneath the NYC in the same price column, it still operates after
receives extra capital when launched equal to its initial stock
it in reverse price order.
price, he could launch it at $112 to maximize this bonus. Instead,
Carlos chooses a $80 initial price, as it will take a while for the The GT issues two shares for $50 apiece, for a total of $280 in
IC to build its routes. He pays $160 for its President certificate, its treasury. It spends $40 to lay track from Detroit to Toledo and
placing $240 in its treasury, and places an IC token under the $80 to place a token in Toledo.
NYC token in the $80 column of the stock chart.

Initial Stock Prices

Amy then pays $60 for a third GT share and Bob pays $80 for
a third NYC share. Carlos then pays $80 for a NYC share. Amy
does the same. All three players are now out of cash and pass
(as they don’t wish to sell any shares in the corporations they
control and can’t sell shares in other corporations before they
GT OR1 TIle Lays
have operated at least once).
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16 1846
The GT has no train to run its routes, so its payout is $0 and its
stock price falls to $50. It must now buy at least one train. It pays
$160 for two 2-trains, ending with a $0 treasury. This means it
won’t be able to lay any track in the next OR without issuing
another share (for just $40, as its stock price is now $50).
Amy decides that the GT’s routes are good enough as is. She
would prefer to keep its shares in its treasury, so that they can
appreciate more in value before being issued.

The NYC issues four shares at $70 for a treasury total of $680,
spending $40 to build west to Cleveland. Its price then falls to
$70 ($0 payout) and it buys the remaining three 2-trains for $240, Big 4 OR2 Tile Lays
followed by the first Phase II train: a 3/5 for $160. This leaves
$240 in its treasury, which the NYC intends to spend next round. The NYC, IC, and GT now run in normal descending stock
The NYC is saving $30 by issuing three shares now (since its price order.
stock price fell this round). The NYC buys Bob’s Lake Shore Line for $40 (the maximum
The IC issues two shares at $70, lays two tiles for free (due to it could pay) and uses its ability to do a free, extra upgrade of
its land grant) to Terre Haute via Centralia. Its price then falls Toledo. The green tile in Toledo has two city spaces, allowing
to $70 (with its stock price token again going beneath the NYC the NYC, after it builds to Toledo, to connect to Detroit (even if
token in the $70 price column) and it buys a 3/5-train for $160. the yellow city tile in Toledo had connected to the NYC track, it
This leaves the IC $220 in its treasury for the next OR. would have been blocked by the GT’s Toledo token).
It then spends $100 to upgrade Detroit and connect to Windsor
($40 + $60 upgrade, due to Detroit’s terrain and the $60 tunnel
connection cost), plus $80 to place a token in Detroit. This leaves
$0 in its treasury.
The NYC then runs three 2-trains from Detroit to Toledo ($80),
Pt. Huron ($80), and Windsor ($90), plus a 3/5-train from Detroit
along a second distinct track path to Toledo and, from there, to
Cleveland for $120, for $370 total revenue. It elects to half-pay
this amount ($19/share), retaining $180 plus $19 for its one
Stock Prices after OR1 remaining share in its treasury. The $190 payout produces a
double jump for its stock price from $70 to $90.
Operating Round 2
Again, Bob receives $25 and Carlos $15 income from their
Private Companies.
Since the game is now in Phase II, the Michigan Southern could
improve its route by upgrading to a green city tile that provides
$10 more revenue, either Detroit (for $40 if it doesn’t connect
to Windsor), Toledo (for $20), or Port Huron (for $60, $20 for
the tile and $40 to connect to Sarnia). It chooses the latter to
benefit the GT.
The Michigan Southern runs
for $70 to Port Huron and splits
this between Amy and its trea-
sury (now $45). The Big 4
upgrades Terre Haute and runs
its 2-train for $50, splitting this
revenue with Carlos and its
treasury (now $25).

