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1867: The Railways of Canada

Designer: Ian D. Wilson

1861's Canadian twin: the same grid stock market engine, now crossing Canada from east to west.

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1867: The Railways of Canada Contents

How it works

Setup

$15,000 bank; $315 per player with 4 ($420 with 2-3, $252 with 5, $210 with 6)
Auction of the 5 privates, from the Champlain & St. Lawrence to the St. Clair Tunnel
10 minors available at the start; 6 more (the green ones) from phase 3
Minors have no fixed home: the auction winner picks a city with a free slot
Single-column market (1861's grid is optional)

Stock round ×1

Turn: sell shares, then one of these:
· put a minor up for auction (minimum $100; until phase 5)
· buy a share of a major
· start a major (from phase 4)
The minor starts at half the bid, all of which goes to its treasury

Operating round ×2

Private income
Minors, then majors, highest share price first:
1. Track: one tile, or two paying $20 (only one upgrade)
2. One station (majors)
3. Run trains: minors split 50/50
4. Loan interest ($5 each)
5. Buy trains; if needed, $50 loans
From phase 4, the next train goes off to the [CN]

Merger round ×1

After each operating round, phases 3 to 7
Convert a minor worth $100-165 into a major
Or merge connected minors into a major

↻ Repeats until the end

End

First 8-train: the game finishes with a last set of 3 operating rounds
The bank runs out: the game ends after that operating round
Before scoring, each outstanding loan drops the share price one space
Most cash plus shares wins; a minor is worth double its share price

Components

Players

Cash
Minors (a single certificate)
Major shares (max. 60%)
Privates with fixed income

Minors

16 one-station minors
At most 2 trains, 1 from phase 4
Up to 2 loans
Without a train at the start of phases 4 and 6, or in 8: nationalised

Majors

8 majors, no fixed home
Born from minors (phase 3) or by buying the director's share (phase 4)
Incremental capitalisation
Up to 5 loans

Canadian National (CN)

No shareholders and runs no trains
From phase 4 it takes a new train at the end of every operating round
Takes over the stations of nationalised companies

Bank

$15,000
Trains and $50 loans (the first interest is paid immediately)

Where the money goes

Players Minors The winning bid for a minor, all of it into the treasury
Players Bank Privates and open market shares
Players Majors Shares from a major's treasury
Minors Players Half the minor's revenue
Majors Players Dividends
Bank Players On nationalisation, the value of the shares or of the minor
Players Minors Director paying for a train out of pocket: doesn't exist (loans or nationalisation)

Phases

Start

2 · $100

Only 10 minors; minors up to 2 trains

1st 3-train

3 · $225

Merger rounds; green minors; privates can be bought

1st 4-train

4 · $350

2s rust; direct majors; trains go to the [CN]

1st 5-train

5 · $550

Minors can no longer be auctioned

1st 6-train

6 · $650

3s rust; privates are nationalised

1st 7-train

7 · $800

1st 8-train

8 · $1,000 · 2+2 · 5+5E

4s rust; minors are nationalised; last set

Majors aren't started at the beginning: they grow out of minors.
From phase 4 every operating round takes another train out of the supply: the phases move on their own.

A round, step by step

Illustrative example using the 1861/1867 rules (1861 rulebook v2.0 and the 18xx.games 1867 implementation, single-column market): 4 players with $315. We follow [P1], who puts the [CV] in Toronto and the [CS] in Hamilton and merges them into the [GWR].

Before starting Privates first Phase 2

The game opens by auctioning the 5 privates in order. The other players take them. Then, in the stock round, any player can put a minor up for auction on their turn.

If a corporation owns the Niagara bridge, its trains earn $10 more at Buffalo.

[P1] cash

$315

[CS] treasury

—

[CV] treasury

—

[GWR] treasury

—

[GWR] share price

—
Stock round 1 The [CV], in Toronto Phase 2

[P1] puts the [CV] up for auction at $100 and nobody raises. The $100 goes to the treasury and the minor starts at $50. It picks a home: one of Toronto's two stations ($30), the one facing Hamilton.

Minors have no fixed home: the city just needs a free slot.

