1841: Railways in Northern Italy Rulebook

Table of Contents

1. Introduction
- 1.1 Game Description
- 1.2 Preparing for Play
2. Concessions Round
- 2.1 Concessions Auction
3. Stock Round
4. Operating Round
5. Standings Round / End of Game
6. Geography
7. Differences from the Original Version
8. Optional Rules
9. Conflicts and Errata
10. Frequently Occurring Errors
11. Credits
12. Place Names
13. Glossary
14. Post-Merger Current Market Value Chart
15. Tile Manifest/Upgrade Chart

1. Introduction

References to rule sections are denoted as [4.5.1]. General terms used with a specific meaning in these rules are shown with Initial Capitals, and are defined in the glossary [13].

1.1 Game Description

1841 is a railroad game set in northern Italy from 1841 to 1885. The players take on the role of railroad investors, promoters, and Presidents with the general objective of making money. Their methods may reflect a greater or lesser degree of social responsibility depending on their personal inclinations.

A player's wealth is accumulated mainly through owning shares of Stock in the several railroad Corporations included in the game. Stock shares make money in two ways -- they can provide ready cash via dividend payments and they can increase in value. The single largest Shareholder in a Corporation becomes its President and operates the Corporation, ideally but not necessarily, for the benefit of all Stockholders.

The play of 1841 is composed of an initial Concessions Round, a series of game turns (each composed of a Stock Round and one to three Operating Rounds), and a Standings Round.

In the Concessions Round, the players receive their initial positions. In a Stock Round, they have the opportunity to buy and sell Stock in Corporations. In an Operating Round, they perform the various functions associated with running a Corporation. In the Standings Round, they determine the final standings.

The game ends when at least one of the following occurs:

the Bank funds are exhausted
a Stock Certificate reaches L.516 in value
each external box is connected by a legal route to an on-board city

The winner is the wealthiest player at the end of the game. A player's wealth is made up of his/her personal cash and his/her Stock Certificates at Current Market Values -- no Corporation assets are included in this total.

1.2 Preparing for Play

Lay out the Board and choose a player to be Banker. The Banker should sit at the "south" side of the Board and will need space for the Bank funds (L.14,400) to be laid out in addition to his/her own money and possessions. He/she will also need space for a pencil and paper. A calculator is very useful as well.

The initial money (L.3360) is equally divided between the players, as shown in the table below:

Number of Players	Money assigned to each Player
3	L.1120
4	L.840
5	L.672
6	L.560
7	L.480
8	L.420

All remaining money is placed in the Bank.

The Concessions Certificates are laid out face-up in the Bank Pool.

The train cards should be sorted by class and put on the appropriate space in the Train Chart so that the number of trains available of each class is visible.

The track tiles must also be laid out so as to be visible. Only the yellow tiles are needed at first, but the others are relevant to planning for later stages of the game and should be available for inspection.

One Corporation Charter for each Corporation is provided. The Charters should be laid out in a pile by the Board. The Stock Certificates are placed on the Board in their respective locations, with the President's Certificate on top in each case. The tokens for each Corporation can then be placed on top of the President's Certificate.

Play may now commence.

2. Concessions Round

In this round, players are assigned eight Concession Certificates, seating order, and the Priority Deal card. During Phase Two, a player must possess a Concession to start a Corporation.

Randomly choose a bidding order using the supplied number cards. Players do not need to reposition themselves yet, as the seating order will be determined after the Concessions auction.

2.1 Concessions Auction

An open auction is used to distribute Concessions. The player with the "1" number card chooses a Concession to put up for bid, with a minimum bid of L.20. Players, in bidding order, raise the current bid by L.5 (or L.1 with prior agreement) or pass, and the Concession is assigned to the last bidder after everyone else passes. The next player chooses a remaining Concession to auction in the same manner, or may decline to auction a Concession. If all players decline to auction a Concession, the Concessions Round is over and any remaining Concessions are placed in the Bank Pool.

Once the auction is over, re-order players by with the player having the least money remaining getting the Priority Deal card, and the remaining players in order by money remaining clockwise from that player. Players should position themselves so that the Banker does not have to move. If more than one player has the same amount of money, order is determined by the lowest-numbered Concession owned among tied players, or bidding order if they own no Concessions.

At the end of each Stock Round, any unused Concessions (except the Bayard) are discarded to the Bank Pool, without compensation.

3. Stock Round

During the Stock Round, each player, starting with the Priority Deal card holder, can sell Stock [3.1] and then either buy Stock [3.2] or start a Corporation [3.3].

When he/she has finished, play then proceeds to the next player on his/her left until all players have passed consecutively, when the Stock Round ends and certain actions are performed [3.4].

Please note that:

a player may have several turns to operate in a single Stock Round
a Stock Round will keep going as long as players continue to trade
a player is not precluded from further dealing because he/she has passed, as the Round may be kept going by someone else and anyone is then free to resume trading subsequently

When everyone has stopped trading, the player on the left of the last player to buy or sell is given the Priority Deal card to signify that he/she will have the first opportunity to operate in the next Stock Round.

If no deals take place during a Stock Round, the holding player retains the Priority Deal card.

Note that players and Corporations may not voluntarily buy or sell stock if doing so would lead to a circular chain of ownership.

3.1 Selling Stock

During this step, a player may sell zero or more of his/her personal Corporate Stock Certificate(s) at current market value.

In order to sell one or more Stock Certificates, the player has to perform the following activities:

He/she moves the Certificates to be sold to the Bank Pool.
The Banker gives him/her an amount of money equal to the current market value of the sold Certificates.
The Banker moves the Stock Market value tokens of the Corporations whose Stock has been sold one row down for each Share (worth 20% for a minor Corporation or 10% for a major Corporation) sold. If stock of multiple Corporations is sold, the tokens are moved in reverse Operating Order [13] and do not move if they are at the bottom of a row [3.5.1].

