1867: The Railways of Canada

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.

Floating percentage and per-player share limits

• 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.