Michigan So. OR2 Route

OR2 NYC Tile Lays and Routes
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 1846 17
While the NYC could pay out full, maximizing Bob’s money for Stock Round 2
the upcoming stock round, it only has one treasury share left.
Bob has priority deal and buys one of the four NYC shares in the
It must somehow obtain cash for its permanent trains. Since a
stock market for $90, paid to the bank. Carlos, Amy, and Bob,
half-pay now still results in the NYC’s stock price increasing
again, do the same. Carlos then buys the last remaining NYC
by two columns, Bob elects to do this.
share from its treasury, paying $90 to the NYC.
After receiving its retained earnings, the NYC buys the Mail Amy pays $70 to the GT treasury for one share. Bob buys a GT
Contract for $80 and the Chicago & Western Indiana for $60, share from the Stock Market for $70. Carlos (with $2), Amy
both from its President, Bob. The Mail Contract will increase ($32), and Bob ($37) then all pass in succession, with the Priority
its 3/5 route from $120 to $170 (as this train visits 5 cities if it Deal going to Carlos.
ends its route in Buffalo, not Cleveland).
There are one GT and two IC shares left in the Stock Market
Bob could have had the NYC pay $39 for the Lake Shore Line while the NYC is 100% owned by players. The NYC’s stock
and $1 for the Mail Contract before running its routes for +$50 price increases to $100 while the other stock prices drop to $80
revenue, but Bob prefers this $80 payment to the $6 more ($2 (IC) and $60 (GT).
x 3 shares) he would have received in half dividends.

The NYC ends with $59 in its treasury, along with its one share,
four trains, and the Lake Shore Line, Chicago and Western Indi-
ana, and Mail Contract.
The IC places an $80 token in Terre Haute and spends $40 to
upgrade Indianopolis and lay a yellow track west of Centralia.
It then spends $60 to buy the Meat Packing Co. from the IC’s
President, Carlos, and places its $30 marker in St. Louis, leaving
it with $40 in treasury.
It then runs its single 3/5-train from Indianopolis ($30) to Terre Looking Ahead
Haute ($30) to St. Louis ($50 + $30), skipping over Centralia, The current value of each player’s holdings (cash plus shares) is:
for a total of $140. • Amy owns 6 shares and has $32 cash: $472.
The IC pays out full dividends, which is just enough for a double • Bob owns 6 shares and has $37 cash: $597.
stock jump from $70 to $90. Its treasury receives $84 (6 shares • Carlos owns 5 shares and has the Big 4 (worth ~$100) and $2
x $14/share) for $124 in treasury. cash: ~$562.
The IC could then buy the Big 4 for $40. This would maximize Amy’s problems are that the GT may not have two good perma-
Carlos’ cash on hand for the upcoming stock round, but give nent routes, its stock price is low, and the GT doesn’t have a
him only 2 tile lays and less money next round (since he would 3/5-train and its E-W route yet. However, the GT still has four
get only 20% of its 2-train revenue as an IC train instead of treasury shares which, if used carefully, could enable Amy to
half as an Independent Railroad). Carlos decides the extra catch up.
$40 won’t purchase another share in the next stock round and
leaves the Big 4 as an Independent Railroad. Bob’s problem is that NYC is out of treasury shares and won’t be
able to afford two permanent trains without retaining its revenue
The GT places no track or tokens and runs its two 2-trains for several times, even though it can likely obtain two good E-W
$80 apiece from Toledo to Detroit on separate tracks, for a total routes. The NYC earns the most revenue but probably can’t
of $160. It pays full and its stock price double-jumps to $70. The afford to pay out full.
GT receives $80 in its treasury and uses $60 of it to buy Amy’s
Michigan Southern, converting the MS token in Detroit to an Further, Bob has only a 5-3-2 split in NYC shares, so he isn’t
extra GT token from the box and adding its $45 treasury to the gaining that much on his opponents if the NYC does pay out full.
GT treasury for a total of $65. Carlos’ problem is that both the GT (3) and NYC (3) have more
The cash positions of the three players, who each started OR1 Phase I trains than the IC (0) and Big 4 (1). He needs to make
with $0, at the end of OR2 are: sure that Phase III comes quickly, to phase out these I trains.