A player cannot sell a Certificate of a particular Corporation if:

The Corporation has not yet performed at least one Operating Round. Note that a Corporation formed by merger or transformation is a new Corporation, and its stock cannot be sold until it has completed a turn in an Operating Round in its new identity.
With the sale, the Bank Pool would contain more than half of the stock of a single Corporation -- therefore, the Bank Pool can at most contain 2 Certificates of a minor Corporation or 5 of a major.
The sale would result in a circular chain of ownership.

Please note that:

If a player sells a Certificate of any particular Corporation, he/she cannot buy Stock of the same Corporation during the remainder of the current Stock Round.
Stock placed in the Bank Pool is available to be purchased.
All sales of Stock (and purchases from the Bank Pool or from the Initial Offerings) are made at the current price on the Stock Market, which is the price of a single Share of the Corporation (worth 20% of a minor Corporation or 10% of a major Corporation).
Sales of Stock have the effect of lowering its value one row per share sold, but the seller receives the starting market value for each share sold.
The President's Stock Certificate may not be sold into the Bank Pool [exception, 4.5.1] -- it can only be disposed of as explained later.
A player is compelled to sell one or more Certificates of a particular Corporation if he/she, alone or with his/her Controlled Corporations, controls more than 60% of that Corporation [3.5.4].

3.2 Buying Stock

During this step a player can do one of the following:

Buy a Concession from the Bank Pool for L.50, giving the money to the Bank. This is not allowed in the first Stock Round of the game.
Buy one Corporation Stock Certificate at Current Market Value from the Bank Pool, giving the money to the Bank.
Buy one Corporation Stock Certificate at Current Market Value from a Corporation's Initial Offering, giving the money to the Corporation (the Corporation receives money for the issued Initial Offering Certificates only).
Buy any number of Certificates of the same Corporation at any price (minimum L.1 each) from a player, giving the money to the player. Note that is a private transaction and does not count as a sale of stock, so it is permitted even if the Corporation has not completed an Operating Round and does not prevent the seller from buying the stock later in the same Stock Round.
Buy an unused Concession at any price (minimum L.1) from a player, giving the money to the player.
Buy a used Concession at any price, along with the associated President's Certificate, for any price (minimum L.1), from a player, giving money to the player. This is the only way to transfer the Presidency of a historical Corporation before Phase Four of the game.
Pass.

A player cannot buy a Certificate if:

The purchase would cause the player to exceed the maximum allowed number of Certificates [3.5.2].
The purchase would cause the player and all his/her Controlled Corporations to exceed the maximum allowed to a player in a single Corporation, i.e. 60% [3.5.4].
He/she has sold a Certificate of the same Corporation in the current Stock Round
He/she wishes to buy only one share from a player holding only the President's Certificate, and there is no other player with two shares to assume the Presidency.

Example: player A currently owns 40% of the SFTG major Corporation and holds the Presidency of the SFTN major Corporation, which in turn holds the Presidency of the SFTC minor Corporation, that owns 20% of the SFTG major Corporation. player A, during his/her player turn of a Stock Round cannot buy another certificate of the SFTG because he/she currently controls the maximum allowed (60%).

3.3 Starting a Corporation

This step is performed by a player who wants to start a new Corporation.

Please note that to start a historical Corporation (during Phases Two and Three only), a player must own the related unused Concession. A Concession may be acquired during the Concessions Round (at the beginning of the game) or during a Stock Round, either from the Bank Pool from the second Stock Round (for L.50) or from another player (at any price greater than L.0).

A player may not exceed the Certificate Limit [3.5.2] at any point while starting a Corporation.

To start a new Corporation, a player has to perform the steps described below.

3.3.1 Choosing the Corporation Class

The President chooses what class of Corporation (minor or major) he/she wants to start. This is performed only for Non-historical Corporations, as the class of Historical Corporations is predetermined.

After deciding the Corporation class, the President chooses an unused Non-historical Corporation Charter of the right class, or for a Historical Corporation, the specific Charter, and puts it in front of him/her.

3.3.2 Choosing an Initial Market Value

The President chooses the initial market value of a Stock Certificate. This values can be fixed at L.68, L.100, L.144 or, for major Corporations only, L.216 or L.340. After choosing the initial market value, the President puts the market value token in the appropriate position on the Stock Market Chart.

If the chosen position already contains one or more tokens, place the new Corporation token on the bottom of the stack of tokens.

3.3.3 Initial Certificate Purchase

The President must now buy for himself/herself the President's Certificate and (major Corporations only) zero, one, or two regular certificates (up to 40% of the Corporation), and pays the correct amount of money into the Corporation Treasury. The other Certificates can be bought at current market value by any player (President included) or Corporation during their regular Stock Buying step, with the money going to the Corporation Treasury.

The player remains President as long as no other player or Corporation accumulates a larger holding of Stock in that Corporation (with the exception of historical Corporations with a related Concession before Phase Four of the game).

Please note that money paid by the President in this step will be the only money available to the Corporation for buying tokens in the following step.

3.3.4 Purchasing Tokens

The Corporation now buys, with its Treasury, some number of tokens (1-2 for a minor Corporation, 2-5 for a major) and places them on its Charter. Having done that, the Corporation puts a token in a city on the map to mark its base station. A major Corporation may optionally place a second token on a second city. For Historical Corporations, the bases where the token or tokens are placed are predetermined (they are written on each Corporation Charter, Concession, on the map, and on the table below):

Historical Corporation	Base(s)
SFLP	Lucca
SFTC	Cuneo
SFMA	Firenze (North or South)
SFTN	Torino North
SSFL	Pisa
SFTG	Torino South, Alessandria
IRSFF	Milano, Venezia

For Non-historical Corporations, the bases may be freely selected by the President, with the following exceptions:

Lugano (Switzerland) can never be selected.
Austrian cities cannot be selected until after the Ferdinandea secession has occurred.
Milano, Venezia, Torino, Alessandria, Cuneo, Firenze, Lucca, and Pisa cannot be selected until Phase Four of the game as they are the bases of the Historical Corporations.
If a major Corporation selects two bases, the bases cannot be separated by an active border.
A minor Corporation cannot select for its base a major city (Bologna, Firenze, Genova, Milano, Torino, and Venezia) or a city with another token, even if that city has a space available.
A pass is not a city and may not be selected.