[P1] cash

$215

[CS] treasury

—

[CV] treasury

$100

[GWR] treasury

—

[GWR] share price

—
Stock round 1 The [CS], in Hamilton Phase 2

On another turn, [P1] auctions the [CS]. [P2] bids $110 and [P1] $120. The [CS] starts at $60 with $120, and makes its home in Hamilton, still an empty circle.

The starting share price is half the bid, rounded down to the valid space below.

[P1] cash

$95

[CS] treasury

$120

[CV] treasury

$100

[GWR] treasury

—

[GWR] share price

—
Operating round 1.1 Hamilton, connected Phase 2

The [CS] operates first, having the higher share price. Since there's no track at its home, it lays a yellow city ($30) in Hamilton linking to Toronto and Buffalo. No train, no revenue: it drops back to $55. It buys a 2-train for $100.

[P1] cash

$95

[CS] treasury

$20

[CV] treasury

$100

[GWR] treasury

—

[GWR] share price

—
Operating round 1.1 The [CV], same story Phase 2

The [CV] has no train either: it drops back to $45 and buys a 2-train for $100. It's out of cash, but it has a train.

If it couldn't afford the train, it would take $50 loans; failing that, it would be nationalised.

[P1] cash

$95

[CS] treasury

$20

[CV] treasury

$0

[GWR] treasury

—

[GWR] share price

—
Operating round 1.2 Two $60 routes Phase 2

The [CS] runs Hamilton + Buffalo: 30 + 30 = $60. The [CV] runs Toronto + Hamilton: also $60, ending at Hamilton because the [CS]'s station fills it. Each gives [P1] $30 and keeps $30, and both move one space on: the [CS] to $60 and the [CV] to $50.

Trains from different companies can use the same track.

[P1] cash

$155

[CS] treasury

$50

[CV] treasury

$30

[GWR] treasury

—

[GWR] share price

—
Operating round 2.1 One more lap Phase 2

In stock round 2 [P1] passes. Both minors make $60 each again and move on: the [CS] to $65 and the [CV] to $55.

[P1] cash

$215

[CS] treasury

$80

[CV] treasury

$60

[GWR] treasury

—

[GWR] share price

—
Operating round 2.1 The first 3-train Phase 3

Another player's company buys the first 3-train. Phase 3 begins: the green minors come out and, after every operating round, there's a merger round.

[P1] cash

$215

[CS] treasury

$80

[CV] treasury

$60

[GWR] treasury

—

[GWR] share price

—
Merger round 2.1 The [GWR] is born Phase 3

[P1] merges the [CS] and the [CV], which are connected. The new major starts at the sum of the highest and lowest share prices: 65 + 55 = $120. Each minor is swapped for one share: with two, [P1] holds the director's certificate (20%).

Two to ten minors can be merged, from several different players.

[P1] cash

$215

[CS] treasury

—

[CV] treasury

—

[GWR] treasury

$140

[GWR] share price

$120
Merger round 2.1 What it inherits Phase 3

The [GWR] keeps the minors' $140, both 2-trains and both stations, in Toronto and Hamilton. [P1] buys one more share for $120, which goes to the treasury: they now hold 30%.

[P1] cash

$95

[CS] treasury

—

[CV] treasury

—

[GWR] treasury

$260

[GWR] share price

$120
Operating round 2.2 Two trains, $120 Phase 3

One train runs Toronto–Hamilton and the other Hamilton–Buffalo: they don't share track, and add up to $120. The [GWR] pays it out: $36 for [P1] and $84 for the treasury's 70%. Since it matches the share price, it moves on to $135.

Withholding everything moves the share price back one space.

[P1] cash

$131

[CS] treasury

—

[CV] treasury

—

[GWR] treasury

$344

[GWR] share price

$135
Operating round 2.2 A 3-train Phase 3

The [GWR] buys a 3-train for $225. In phase 3 a major can own up to 4 trains.

[P1] cash

$131

[CS] treasury

—

[CV] treasury

—

[GWR] treasury

$119

[GWR] share price

$135
Towards stock round 3 What now? Phase 3

The first 4-train will rust the 2s and open phase 4: trainless minors and majors can end up nationalised, and every operating round a new train will go off to the [CN]. The [GWR] needs to reach out to Montreal or Detroit before that happens.