• Amy: $192 = $65 (MS, $30 + $35) + $19 NYC (x1) + $48 This sample game was heavily influenced by Bob’s decision to
GT(x3) + $60 paid for MS. have the NYC buy four trains in OR1. A different decision at
that point would lead to a quite different game... 1846 can go in
• Bob: $287 = $50 (Privates, $25 twice) + $40 LSL + $57 NYC
many different directions; explore them. Enjoy!
(x3) + $140 C&WI, MC.
• Carlos: $182 = $30 (Privates, $15 twice) + $45 (Big 4, $20
+$25) + $19 NYC (x1) + $60 MP + $28 IC (x2).

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18 1846
Both St. Louis and Chicago took advantage of this and forbade
HISTORICAL NOTES through connections, establishing themselves as key junctions by
When Cornelius Vanderbilt took over the New York Central forcing terminals and switching yards to be built.
(stretching from Albany to Buffalo) and merged it with his Hudson
Ultimately, St. Louis lost ground due to the rise of Kansas City
River Railroad (to New York city) he thought he was done. His son
further west as a meat packing center. Kansas City was too far west
William, however, realized that the resulting railroad was only one
to serve as a grain collection point for Michigan and Indiana, and St.
of many crossing the Appalachian mountains.
Louis was too far south to do so for Wisconsin and Iowa. Chicago
To ensure its future, it had to be extended to whichever city would could do both, was a port with access to the Great Lakes, and, as its
eventually emerge as the great entrepôt (collection and processing financial services grew, could still serve as a meat packing center
point) for mid-western grain, cattle, and access to the far west. for those who wanted the last, best price for their cattle.

Five competing railroads crossed the Appalachians in 1851-1852. By the early 1900’s, all the eastern railroads, and the coal hauling
To the south of the NYC were the Erie, Pennsylvania, and Baltimore Chesapeake & Ohio, had access to Chicago. The most successful
& Ohio. Northwards, Bostonian merchants, using the Rutland and eastern railroads—the NYC, PA, and B&O—had also built connec-
the port of Ogdensburg to get around the New York Central, were in tions to St. Louis. With access to these two junctions, their future
search of access to mid-western grain and allies with the Canadian was secure; no railroad would ever “outflank” them.
Grand Trunk (which used a New England based line from Montreal
to Portland, Maine to reach a warm water port). Sources
Already present in Ohio, Michigan, Indiana, and Illinois, were Merle Armitage, The Railroads of America. (New York: Duell, Sloan
hundreds of failed local railroads. Promoters knew that somewhere and Pearce-Little Brown, 1952.)
in this region, a great transportation hub would emerge and wanted George H. Drury, The Train-Watcher’s Guide to North American
to dominate it. The only question was where? Railroads. (Milwaukee: Kalmbach Books, 1984.)
Would it be based on trading posts, such as Detroit or St. Louis? D. W. Meinig, The Shaping of America, Volume 2, Continental
Or, centrally located, such as Indianapolis? Or, an offshoot of the America 1800-1867. (New Haven: Yale University Press, 1993.)
thriving steamboat traffic on the Mississippi and Ohio rivers, such
James E. Vance, Jr., The North American Railroad. (Baltimore: John
as Cairo, St. Louis, Louisville, or Cincinnati? Or, connected to rails,
Hopkins University Press, 1995.)
canals, and Great Lakes shipping, such as Toledo?