For Historical Corporations, the tokens cost L.50 each. Tokens for Non-historical Corporations vary depending on the proximity of connected track to the chosen locations:

A token for a base with no tiles within two hexes costs L.25.
A token for a base with no tiles on an adjacent hex costs L.50.
A token for a base with no tile on the same hex costs L.100.
A token for a base with a tile on the same hex costs L.200.

For the this purpose, ignore track on the other side of an active border as well as pre-printed track which is not connected to a city.

If a major Corporation selects two bases with different costs, the higher cost is paid for all tokens.

A major Corporation is not compelled to select two bases -- it may select only one if it wants.

If the Corporation does not have enough money to purchase the minimum number of tokens (1 for a minor, 2 for a major), Emergency Fund Raising [4.5.1] takes place to raise sufficient money for the minimum number of tokens.

The SFMA must choose at this time between the two city circles in Firenze. It may not move the token once placed. Once the SFMA has chosen its base station, the other city circle is available for another Corporation's token. Before the SFMA starts or is removed from the game at the start of Phase Four, both locations are reserved.

3.3.5 Example of Starting a Corporation

In his/her turn of the first Stock Round of a five-player game, player A, with L.552 and the IRSFF Concession in his/her hands, decides to start the IRSFF major Corporation. He/she takes the IRSFF Corporation Charter (and the 9 Initial Offering Stock Certificates) and chooses L.100 for the initial market value. Please note that with an initial market value of L.68, the Corporation would not receive enough money for the ambitious plans usually associated with the IRSFF. With an initial market value fixed at L.144 player A could only afford 30% of the Stock, thus lowering his/her income given by the high dividends normally issued by the IRSFF after a couple of Operating Rounds.

Player A then buys 40% of the Stock (the maximum which can be bought in this phase), giving L.400 to the IRSFF Corporate Treasury. The Corporation now pays the Bank for its tokens. (The President decided on a total of four tokens for L.200, so one token is placed in Milano, one in Venezia, and the remaining two tokens are placed on the Charter.) On his/her turn of the Stock Round, player A will buy another Stock Certificate of the IRSFF which then will have L.300 in its Corporate Treasury, enough to pay for the tile on Venezia (L.50) and two 2-trains (L.200).

3.4 End of the Stock Round

During this step the following activities are performed in this order:

The Priority Deal card is assigned the player to the left of the last player who did not pass.
The Current Market Value token of each Corporation with any shares in the Bank Pool is lowered by one row. The affected tokens are moved in Operating Order, thus maintaining their relative order within a stack of tokens. Affected tokens on the bottom row of the Stock Market do not move.
The Current Market Value token of each Corporation with no shares in either the Bank Pool or in the Initial Offering is raised by one row. Affected tokens are moved in Operating Order, thus maintaining their relative order within a stack of tokens. Affected tokens on the top row of the Stock Market do not move.
All unused Concessions still in possession of a player (except #1, the Bayard) are moved to the Bank Pool without compensation. These Concessions may be purchased by any player from the Bank Pool during a later Stock Round for L.50 each.
The owner of the Bayard (Concession #1) receives L.20 from the Bank. (The Bayard is eliminated at the beginning of Phase Four, along with the other Concessions.)

3.5 General Notes on Stock

3.5.1 Stock Valuation and the Stock Market

All Stock transactions take place at the current market value indicated on the Stock Market Chart.

Stock valuation is changed as follows:

Whenever a Corporation's Stock is sold, the Current Market Value token is moved down (i.e., towards the bottom of the chart) one row for each Share sold into the Bank Pool. This action may be repeated as many times as is necessary, but the token does not move once it reaches the bottom row of the Stock Market. The token only moves straight down - it does not move sideways in order to achieve a lower row.
At the end of a Stock Round, if there is no Stock for a particular Corporation remaining in either the Initial Offering or the Bank Pool (i.e., 100% in player hands or Corporate Treasuries), its token is moved up one row unless already on the top row.
At the end of a Stock Round, if there is any Stock for a particular Corporation remaining in the Bank Pool, its token is moved down one row unless already on the bottom row.
Every time a Corporation declares a dividend greater than its Current Market Value, the token is moved one column to the right (if the token has already reached the end of a track it will follow the arrow and move up one row instead). In this way all major Corporation Stock can theoretically reach a value of L.516 given sufficient time. A token attempting to move to the right from column P before Phase Eight will move up instead. For a minor Corporation, the token will move up one row when it tries to move to the right of Column K.
If the Corporation is active and no dividend is paid (for whatever reason), the token is moved one column to the left unless the end of the track prevents this, in which case the token is moved one column downward.

When a token is moved on the Stock Market Chart to indicated a change in a share's price, the moving token is always placed under any tokens already there.

The Banker should ensure that the Stock Market Chart is kept up to date.

3.5.2 Limit of Stock Holding

A player and all his/her Controlled Corporations may not control more than 60% of a single Corporation. If a player somehow controls more than 60% of a single Corporation in this manner, he/she must sell shares at the earliest opportunity (whether in a Stock Round or one of his Corporation's Operating Round).

