18xx Games 18Chesapeake Rules Summary
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This summary of the 18Chesapeake rules is not intended to explain the rules in detail. It is intended to serve as a reminder of the rules.

Etiquette

• The amount of cash held by players and companies is public knowledge.
• The amount of cash involved in transactions is public knowledge.

Stock Market Zones

• White - normal stock market spaces.
• Red - starting value spaces for public companies, which otherwise act as normal stock market spaces.
• Yellow - does not count towards the certificate limit.

Stock Market Movement

• When share certificates are sold, a stock market token moves down one row for each share sold.
• At the end of the stock round, a company's stock market token goes up by one row if all of its certificates are held by players.
• When a dividend is paid, a stock market token is moved one column to the right, or up one row if at the right hand end of a row.
• When a dividend is retained, or there is no dividend to pay, a stock market price is moved one column to the left, or down one row if at the left hand end of a row.
• Whenever a stock market marker moves to a different space on the stock market, it is placed below any other markers that may be present.

Private Companies

• While a private company is in private hands, no company may lay a tile on the company's home hexes (applies to the D&R, C-P, B&S and C&OC).
• Private companies may be purchased by public companies from phase 3 at a price from half to double the face value.
• The CV closes when the company that comes with it buys its first train.
• All other private companies close at the start of phase five (triggered by the first 5-train).

Floatation and Holding Limits

• Public companies float when 60% of their shares have been purchased.
• Players may hold up to 60% of a public company.
• The bank pool may hold up to 50% of a public company's shares.

Game Phases

Phase	Trigger	Tiles	Train Limit	ORs	Off-Board Areas	Notes
2	Start of game		4	1	Lowest (yellow) value	Tiles may not be laid on private company home hexes
3	First 3-train		4	2	Second (green) value	Public companies may buy private companies from players Tiles may be laid on private company home hexes if the private is owned by a public company
4	First 4-train		3	2	Second (green) value	2-trains are removed from play
5	First 5-train		2	3	Third (brown) value	Private companies are removed from play
6	First 6-train		2	3	Third (brown) value	3-trains are removed from play D-trains become available
D	First D-train		2	3	Highest (grey) value	4-trains are removed from play There are an unlimited number of D-trains

First Stock Round

• Private companies are sold/auctioned in sequence.
• On your turn, buy the next private company or place a bid on another private company.
• Bids must increase the price by a minimum of 5, in multiples of 5.
• If the first private company (the D&R) is not sold after a turn round the table, its price is reduced by 5. If this repeats and the price drops to zero, the first player must take the private company at no cost as their stock turn.
• Once all private companies have been sold, all public companies are available for purchase.
• Players may not sell share certificates in the first stock round.

Stock Rounds

• Dealing order is sell then buy.

    Selling Share Certificates

• You may sell certificates from the start of the second stock round.
• The President's certificate may not be sold into the bank pool.
• Certificates are sold at the current stock market price.
• When stock is sold the share price drops by one row for each certificate sold.

    Buying Share Certificates

• You may buy one certificate in a stock round turn.
• You may not buy certificates of a company that you have sold in the current stock round.
• Certificates bought from the initial offering are priced at the par value.
• Certificates bought from the bank pool are priced at the current stock market price.

    Starting a Company

• A company is started when the President's certificate is bought.
• The President sets the par value for the company to one of the starting value spaces on the stock market.

    Floating a Company

• A company is floated when 60% of its shares have been purchased.
• The company receives ten times the par value as its initial treasury.
• The home station is not placed at this time.

    Company Presidency

• If a player loses control of a company, the Presidency passes to the largest stockholder. In the event of a tie, this will be the eligible player nearest to the outgoing President, clockwise round the table.
• The President's certificate is exchanged for two 10% certificates from the new President.

    End of a Stock Round

• A stock round ends when all players consecutively pass the option or buy or sell.
• The priority goes to the player after the one who last bought or sold.
• At the end of the stock round, a company's stock price goes up by one row if all of its certificates are held by players.

Operating Rounds

• The first time a company operates, its first action is to place its home station token.
• Private companies may be purchased by public companies at any time during the operating round from phase 3 at a price from half to double the face value.
• Private companies may not be sold by public companies.

    Operating Order

• Private companies pay dividends to their owners.
• The highest priced public company operates first, followed by others in descending order of the current stock price.
• If companies have the same price but are in different stock market spaces, the company furthest to the right operates first.
• If companies occupy the same stock market space, the company with the token on top operates first.

    Laying and Promoting Tiles

• A company may lay one tile on the map or promote one existing tile, or may choose to do neither.
• A company may be able to lay two or three yellow tiles through the special abilities of private companies (applies to the C-P, B&S and C&OC).
• If there is no tile in its home hex, it must lay a suitable city tile there as its tile laying action.
• In order to lay a tile on the map, some of the new track on the tile must be reachable from one of the company's station tokens by a train with unlimited range.
• In order to promote an existing track tile, some of the newly-created track must be reachable from one of the laying company's station tokens by a train with unlimited range.
• In order to promote an existing station tile, the station must be reachable from one of the laying company's station tokens by a train with unlimited range.
• The quantity of plain yellow track (tiles 7, 8 and 9) is to be considered unlimited.

    Station Tokens

• In order to place an additional station token, the target city must be reachable from one of the company's existing station tokens by a train with unlimited range without passing through a city fully occupied by rival station tokens.
• A company may only place one additional station token in an operating round.
• The cost to place station tokens is as shown on the company charters (0 - 40 - 60 - 80).

    Routes and Running Trains

• Each train runs on its own route and cannot share any track with another train's route.
• A route must include at least one station token belonging to the company.
• A route may run to but not through a city fully occupied by rival station tokens.
• A route may include two separate stations on the same tile, but may not visit the same station more than once.
• A company should generate the maximum possible revenue, but players are not obliged to point out a higher revenue amount than that claimed by the President.

    Dividends

• A company may pay its dividends in full, or retain them for the company.
• If paid in full, the stock market price is moved one column to the right, or up one row if at the right hand end of a row.
• If retained, or there is no dividend to pay, the stock market price is moved one column to the left, or down one row if at the left hand end of a row.
• The company will gain income from shares in the bank pool when dividends are paid out.

    Buying Trains

• A public company must buy a train if it does not own one but does have a valid route with at least two stations.
• A company may buy multiple trains in a single round if it has the funds and capacity to do so.
• When the first 6-train has been purchased, the D-trains become available.
• A company may not buy a train if it already owns as many trains as allowed by the current train limit.   
• A company may buy:
  • the next new train from the bank at face value, or
  • any train from the bank pool at face value, or
  • any train from another company for an agreed price of at least 1.
• When a company is forced to buy a train and has insufficient funds to do so, it must raise sufficient funds to buy:
  • the cheapest available train from the bank or bank pool at face value, or
  • a train from another company for up to face value.
• Trains may not be sold to the bank.

    Exporting Trains

• At the end of each set of operating rounds, if a 2-train, 3-train or 4-train is the next new train on offer by the bank, it is exported, i.e. removed from the stack of new trains and removed from the game. This can trigger a phase change.
• Permanent trains (5-trains, 6-trains and D-trains) are not exported.

Game End

• The game ends when the bank runs out of cash, or when a player becomes bankrupt.
• If the game runs out of cash during an operating round, the game ends when the current set of operating rounds is complete.
• If the bank runs out of cash during a stock round, the game ends when the next set of operating rounds is complete.
• If the game ends due to a bankruptcy, the game ends as soon as the emergency money raising process is complete.

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© Keith Thomasson October 14th 2020