NOTE: I particularly recommend the Vance book for anyone inter-
All these rival cities were “logical” choices and heavily promoted as ested in the historical development of American railroads.
the future rail hub of the United States during 1830-1860. Chicago,
promoted by Illinois State but with only 5,000 inhabitants in 1840,
was initially ignored.
PLAYER NOTES
Michigan, in 1837, impatient with the slow pace of private railroad 1846 is my third 18xx game (after 2038, set in space, and 1833NE,
development within its borders and not wanting to be left out of this set in New England).
impending rail boom, funded three railroads to cross its interior.
Two of these, the Michigan Southern and Michigan Central, laid 1846 shares with 1833NE its stock market, capitalization, and oper-
significant track but, by 1843, had taxed the state’s credit so heavily ating rules. With them, I sought to avoid full capitalization, so corpo-
that almost all construction had to be halted. rations had to manage their financial growth, while also allowing
diversified investment strategies. An issue with partial capitalization
In 1846, these small railroads were sold off, the Michigan Southern to is that an early investment by a player other than its President can
New York interests and the Michigan Central to Bostonian investors. remove a corporation’s financial constraints. This has the effect of
This set the pattern for regional development as the rival eastern discouraging players from investing in any stocks but their own. In
railroads began to move west, knitting together their mainline routes my opinion, this is not a good thing in a stock trading game!
from existing short lines that had either failed, could be bought out,
or “rescued” with additional financing and eventually merged in. By allowing corporations to issue shares, within limits, much of
this is avoided. Sometimes, an extra share invested can enable a
By 1855, the first direct route­—inefficient as it was—was established corporation to do something it wouldn’t be able to do; often it just
from New York city to Chicago by the New York Central, Michigan means that it issues one fewer share than it was intending.
Southern, and various intermediate short lines.
In 1846, I wanted to design a game novices could enjoy and to
By this time, Chicago and St. Louis were the leading candidates capture the flavor of the historical period where the eastern railroads
for the mid-western entrepôt. Geography dictated that they would pieced together their routes from the remains of failed companies.
be important articulation points in the new rail network. St. Louis This meant I needed lots of private companies. However, auctioning
was the southernmost point along the Mississippi which could be them off, as in other 18xx games, was a problem for novices. How
bridged by the technology of that time, and Chicago provided land could they figure out how much to bid? This led to the distribution
access to Wisconsin, Iowa, and Minnesota. system used in 1846.
As the canal and river trade dwindled in importance and settlers My other goal was to design a flexible game, where corporations
continued to head west, most earlier candidates were now too far can start at very different prices, operate at just 20%, and transfer
east or on sites that simply weren’t important to railroads. trains and buy private companies immediately. I urge you to explore
many different strategies. Enjoy! — Tom Lehmann