The maximum number of Stock Certificates (Concessions do not count towards this limit) a player may personally hold is given in the table below:

Number of Players	Certificate Limit
3	21
4	16
5	13
6	11
7	10
8	9

If a player acquires more than the regulation number (as a result of losing a Presidency), the situation must be corrected at the earliest legal opportunity. If a player is over the limit and is prohibited from selling enough certificates to get under the limit, he/she must still sell as many as legally possible.

A Corporation can keep in its Treasury up to five Certificates -- certificates in the Initial Offering do not count.

Share limits do not change if a player drops out of the game due to bankruptcy.

3.5.3 Change of President

The original President will only retain control of the Corporation as long as his/her Stock holding is not exceeded by another Stockholder's. Another Stockholder (player or Corporation) may gain control due to purchasing more Stock or because the President has sold Stock. Note that there is no change of control just because another Stockholder's holding is equal to the President.

There is only one exception to this rule: the Presidency of a Historical Corporation is retained by the Concession holder until the Concessions are eliminated, even if another player acquires a larger Stock holding. The Concession can obviously be bought by a player (from the original holder) during his/her Stock Buying step, and the President's Certificate must follow the Concession.

When a change of control occurs there is an immediate exchange of Stock Certificates to enable the new President (player or Corporation) to hold the President's Certificate. This is a straight-forward exchange which permits both Stockholders to hold the same percentage of Stock as they did before the exchange took place.

Example: Consider two players both holding 30% of the SFTG major Corporation during Phase Five of the game, with player #1 holding the President's Certificate. If player #2 bought a fourth 10% Certificate, a change of President would immediately take place as player #2's holdings now exceed the President's, 40% to 30%. Player #1 now passes the President's Certificate to player #2 in exchange for two 10% Certificates, and passes also the Corporation Charter with all its assets.

By means of this procedure, a player/Corporation can relinquish his/her position as President where the necessary amount of Stock can be sold (i.e., no more than 50% of the total shares will appear in the Bank Pool), and provided there is another Stockholder holding at least two Certificates. In effect, he/she announces the sale of his/her Stock, exchanges Certificates with the new President, and then places the ordinary Certificates in the Bank Pool. Note that a Presidency cannot be transferred in cases where there is no other Stockholder holding more than one Certificate.

A President's Certificate may never appear in the Bank Pool [exceptions: 4.5.1, 4.6.9, 4.6.10] or in the same Corporation's Treasury. Thus, once a President's Certificate is obtained by any player/Corporation, it will be held by a player/Corporation for the rest of the game. An exchange of Stock Certificates may well result in the outgoing President holding more Certificates than normally allowed. In most cases, the new President is simply the largest Stockholder. If several players/Corporations have the same Stock holding after the former President has sold Stock (and they now each hold more than the former President) the office passes to the player who is next in line to the left of the old President or to the Corporation which is earliest in the Operating Order. A player is always selected before a Corporation.

3.5.4 Anti-Trust Law

A single player may not control, either alone or with his/her Controlled Corporations, more than 60% of a Corporation.

If a player is found currently controlling more than 60% of a Corporation, he/she or one of his/her Controlled Corporations has to sell sufficient Stock (only of the Corporation in which over 60% is controlled, not any intermediate Corporations) in order to comply with this rule as soon as possible. Please note that this can happen in the player's Selling Step or in one of his/her Controlled Corporations' Stock Selling Step, depending on which happens first.

A Corporation controlled, directly or indirectly, by another Corporation may not own Stock Certificates of the controlling Corporation. A Corporation in breach of this rule must sell such stock at its first legal opportunity.

If the Stock cannot be sold, because the Corporation has not completed a turn in an Operating Round, because the sale would put more than 50% of the Corporation's Stock in the Bank Pool, or because the sale would result in a Circular Chain of Control, the requirement to sell is waived until it becomes legal.

4. Operating Round

During an Operating Round each Corporation may:

lay or upgrade one or more (when allowed) track tiles
place one token (to mark a new railhead)
run its trains
purchase a token from another Corporation
purchase one or more new trains
sell Corporate Stock (Treasury or Initial Offerings) to the Bank Pool
buy Corporation Stock from the Bank Pool or from the Initial Offerings (of other Corporations) to the Treasury
start another Corporation
merge with another Corporation of the same class
transform from minor to major

The actions of the Corporations are directed by their respective Presidents (or by the President of the Controlling Corporation) and are operated according to the sequence discussed in the next rules section. They will each have the opportunity to construct track, earn revenue, purchase trains, and perform financial activities. They may either distribute their earnings as dividends among the Stockholders (raising their Stock Value) or retain them to finance further Corporate activities (thus lowering their Stock Value).

The Corporations have their turns in order, beginning with the one with the highest Current Market Value. This order may change during an Operating Round due to stock sales.

The Corporation with the highest Current Market Value operates first, then the next highest value, and so on. When tokens are in the same space of the Stock Market, the Corporation whose token is on top operates first. When shares have the same value but in different columns, the Corporation with the rightmost token operates first. This order is known as the Operating Order and is used for mergers and transformations as well.

These activities must be carried out in the order given. Any which are optional may simply be skipped. Any purchase must be made with available funds. Credit is not allowed, even to the end of the same turn. For example, the money required to lay a tile in an Appennine pass hex must be available in the Treasury. Revenues are not available until the Running Trains step [4.3], and thus cannot be spent on track construction until next turn.

During the later stages of the game, the scope for Corporate activities expands steadily because of:

larger trains which can travel a greater distance and thus earn more revenue per turn
more complex designs of track tiles which produce more elaborate routes and which also raise city revenue values

Initially, only one Operating Round is performed between Stock Rounds. As the game progresses, first two and then three Operating Rounds are performed between Stock Rounds. These and other changes are caused by the purchase of new types of trains.