[P1] cash

$131

[CS] treasury

—

[CV] treasury

—

[GWR] treasury

$119

[GWR] share price

$135

1867 — Summary

Capitalization type

Incremental capitalization: the company doesn't receive its full capital at once when it floats (unlike 1830); instead it collects the par price each time one of its shares is actually sold, both during the IPO and in later share issues.

The 8 major railways (CNR, CPR, C&O, GTR, GWR, ICR, NTR, NYC) float once 20% of their shares are sold; the 16 smaller regional railways float at 100%
No player may hold more than 60% of one major railway (default threshold), while the regional railways have no real ownership limit (100%)
Certificate limit per player: 2 players — 21; 3 players — 21; 4 players — 16; 5 players — 13; 6 players — 11

Starting cash by player count

2 players: $420 starting cash
3 players: $420 starting cash
4 players: $315 starting cash
5 players: $252 starting cash
6 players: $210 starting cash
The bank always starts with $15,000, regardless of the number of players

End game triggers

The bank runs out of money: the current operating round is finished (not the whole set)
The first 8-train is bought: one more set of operating rounds is played, extended in this case to three operating rounds instead of the usual number

Number of phases

7 phases (2, 3, 4, 5, 6, 7, 8), each triggered by the purchase of the first train of the matching number
Tile colors progress from yellow to yellow+green (phase 3), then +brown (phase 5) and +gray (phase 7)
The train limit varies by whether the entity is a minor or a major and tightens over time: majors go from 4 trains at phase 3 down to 2 from phase 6 on; minors go from 2 trains down to 1 from phase 4 on
From phase 4 on, the "export_train" status kicks in: at the end of each operating round, the next available train in the depot is automatically exported (simulating it leaving for the neighboring CN network), speeding up the pace of phase changes

Train list and prices

2 train — $100 (10 available; rusts once the 4-train appears)
3 train — $225 (7 available; rusts once the 6-train appears; buying it makes green minors available)
4 train — $350 (4 available; rusts once the 8-train appears; buying it allows majors to be started)
5 train — $550 (4 available, never rusts; buying it means minors can no longer be started)
6 train — $650 (2 available, never rusts; buying it nationalizes any private companies still held by players)
7 train — $800 (2 available, never rusts)
8 train — $1,000 (unlimited supply, never rusts; buying it nationalizes all remaining minors and enables trading in old trains toward an 8-train for 50% of its price)
2+2 train — $600 (unlimited, only available once phase 8 is reached; counts as two 2-trains)
5+5E train — $1,500 (unlimited, only available once phase 8 is reached; a double "express" train)

List of private companies

Hidden company "3" — value $3, not a purchasable private: blocks hex M13 until phase 3 begins
Champlain & St. Lawrence (C&SL) — $30, revenue $10 — no special ability
Niagara Falls Bridge (NFB) — $45, revenue $15 — when owned by a corporation, +$10 on any route through Buffalo (F18)
Montreal Bridge (MB) — $60, revenue $20 — when owned by a corporation, +$10 on any route through Montreal (L12)
Quebec Bridge (QB) — $75, revenue $25 — when owned by a corporation, +$10 on any route through Quebec (O7)
St. Clair Tunnel (SCT) — $90, revenue $30 — when owned by a corporation, +$10 on any route through Detroit (A17/A19)