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 1846 19

Experienced 18xx players: Points to Running Routes / Phasing Out Trains

• Phase II, III, and IV trains have two types (and different costs).
Remember
• A N/M train counts up to N of M locations that it visits, provided at least
Major differences: no Private Company auction; companies and bank size
one of the N locations counted has one of its tokens.
scales with players; per share capitalization; track builds/upgrades cost $20+;
and trains phase out. • A route may not visit or trace through more than one city location in a tile
(Chicago) with several cities.
Minor differences: N/M train type; East-West bonuses; player bankruptcy • A route may not include two East off-board locations.
does not end the game; non-President sales do not lower stock prices, but
end-of-round shares in the Stock Market (bank pool) do. • Routes including both East and West locations earn bonuses.
• Trains phase out (or are possibly removed) according to the phase chart.
Setup (only with 3-4 players) Remove any phased out trains still owned by a corporation after it runs
• Place a token on the Home City of each removed corporation. its routes, whether or not these trains ran routes.

Private Company Distribution (in reverse player order) Revenue / Stock Price Adjustments
• Use blanks equal to number of players. • Corporate revenue may be paid out in full, half (round down the half
retained to the nearest $10) or retained completely. Adjust its stock price
• Draw two plus the number of players, choose one, shuffle, and place the based on the amount paid out relative to its current stock price, shifting
rest on bottom of draw pile. its price marker left, nowhere, right or right two columns depending on
• Select a blank if you don’t want to buy what you are offered. whether it pays out less than half, or at least half, equal or twice its current
• If all but one company are taken, reveal and offer it, reducing its price by stock price, respectively.
$10 each time it is declined, until it is taken. • If a corporation’s stock price is $165 or more and it pays three or more
times its current price, adjust its marker right three columns.
Stock Rounds • A corporation paying dividends receives them for all of its unsold shares
• Do all sales before the one allowed purchase per turn. but not for any of its shares in the Stock Market.
• A corporation is launched, and its home city token placed, once its 20% Purchases
President certificate is bought.
• At any point while operating, corporations may purchase Private Compa-
• A share is bought from a corporation by paying its current stock price into nies (paying at least $1 and no more than the printed price of a company),
that corporation’s treasury (there is no par value). and/or exercise any of their track or token abilities.
• A player may not buy more than 60% of a corporation’s stock. • Do not remove a Private Company after using its ability.
• Only the President may sell shares in a corporation before it has operated. • A train’s type may not be altered after being purchased.
• Selling shares does not depress stock prices except for shares sold by a • Phased out trains do not count against a corporation’s train limit.
corporation’s President, in which case its price falls one column (even if
• Corporations may buy non-phased out trains from each other at any agreed
several such shares are sold in the same turn).
upon price of at least $1.
• A corporation whose price falls to $0 is removed from the game. This
• A corporation must buy a train if it has none. If, after issuing shares
reduces the certificate limit (see chart).
(affecting its stock price and cash received), it has sufficient cash, then it
• Neither the President certificate nor more than 50% of a corporation’s must buy the earliest available train of a type it can afford from the bank.
stock may be sold into the Stock Market. If not, then its President supplies the needed cash and it may buy any
• At the end of a Stock Round, stocks whose shares are 100% held by players available train.
rise one value (shift right) and stocks with shares in the Stock Market fall • If, after issuing and selling all possible stock to buy a required train, the
one value (shift left). required amount has not been raised, the player is bankrupt and out of the
game. The game, however, continues.
Operations
• There are two Operating Rounds after each Stock Round. • After a bankruptcy, more than 50% of a corporation’s stock or a President
certificate might enter the Stock Market. See rules for details.
• The first Operating Round of the game is run in reverse price order.
(Corporations in the same column still run from top to bottom.) Ending the Game / Winning
• The game ends at the end of the round sequence (stock plus two Operating
Issuing and Redeeming Shares Rounds) during which the bank runs out of money.
• A corporation may either issue shares to the Stock Market, receiving for • The winner is the player with the highest stock value (counting any Private
each one value less than its stock price, or redeem its shares from the Companies at their list price, ignoring debt), plus cash-on-hand.
Stock Market, paying one value more than its stock price. Etiquette: All player and treasury monies are open for examination.
• A corporation cannot issue more of its shares than the number held by Rounding Rule: The treasury always gets the smaller amount.
players, less the number already in the Stock Market.
What’s Changed?
Laying Track and Tokens Play should be virtually unchanged from previous editions. Besides clarifi-
• Each round, a corporation may lay one yellow tile and either lay a second cations, four minor omissions and one rules ambiguity have been addressed:
yellow tile or upgrade one tile (in any order). • Bankruptcy does not alter the certificate limit.
• Some of a tile’s newly placed track or upgraded city must connect to a • When closing a company, return its treasury to the bank.
token of the Corporation laying or upgrading that tile. • An unused token ability for a reserved city can still be used in Phase IV;
• Every tile lay or upgrade costs $20 unless printed otherwise. If the new only the “reservation” has gone away.
track connects across a pass, tunnel, or bridge symbol to other track, then • Remove any previously returned Phase II trains in the Stock Market when
this printed cost must also be paid. they phase out (in phase IV).
• Tiles and a new token may be laid in any order. • The Chicago & Western Indiana’s token ability is optional, but cannot be
• The B&O and PA may lay an unconnected token in Cincinnati/Fort Wayne. used if the purchasing corporation already has a token in Chicago.