4.1 Laying Track

The game board features a hexagonal grid superimposed over a map of northern Italy. The hexagonal tiles may be laid on this grid to construct railroad routes joining the various cities portrayed on the map. Areas of the map colored gray depict already existing lengths of track. Others, colored red, depict available connections with countries beyond the edge of the board. Tiles must not be laid on either gray or red areas. Hexagons colored in yellow cannot be played on until green tiles are available, while hexagons colored in dark green cannot be played on until brown tiles are available.

A route of a Corporation is a continuous unbranched length of track including on it somewhere a token of that Corporation located in a city (not a pass). That city is known as the Railhead. The route may not include any city, towns, or passes more than once. It may not pass through a city or pass completely filled by the tokens of other Corporations. It may not include any track segment more than once, not even the small track segment at the junctions of certain plain track tiles. It may include the "arrows" at which track enters red off-board areas or ports, but these must be at an end of the route.

4.1.1 First Track Lay

Each Corporation that is operating may lay one tile during this step. At first, only yellow tiles are available and these may be placed only on pale/light green areas of the board. Some part of the track on the tile being laid must constitute an extension of a route of the laying Corporation. The new track must be connected ultimately to a city position occupied by a token of the Corporation -- a token in a mountain pass does not count. The route to this token may not pass through a city completely filled by other Corporations' tokens. In the case of tiles which portray two different pieces of track, only one of them need form a legal extension.

There is only one exception to the rule requiring a tile placement to be an extension of an existing route -- the hexagons containing the base tokens of a Corporation. If a hexagon is occupied by one of its tokens, the Corporation may place an appropriate yellow tile on it, regardless of connections.

A tile may not be placed such that a track:

runs off the grid, or
terminates against the blank side of a gray hexagon, or
terminates against an impassable hexside in a lake or mountain

A tile may be placed so as to utilize track on a gray hexagon or an arrow to an off-board location or port, but this is not required.

Tiles may be laid on most hexagons without charge, but laying a tile on a swamp or hill hexagon costs L.50, on an Appennine pass hexagon L.100, and on an Alpine pass L.200. Such a tile may be replaced without further charge by another at a later stage in the game, with the exception of the Appennine pass tiles, whose substitution costs L.50.

Cities and passes portrayed on the board must be represented by tiles of the correct type as follows:

Type of City or Pass	Representation on the Map	Representation on Tiles
Town	One black dot	One black bar or dot
Two towns	Two black dots	Two black bars
Medium city	One circle	One circle/two tangent circles
Large city	One circle with a Y	One circle/two tangent circles with a Y
Appennine pass	One circle with a small mountain	One circle/two tangent circles with a smaller triangle under the token circle
Alpine pass	One circle with a large mountain	One circle with a large triangle surrounding the token circle

Tiles representing cities must not be placed on other locations.

Milano, Torino, Genova, and Venezia are special cases and will be dealt with separately.

When green tiles become available, they may, in general, be used to replace yellow tiles which are already on the board. A replacement must maintain all existing track, alterations being additions to what was previously depicted. Similarly, when brown tiles become available, they may be used to replace green tiles. A list of all legal replacements is given in [15] for reference.

A Corporation may only replace a tile if at least part of the new track on the new tile is part of a route which is open to that Corporation. This does not require that the route be actually in use. Reachable city tiles may be upgraded without the requirement to reach some of the new track.

Yellow and green tiles which have been replaced are available for re-use. Replacing a tile is an alternative to laying a new tile.

During Phase Two, the route extended by laying or replacing a tile may not cross an active border, not even if the new tile is in the same country as the Railhead.

Certain green tiles are not used as replacements for yellow tiles, but are placed on specific yellow hexagons of the board. They are:

Appennine pass tiles
tiles which are specific to the positions of Milano, Torino, or Genova and are labeled M, T, and G respectively
Alpine pass brown tiles which are not used as replacements for green tiles, but are placed on specific green hexagons of the board (Simplon pass and Fréjus pass).

Such tiles may not be used on any other locations, nor may ordinary tiles be laid on these positions on the board. The orientation of these tiles is restricted by the rules requiring maintenance of existing track.

The yellow Venezia tile may only be placed with Venezia next to the port and the other piece of track pointing towards Padova.

4.1.2 Additional Track Lays

During Phases Two through Four, a major Corporation may lay additional tiles for each base beyond the first it currently possesses on the map. During Phases Three and Four, it may lay at most one additional tile. Each of these track lays are performed in the same manner as the first, but each must be performed from a different base.

Example: the IRSFF major Corporation starts with a base in Milano and one in Venezia, so if it lays the first tile from Milano (maybe on Bergamo) it must lay the second from Venezia (certainly the hex containing Venezia itself). If it later puts a token in Brescia, the IRSFF could lay a tile from Milano, one from Brescia, and one from Venezia during Phase Two.

Each tile must be put in a different hex, so a Corporation cannot, during the same turn, place a yellow tile in a hex and then replace it with a green tile during the same Operating Round.

4.2 Laying Tokens

Tokens designate priority railroad rights when placed on a city or pass. They have two effects:

they prohibit rival Corporations from running train routes beyond the city or pass
they allow the city to be used as a base for their Corporation's train routes. The token base and the track connecting to it are a Railhead for the Corporation.

When a Corporation starts, one or two tokens are placed on its base cities (not passes). Base cities for Non-historical Corporations are determined by the President during the Corporation Starting Step of the Stock Round, while bases for Historical ones are predetermined.

Additional tokens from the Corporation Charter may be placed by a Corporation on any permitted location for no cost. A permitted location is any city or pass which is connected by a legal route (however long) to a Railhead. The route may not cross an active border, not even if the selected location is in the same country as the Railhead. Note there must be a vacant space to receive the token on the city or pass concerned. Some city or pass tiles have space for more than one token. In these cases the city or pass remains open to all until all spaces are occupied. Tokens may not be placed so as to block the base city of a historical Corporation which is not yet in operation before Phase Four of the game. Two tokens of the same Corporation may never be placed on the same tile or hexagon. A Corporation may place only one token during this step.