List of corporations

Majors (8, float at 20%, 3 token slots, freely choose their own home city, no fixed home in the data): Canadian Northern Railway (CNR), Canadian Pacific Railway (CPR), Chesapeake and Ohio Railway (C&O), Grand Trunk Railway (GTR), Great Western Railway (GWR), Intercolonial Railway (ICR), National Transcontinental Railway (NTR), New York Central Railroad (NYC)
Minors (16, float at 100%, a single share and a single token each; their home city isn't listed as a fixed coordinate in the engine data — it's set through the tile map, so they're listed here without a coordinate): Buffalo, Brantford, and Goderich (BBG), Brockville and Ottawa (BO), Canada Southern (CS), Credit Valley Railway (CV), Kingston and Pembroke (KP), London and Port Stanley (LPS), Ottawa and Prescott (OP), St. Lawrence and Atlantic (SLA), Toronto, Grey, and Bruce (TGB), Toronto and Nipissing (TN), Algoma Eastern Railway (AE), Canada Atlantic Railway (CA), New York and Ottawa (NO), Pere Marquette Railway (PM), Quebec and Lake St. John (QLS), Toronto, Hamilton and Buffalo (THB)
National (1): Canadian National (CN) — no owner, 8 token slots, shares hidden (not normally tradable); only comes into play once the automatic train export status era arrives

Game-specific mechanics

Two tiers of company: 16 tiny single-token minors that fully float from the start, and 8 majors that only become startable once the first 4-train is bought
The Canadian National (CN), a railway nobody owns, which gradually absorbs companies through waves of nationalization as the game progresses
A loan system: companies can take out loans of $50 each (up to 5 for majors, 2 for minors), at 5% interest per operating round
Progressive nationalization tied to train purchases: privates get nationalized on the 6-train, remaining minors on the 8-train, and "trainless nationalization" folds any minor or major operating without a train into the CN
Merger rounds (from phase 3 to phase 7) where minors can merge into a major or convert into one
An optional Grid (2D) stock market that can be swapped in for the default Column (1D) one
A special "capitals + Timmins" revenue bonus: Quebec, Montreal, and Toronto together with the Timmins hex add a $40 bonus per route, doubled again with the multiplier-2 trains

Emergency sell

Completely replaced: the president never contributes personal cash, and players can never sell personal shares to fund a corporation's train. A cash-short corporation instead automatically draws down bank loans, up to its maximum, each one adding to a debt balance (minus a small issuance fee). If even the maximum in loans can't cover the cheapest train — or the corporation later can't pay the interest piling up on those loans — it's nationalized: its share price drops, outstanding loans are settled, and it becomes a government-run entity with shareholders compensated for their stock.

Comparison with 1830

1. Incremental capitalization instead of full capitalization
In 1830 a company receives its entire capital at once when it floats (60% sold). In 1867 capitalization is incremental: the company only collects the par price as each share is actually sold, making the pace of its capital growth depend much more heavily on how share sales actually play out.

2. Two tiers of company: small minors and large majors
In 1830 all 8 companies are equal, with 10 shares and a fixed home city from the start. In 1867 there are 16 single-token minors that fully float from the start, plus 8 majors that only become startable once the first 4-train is bought — two categories of company with a very different rhythm of entering play.

3. A national railway nobody controls
An entity absent from 1830. In 1867 the Canadian National (CN) has no owner; it enters play once the automatic train export phase arrives and gradually absorbs other companies through nationalization as the game progresses.

4. Automatic loans instead of relying solely on the company's own treasury
1830 has no loan mechanic at all. In 1867 companies can take out loans of $50 (up to 5 for majors, 2 for minors), receiving $45 in cash and paying 5% interest each operating round — replacing the usual sole reliance on the company's treasury and the president's own pocket.

5. Progressive nationalization tied to trains, instead of bankruptcy
In 1830 a company that can't afford a mandatory train can go bankrupt and be liquidated. 1867 works differently: privates get nationalized on the 6-train, remaining minors on the 8-train, and any company left without a train at specific rust points is folded directly into the CN.

6. A faster, more shifting phase structure
1830 has 6 phases (2, 3, 4, 5, 6, D). 1867 has 7 (2 through 8), and from phase 4 on every operating round automatically exports the next train from the depot, speeding up the pace of phase changes compared to 1830.

7. End game in two distinct stages
In 1830 an empty bank ends the game immediately. In 1867 an empty bank only finishes the current operating round (not the whole set), and the real end-game clock is the purchase of the first 8-train, which extends the final set to three operating rounds.

8. Merger rounds between minors and majors
A concept 1830 doesn't have. In 1867, from phase 3 to phase 7 there are dedicated merger rounds where minors can merge into an existing major or convert into one — a growth mechanic with no equivalent in 1830.

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