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Setup Private Companies

1. Draw for Seating Setup Name Price Income Ability
Assign Priority Deal Lake Shore Line $40 $15 Extra, free Cleveland/Toledo upgrade
2. Remove $500s; give each player $400 Little Miami $40 $15 2 extra, free tile lays/upgrades H12/G13
# Players 3 4 5 Michigan Central $40 $15 2 extra, free yellow tiles in MC hexes
Bank $6,500 $7,500 $9,000 Ohio & Indiana $40 $15 2 extra, free yellow tiles in O&I hexes
Boomtown $40 $10 +$20 marker in phases I-III
3. Remove: , companies / RRs
Steamboat Co. $40 $10 +$20x Port marker in phases I-III
# Players 3 4 5
Meat Packing Co. $60 $15 +$30 marker in phases I-III
Remove 3/2 2/1 1/0
Tunnel Blasting Co. $60 $20 –$20 mountain/pass/tunnel costs
4. Set up board; remove trains if needed – Chicago & Western $60 $10 Extra, free token in Chicago
5. Distribute / Buy Private Compaines Indiana C&WI space
– Mail Contract $80 – 1 route: +$10/city visited; permanent
– Big 4 $40 +$60 – Independent RR in Indianapolis
Game Phases – Michigan So. $60 +$80 – Independent RR in Detroit

All Phases
• Yellow tiles available RR Corporations
• Corporations may buy trains from Setup Name Start City # tokens Abilities
other corporations – Baltimore & Ohio Wheeling 4 Reserved $40/$100 Cincinnati
• May buy Privates Companies (I-II) token; no connection needed
Chesapeake & Ohio Huntington 4 –
Phase I
Erie Salamanca 4 Reserved $40 Erie token
• Use lower off-board values
– Grand Trunk Port Huron 3 –
• Train Limit: 4
– Illinois Central Cairo 4 Extra capital; $0 cost tile lays
Phase II Reserved $40 Centralia token
• Green tiles available – New York Central Erie 4 –
Phase III Pennsylvania Homewood 5 Reserved $40/$60 Ft. Wayne
token; no connection needed
• Brown tiles available
• Remove Private Companies
(except purchased Mail Contract) Trains
• Phase out I trains Types Phased
• Use higher off-board values Phase Available List Price Limit Out Removed
• Train Limit: 3 I 2 $80 4 III IV
Phase IV II 3/5, 4 $160, $180 4 IV –
• Gray tiles available
III 4/6, 5 $450, $500 3 – –
• Remove Private Co. markers
• No reserved token spaces IV 7/8, 6 $900, $800 2 – –
• Remove I trains
• Phase out II trains
Sequence of Play
• Train Limit: 2 RR Operations*
Stock Round A. May issue/redeem shares
• Pass or sell 1+ shares and/or buy 1 B. May lay tiles / place 1 token (in any
certificate order). May lay 1 yellow tile and lay
Certificate Limit • Ends when all players pass in succession 2nd yellow tile or upgrade 1 tile
# Corps. # Players • Reassign Priority Deal; adjust stock prices
in play 3 4 5 C. Run routes
Operating Rounds (2 / stock round) D. Pay out full, half, or retain revenue;
7 - - 11 adjust stock price
1. Pay Private Co. income
6 - 12 10 2. Michigan Southern, then Big 4, operate E. May buy trains (corporations must
own at least 1 train)
5 14 10 8 3. Corporations operate in stock price order
(except OR1 done in reverse order) *At any time, may purchase Private
4 or fewer 11 8 6 Companies and/or use their abilities