Note that a Corporation may not place a token on a city/pass which can only be reached by passing through a city/pass which is entirely blocked by other Corporation's tokens).

4.3 Running Trains

During this step a Corporation can run its train(s) to make revenue. The President then chooses if the revenue is to be kept in the Corporation Treasury or to be distributed to the Shareholders. In the first case, the Corporation's token on the Stock Market is moved one column to the left. Otherwise, it is moved one column to the right if the revenue is greater than the current market value of a Corporation's Certificate.

Example: the SFTC minor Corporation, with a current market value fixed at L.144, will have its token moved to the right only with a dividend greater than L.144.

Since personal wealth is the objective of the game, and Corporation revenue is one of the principal methods of gaining wealth, much of the strategy of the game relates to the planning for lucrative routes and the provisioning of trains to run them.

4.3.1 Choosing Routes

During this activity, the President must select the route of each of his/her trains.

When two or more routes are being used in the same turn by the same Corporation (i.e., two or more trains are operating), they must all be entirely separate along their entire length, except that they may meet or cross at cities, or use two independent tracks on the same tile.

Every route used by a Corporation to run trains must include at least one city occupied by that Corporation's token (a pass does not count) and at least one other city or town (passes or ports do not suffice). For example, a route including Genova, the port to the south, and the pass to the north is not a valid route for a train.

The large number on the upper-left corner of a train card indicates the length of route it may run in terms of the number of cities/passes involved. Thus a 2-train may only join two stations without any intermediate stops (a train may not run "through" a city without stopping). Similarly, a 5-train may connect up to five different cities/passes. A train may be used on a shorter route than the maximum allowed if desired or when a maximum route does not exist. Note also that the "arrow" connections on the red areas count as cities, and the passes (Appennine or Alps) count as zero-valued cities for the purpose of establishing a route (exception: 8-trains can travel along passes for free), while towns and ports do not count (they are "free").

Example: a 2-train belonging to the IRSFF Corporation, given the situation in the map, could travel from the port of Venezia (free), to the city of Venezia (free), to Mestre (1 station), to Padova (1 station), and finally to Rovigo (free), for a total of two stations and L.110 revenue.

4.3.2 Revenue Calculation

All cities, towns, ports, passes and off-board areas on either the tiles or the board are marked with revenue values, which can vary from L.0 to L.200. The revenue which is earned each time a train is run on the route is the total of all the revenue points of the cities concerned. For example, a 3-train running a route of cities with values of 30, 20, and 20 would earn a revenue of L.70. The highest legal revenue that can be demonstrated must be collected, although sharp-eyed players are not required to point out a higher possible revenue than claimed. Up to three revenue values are shown on the red off-board areas. The value in the white square is used during Phases Two and Three, the value in the gray square during Phases Four and Five, and the value in the black square during Phases Six through Eight.

The President decides whether the revenue should be paid as dividends or diverted into the Corporation Treasury. If a dividend is paid, the total earnings from all the trains owned by the Corporation are paid out to the Stockholders according to the percentage held by each. The Corporation receives the payment due any Stock in the Initial Offerings.

Example: consider a Corporation where the President owns 50% of the Stock, 20% remains unsold in the Initial Offerings, and 30% is in the Bank Pool. If the Corporation's revenue is L.50 and a dividend is declared, the President receives L.25, L.10 goes into the Corporation's Treasury, and the other L.15 remains in the Bank.

If dividends are not paid, the entire earnings are passed to the Corporation Treasury.

Finally, the Current Market Value is adjusted on the Stock Market as described in [3.5.1].

4.4 Buying Other Corporation Tokens

In this step, a Corporation can buy from another Corporation, for at least L.1 and with that Corporation's consent, the rights for a particular location, if a route of the Corporation exists that reaches the selected location without crossing an active border. In this case, the acquiring Corporation's token (which must be available on its charter) is substituted for the other token, which is then moved back to its owning Corporation's Charter. A Corporation's last remaining city token cannot be bought, nor can a token in a city where the active Corporation already has a token.

4.5 Buying Trains

During this step, a Corporation can buy one or more trains from the Bank at face value or from another Corporation at any price at least L.1. If a train bought from the Bank is the first of a new type, a new Game Phase begins immediately, with some alterations to the standard rules. Phase Two starts at the beginning of the game, Phase Three begins with the first 3-train purchase, Phase Four with the first 4-train purchase, etc.

Trains are bought from the Bank in order of increasing size. The smallest, the 2-trains, are bought first. When all of these have been purchased, 3-trains become available, then the 4-trains, etc.

Here is a table of trains available during the game:

Train Class	Number Available	Cost
2	8	L.100
3	6	L.200
4	4	L.350
5	3	L.550
6	2	L.800
7	2	L.1100
8	7	L.1450

The number of 8-trains is limited as shown; if all 8-trains are purchased, Corporations are relieved of their requirement to own a train.

Depending on the Game Phase currently in effect, a Corporation may own a specified maximum number of trains.

A Corporation which finds itself with excess trains must immediately return the surplus to the Bank. No payment is made for them but they may be later re-sold by the Bank at face value as an alternative to whatever other trains are on offer if they are of a class still in use.

Example: during Phase Five of the game a major Corporation owning a "4" and "5" train may buy the first "6" train offered because prior to this sale the major Corporation was allowed to hold three trains. Immediately after the purchase, however, the Corporation must return one of its trains to the Bank as it is now over the new train limit of two.

Example: during Phase Six of the game a major Corporation owning a "4" and "5" train may not buy the first "7" train offered because of the train limit of two, even if the beginning of Phase Seven would eliminate the "4" train.

