Train symbols
I'll share my train symbol system, feel free to adopt or adapt it as you see fit. It's loosely based on Wisconsin & Southern's former symbol system, along with Union Pacific's, with inspiration from other railroads'.
The first letter of my train symbols denotes the type of train, from letters P through Y:
P = Passenger Train (could also be used for an uber-high-priority train)
Q = "Quality" freight (high-priority freight, or could be used as a secondary passenger train)
R = Road freight, runs continuously from one terminal to another
S = Set-out freight, makes pick-ups and set-outs en route from its end points (this would also be used for a local that starts at one yard and terminates at another yard)
T = Turn, goes from its originating terminal to an end point, then returns to its original terminal (generally, a local that returns to its origin after serving its "destination")
U = Unit train
V = Empty unit train
W = Light power move (Without the train)
X = Extra
Y = Yard job
The second and third letters of the train symbol denote the originating and destination terminals, respectively. In the case of the yard job, the third character would be a number denoting the shift (e.g. YB2 for a second shift yard job at whatever "B" stands for). These terminals are assigned to letters A-O, and Z is used to denote any origin or destination that is off-line, unknown, or not otherwise assigned to A-O.
If you haven't set up any terminals yet, but are still running trains, you'd run them all as extras from unknown location to unknown location: XZZ...
There are a couple of ways to use the terminal designation system: 1. If your railroad runs generally in a straight line, with minimal branches, you could designate your terminals from A to O in the order in which they geographically appear; in your example, Plainville would be A and New London, O, or vice-versa. (Some might carry this even further and name their stations/terminals/yards according to the "initial".) 2. Assign the terminal designations according to the place name. In your example, New London would likely be "N", but could also be "L" if you prefer Talman Street Yard to be "N" for "Norwich". Plainville would be a bit of a challenge, since "P" is a train type designation; "E" might be a possibility, as would "A" or even "I". Alternately, you could deviate somewhat from my system and use "P" for both Plainville and "P"assenger type trains.
Finally, if any of your trains spend more than one day on the road, or if you just want to differentiate trains from different days, you'll want to use the day's date for the last two digits of your train symbol. As an example from my "DM Rail Group", today's Road Freight from Greendale (which is actually in Franklin, following railroad tradition of naming facilities in spite of their actual geographic location) to Chicago (not actually in Chicago, see above), would be RGC01.
Just for another example, the local from Greendale to Union Grove operates as a turn. Since I don't use U for a terminal code, and Greendale already takes the G, I've designated it as K since it's on the branch to Kansasville. Yesterday's train would have been the TGK30.
Since you asked about signals as well, I might as well agree with what has already been said: Short lines and small regionals generally won't have, or at most, won't continue to use, a signal system. While it certainly might be "neat", you may well find that any efforts put towards such a system may well be directed elsewhere. A simpler track warrant system would be sufficient.
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DM Rail Group: Milwaukee Franklin & Norway • Paris Coal Railway • St. Louis Northern • South Fork