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Tile Manifest and Upgrades

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22 1846

GLOSSARY
Advance: when the first train of the next phase is bought. Phase: one of the 4 phases (I-IV) of the game.
Available: a corporation in play that has not yet been launched. Phased Out: a train made obsolete by a phase advance; it is
removed after its owner next runs routes, does not count against
Bank Size: the amount of cash in the game before the bank runs
the train limit, and cannot be bought by other corporations.
out of money.
Player Cards: numbered 1-5, used for player seating, determining
Blocked: a city with no vacant city spots and no tokens of the
the initial Priority Deal player, and as “blanks” during the Private
operating corporation. Paths and routes cannot run through a
Company distribution.
blocked city; routes can start and/or end in blocked cities.
President: the player owning the most of a corporation’s stock
Certificate: a card held by a player, either a Private Company,
and its President certificate, who makes the decisions for it.
President certificate, or 1 stock share.
President Certificate: a stock certificate held by a corporation’s
Closed: a corporation removed when its stock price equals $0.
President that is worth two shares or 20%.
Corporation: a railroad capitalized by stock.
Priority Deal Player: the player holding the Priority Deal card;
Debt: amount paid for an Independent Railroad that goes to the bank. first in a Stock Round.
Dividend: the amount per share paid out by a corporation. Private Company: one of up to 10 companies distributed at
Earnings per Share: revenue divided by 10; marked on the the start of the game (including the two Independent Railroads).
earnings track each Operating Round. Redeem: a corporation transferring a share from the Stock Market
East-West Routes: a route running from an East off-board loca- to its treasury, paying one value more than its stock price.
tion to a West off-board location, receiving bonuses for doing so. Removed: no longer in play; either due to playing with 3-4 play-
Hexside Cost: the additional amount paid if a new tile connects ers, advancing the game phase, or by being closed.
track across a Bridge or Tunnel hexside (i.e., it is the second tile Reserved: a city spot or hexes that only a certain corporation or
to build to that hexside). Private Company can use, until either it is removed or Phase IV,
Home City: the vacant city spot in which a corporation’s free whichever occurs first.
token is placed upon the corporation being launched. Routes can Revenue: the total earned by all routes run by a corporation; it
be run through vacant home cities, but other tokens may not be can be paid out in full, half, or retained by the corporation.
placed in them. Home city spots of corporations removed during
Route: a length of track run by a train of a corporation (or Inde-
setup are blocked, marked by a face down token.
pendent Railroad), that is not blocked and which includes a city
In Play: in the game (not removed during setup or closed); this with one of its tokens and at least one other location.
includes available corporations that have not yet been launched.
Share: a 10% ownership of a corporation.
Income: amount received by its owner for a Private Company at
Shareholder: a player, corporate treasury, or the Stock Market
the start of each Operating Round.
holding one or more corporation shares.
Independent Railroads: the Michigan Southern and Big 4.
Stock Price: the price of a 10% share of stock in a corporation.
Issue: a corporation transferring a share from its treasury to the
Stock Price Order: starting with the highest price corporation,
Stock Market, receiving one value less than its stock price.
followed by the others in descending order.
Launch: starting an available corporation by setting its initial
Stock Round: when players may buy or sell stocks.
stock price and buying its President certificate.
Tile Cost: terrain cost plus any hexside costs; where terrain cost
List Price: the amount listed on a Private Company certificate;
is either $20 or any preprinted cost (if the lay or upgrade is the
typically, the amount paid by a player for it and the most that a
first actual tile in the hex), whichever is greater.
corporation can pay when purchasing it.
Tile Lay: placing a tile in an empty hex.
Location: a city or off-board area (with a value).
Tile Upgrade: replacing a tile (including preprinted tiles) with
N Trains: a train that may visit up to N cities or off-board areas.
one of the next color (green, brown, or gray).
N/M Trains: a train that may visit up to M cities or off-board
Token: used to mark a city from which a corporation can trace
areas, but can count only up to N of them for revenue.
paths and run routes. A city can hold as many tokens as its (current)
Operating Round: when companies act; there are two operating number of city spots. (Two tokens are also used to mark a corpo-
rounds per stock round. ration’s stock price and earnings per share.)
Off-board Area: a location, possibly either East or West, that Treasury: the money belonging to a corporation. Its President
cannot be run through and whose value changes in phase III. may not mix this money with his or her own funds except during
Payout: the total money paid out to all shareholders (including a forced train purchase.
the corporation treasury or the Stock Market, if either has any Value: the price listed in each column of the stock price track.
shares); this is compared to its current stock price to determine
its new stock price.