Whenever a train is purchased from one Corporation by another, the transfer takes place in the purchaser's turn.

Any Corporation which is operating must have at least one train during its turn of an Operating Round unless there is no route available on which it could possibly run. Otherwise, a Corporation that begins its turn of an Operating Round without a train must purchase one during that turn.

If a Corporation does not have sufficient funds and must own a train, it must perform Emergency Money Raising [4.5.1] described below, and must buy the cheapest train available from the bank (which may be a previously discarded train).

After paying the money for the trains to the Bank, the President places the train cards on the Corporation Charter.

4.5.1 Emergency Money Raising

This step must be performed by a Corporation if:

the Corporation currently has no train, and
the Corporation is compelled to have a train, and
the Corporate Treasury is less than the amount required to buy the cheapest train available from the Bank, and
the President of the Corporation cannot (or does not want to) arrange a deal to buy a train from another Corporation
Emergency Money Raising is also used if the Corporation must buy a Token and has insufficient money in its Corporate Treasury

During this step, the Bank Pool can contain Certificates of a single Corporation in excess of the 50% limit usually in effect and even Presidential Certificates, and shares of Corporations which have not operated yet may be sold. Emergency money raising activities are performed in this order:

the Corporation sells its Treasury Certificates, gaining half of their market value
the Corporation sells its Initial Offerings Certificates, gaining half of their market value

The total value of Certificates sold is rounded down if necessary.

Within a group, the President may choose the order of sales as he wishes. The money collected is added to the Corporation Treasury, while the Certificates sold are put into the Bank Pool and the Current Market Value is adjusted as described in [3.5.1].

If this is still not enough to buy the cheapest train available from the Bank, the money must be given to the currently operating Corporation from its Controlling Corporation (if one), beginning with its Corporate Treasury and following in the way described above (selling Treasury and Initial Offering Certificates in a way not to cause a shift of Presidency of the currently operating Corporation or one of its controlling Corporations). If money is still insufficient, you can go up, one at a time, through the chain of Controlling Corporations, until you will find a Controlling Corporation directly controlled by a player. At that time, the President has to respond with his/her personal properties, at first by giving his/her personal money, then by selling if necessary his/her Stock Certificates, gaining for each half of their value. These sales cannot cause a Presidency shift of the active Corporation or of one of its Controlling Corporations.

A Corporation may buy additional trains if there is sufficient money left over after completing Emergency Fund Raising and buying a train.

If the money is still not enough the player has to declare bankruptcy and perform the following activities:

he/she has to discard all his/her remaining Stock Certificates (please note that at this time the only Stock Certificates in his/her possession will be of the currently operating Corporation) into the Bank Pool, gaining for each Certificate half (50%, fractions rounded down) of its value and giving the money to the currently operating Corporation
the activities of the currently operating Corporation are now closed for the current Operating Round (this means that the Corporation can dispense with the train until its turn in the following Operating Round)
if a Shareholder currently possesses at least two Certificates of a Corporation whose Presidential Certificate is now in the Bank Pool, then that Shareholder has to assume the Presidency of that Corporation (please note that a Presidential Certificate in the Bank Pool can be bought by a player or Corporation for twice the price of a standard Certificate during a regular Stock Buying Step, and that a Corporation without a President cannot operate and is considered "frozen" until a player or Corporation buys the Presidential Certificate)
the bankrupted player now receives from the Bank L.500 to continue the game, which will be subtracted from his/her possessions during the Standings Round. Alternatively, he/she can choose to leave the game with L.0.

A player can go bankrupt several times during a game. All the money received from the bank for bankruptcy must be subtracted from his/her possessions at the end of the game.

Example: in the situation partially depicted in the following table,

	SFTG (maj)	SFTN (maj)	SFTC (min)
Current Market Value	L.216	L.340	L.144
Corporate Treasury	L.125	L.102	L.365
Trains	none	8	6
Shareholders				Money
Player A	10%	50%	60%	L.174
Player B	40%	10%	-	L.650
SFTN	50%	-	-	-
SFTG	-	-	20%	-
Bank Pool	-	40%	20%	-

the SFTG major Corporation has its turn in an Operating Round without having a train. It can lay a tile and/or a token, after which it cannot issue any dividend and its market value token is moved one column to the left to the L.195 position. Now the SFTG has to buy an 8-train from the Bank for L.1450, but it has only L.125 so it has to sell its SFTC Certificate for L.72 (half of L.144, and the SFTC market value token is moved down one row to L.137). The Corporate money (L.197) is still not enough for the train, so its controlling Corporation SFTN has to give its Corporate money (L.102) and sell one of its SFTG Treasury Certificates for L.108 (half of L.216, and the SFTG market value token is moved down one row to L.196). Please note that the SFTN cannot sell more than one SFTG Certificate because this would cause a presidency shift.

The SFTG Corporate money is now at L.407, so the SFTN President, player A, has to give the L.1043 remaining from his/her personal properties. He/she begins by giving his/her personal money (L.174) and then has to sell enough Certificates to pay the L.869 remaining. Three SFTN Certificates can be sold for L.170 each (the SFTN market value is moved down to L.256), one SFTG Certificate can be sold for L.98 (the SFTG market value is moved one row down to L.187), and the SFTC Certificates can be sold for a total of L.205 (the SFTC market value token is moved three rows down to L.103). The money collected (L.1394) is not enough for the 8-train, so player A is declared bankrupted.

At this point, all of his/her remaining properties (20% of the SFTN) are discarded into the Bank Pool for half of their value (L.256). The SFTG Corporate Treasury now contains L.1650, and the general situation is the following:

	SFTG (maj)	SFTN (maj)	SFTC (min)
Current Market Value	L.187	L.256	L.103
Corporate Treasury	L.1650	L.0	L.365
Trains	none	8	6
Shareholders				Money
Player A	-	-	-	-
Player B	40%	10%	-	L.650
SFTN	40%	-	-	-
SFTG	-	-	-	-
Bank Pool	20%	90%	80%	-

Now player B becomes President of the SFTG, while the SFTN and SFTC are considered "frozen". Player A has the option of leaving the game at L.0 or continuing the game with L.500 given by the Bank.