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INDEX
Bankruptcy . . . . . . . . . . . . . . . . . . . . . . . . 10 §6.87, 11 §7 President Certificate. . . 5 §5.12, §5.24, §5.34 & 5.37; 6 §5.41,
Buying Private Companies . . . . . . . . . . . . . . . . 11 §6.9, 12 11 §7.11 & §7.14
Buying Stock . . . . . . . . . . . . . . . . . . . . . . . 5 §5.3, 11 §7.13 Priority Deal . . . . . 2 §2.1, 4 §3.2 & §4.1, 5 §5.11, 6 §5.51
Certificate Limits . . . . . . . . . . . . . 6 §5.4, 11 §7.12 & §8.2 Private Companies. . . 2 §2.3 & §2.5, 4 §3, 11 6.9 & §9, 12,
13 §10.3
Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-21
Private Company Abilities . . . . . . . . . . . . . . . 11 §6.93, 12
Closing a Company . . . . . . . . . . . . . . . . . . . 5 §5.26, 11 §8
Private Company Distribution . . . . . . . . . . . . . . . . . . 4 §3
Connection . . . . . . . . . . . . . . . . . . . . . . . . 7 §6.47 & §6.52
Private Company Markers . . . . . . . . . . 11 §6.92 & §9, 12
Corporation in Stock Market . . . . . . . . . . . . . . . . 11 §7.14
Private Company Purchase . . . . . . . . . . . . . . . . 11 §6.9, 12
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 §3.1, 11 §6.9, 12
Private Company Removal . . . . . . . . . . . . . . . . . . . . 11 §9
Detailed Example of Play . . . . . . . . . . . . . . . . . . . . . 14-17
Redeeming Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 6 §6.32
Etiquette . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Removed Trains . . . . . . . . . . . . . . . . . . . . . 9 §6.82, 11 §9
Extra City Tokens . . . . . . . . . . . . . . . . . . . . . . . 5 §5.34, 12
Reverse Stock Price Order . . . . . . . . . . . . . 4 §4.2 & §4.31
E-W Routes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 §6.65
Routes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 §6.62, 9 §6.67
Faster Play . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Selling Stock . . . . . . . . 5 §5.2, 10 §6.88, 11 §7.11 & §7.13
Forced Train Purchase . . . . . . . . . . . . . . . . . . .10 §6.86-88
Sequence of Play . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 §4
Game Phases . . . . . . . . . . . . . . . . . . . . 9 §6.82, 10 §6.83,
Setup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 & 3
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Stock Limits . . . . . . . . . . . . . . . . . . . . . . . . 5 §5.36, 6 §5.4
Historical Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Stock Market . . . . . . . . . . . . 5 §5, 6 §5.52 & §6.3, 9 §6.73
Independent RRs . . . . . . . . . . . . 4 §3.1, 6 §6.2, 11 §6.9, 12
Stock Price Adjustments . . . . . . . . . . . . . . 6 §5.52, 9 §6.75
Issuing Shares . . . . . . . . . . . . . . . . . . . . 6 §6.31, 10 §6.86
Stock Price Order . . . . . . . . . . . . . . . . . . . . . 4 §4.3, 6 §6.1
Launching RR Corporations . . . . . . . . . . . . . . . . . . 5 §5.34
Stock Rounds . . . . . . . . . . . . . . . . . . . . . . . . . 4 §4.1, 5 §5
Laying Tiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 §6.4
Reserved City Tokens . . . . . . . . . . . . . . . . . . . . . . . 7 §6.53
Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Rule Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Operating Rounds . . . . . . . . . . . . . . . . . . . . . . 4 §4.2, 6 §6
Rule Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Paying Dividends . . . . . . . . . . . . . . . . . . . . . . . 9 §6.71-73
Terrain Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 §6.48, 12
Phase Effects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 §9
Tile Upgrades . . . . . . 6 §6.42, 7 §6.45, §6.47 & §6.48; 21
Phased Out Trains . . . . . 9 §6.69 & §6.82, 10 §6.83, 11 §9
Train Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . 9 §6.8, 12
Placing Tokens . . . . . . . . . . . . . . . . . . . . . . . . . . 7 §6.5, 12
Train Type . . . . . . . . . . . . . . . . . . . . . . . . 8 §6.64, 10 §6.85
Player Cards . . . . . . . . . . . 2 §2.1 & §2.5, 4 §3.21 & §3.23
Treasury Shares . . . . . . . . 5 §5.33 & §5.34, 6 §6.3, 9 §6.71
Player Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
W-W Routes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 §6.63

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