4.5.1.1 Frozen Corporations

A Corporation is called "frozen" when its Presidential Certificate is in the Bank Pool, or if it is part of a circular chain of control.

A frozen Corporation does not perform any game activity, with the following exceptions:

At the end of a Stock Round, its Market Value Token loses two rows instead of one for having one or more Certificates in the Bank Pool
In its turn of an Operating Round, its Market Value Token loses two columns instead of the usual one for not having paid any dividend.
If it was frozen due to a circular chain of control, it must sell all Stock it owns of any controlling Corporations. It must do this even if it would not normally be permitted to sell this Stock.

4.6 Phase Changes

This step is performed whenever the first train of a new type is bought, as some aspect of the game changes immediately. When the phase changes, the activities are performed in the order shown.

4.6.1 Phase Two

Phase Two starts at the beginning of the game, and the following restrictions are in effect:

only yellow tiles are available
one Operating Round is performed between Stock Rounds
no Corporation may lay tiles or tokens across an active border
only Historical Corporations can be started, and only with ownership of the appropriate Concession
a major Corporation with two or more bases on the map can lay one tile from each base during each Operating Round
each major Corporation is limited to four trains
each minor Corporation is limited to two trains

4.6.2 Phase Three

Phase Three begins when the first 3-train is purchased, and the following changes occur:

green tiles become available
two Operating Rounds are performed between Stock Rounds, beginning after the next Stock Round
a Corporation may now lay tiles across borders (tiles only, tokens can never be laid across borders)
Non-historical Corporations can be started (outside Austrian and Swiss territory only)
a major Corporation with two or more bases on the map can lay a maximum of two tiles in each Operating Round

4.6.3 Phase Four

Phase Four begins when the first 4-train is purchased, and the following changes occur:

the Conservative Zone border is eliminated
all the Concessions still in play are removed from the game, along with their related inactive historical Corporations. Presidencies of historical Corporations may change immediately.
the Austrian possessions are limited to Veneto [6]
new Corporations may be started in Austrian territory
2-trains are eliminated from the game
each major Corporation is limited to three trains
the middle (gray) values are now used for external boxes
the Ferdinandea secession is performed [4.6.9]
the Tuscan merge is performed [4.6.10]

4.6.4 Phase Five

Phase Five begins when the first 5-train is purchased, and the following changes occur:

Austrian possessions are eliminated [6], deleting the 1859-1866 Austrian border
brown tiles become available
3-trains are eliminated from the game
three Operating Rounds are performed between Stock Rounds, starting after the next Stock Round
a major Corporation can lay a maximum of one tile in each Operating Round

4.6.5 Phase Six

Phase Six begins when the first 6-train is purchased, and the following changes occur:

the highest (black) values are now scored for external boxes
each minor Corporation is limited to one train
each major Corporation is limited to two trains

4.6.6 Phase Seven

Phase Seven begins when the first 7-train is purchased, and the following changes occur:

4-trains are eliminated from the game

4.6.7 Phase Eight

Phase Eight begins when the first 8-train is purchased, and the following changes occur:

5-trains are eliminated from the game
Market value tokens can advance into the rightmost three columns (light blue area)

Please remember that 8-trains can travel along passes for free.

4.6.8 Excess Trains

At the beginning of Phases Four and Six the maximum number of trains allowed to a Corporation changes. A Corporation which finds itself with excess trains must immediately return the surplus to the Bank without compensation (the President chooses which train is to be discarded). If more than one Corporation is affected, they act in normal Operating Order.

These trains may be purchased later from the Bank at face value instead of whatever other trains are on offer.

4.6.9 Ferdinandea Secession

At the beginning of Phase Four, if there is no legal route between Milano and Venezia, the Ferdinandea (IRSFF) major Corporation is eliminated and separated into two major Corporations -- one in Veneto (SB) and one in Lombardia (SFL) -- which inherit all the possessions of the Ferdinandea. If there is a legal route between Milano and Venezia, the Ferdinandea Secession does not occur and the SFL and SB are permanently eliminated from the game.

The Ferdinandea Secession is performed with the following steps:

the SB and SFL major Corporations are created and their market value tokens replace the IRSFF token. These tokens stay in the same location in the stack of tokens with the SB's token above the SFL's token.
the IRSFF tokens already on the map are substituted with SB and SFL tokens by geographical location, with the ones in the Austrian possessions [6] going to the SB and the others going to the SFL
the best IRSFF train is given to the SB, while the second best is given to the SFL, etc.
the IRSFF money is divided between the new Corporations, with 10% (round fractions down) going to the SFL and the remainder going to the SB
the IRSFF Treasury Certificates are divided between the new Corporations, with the highest-valued Certificate going to the SB, the second highest to the SFL, etc. The value of a President's Certificate is obviously twice the market value of a regular Certificate.
each IRSFF Shareholder, beginning with the President and going to his/her left, exchanges each pair of his/her IRSFF Certificates (or the IRSFF Presidency) for one SFL and one SB Certificate or with a President's Certificate of one of the two new Corporations, until all Certificate pairs have been exchanged (a Shareholder exchanges all his/her pairs, then any pairs owned by Corporations controlled by that player, before the next player gets his/her chance). After all players and their Corporations have acted, the Bank Pool acts and then any frozen Corporations act in Operating Order. The first pair of shares exchanged must be for either the SB or the SFL President's Certificate, and the second pair, if there is one, must be exchanged for the other. If there is no player with a second pair, the remaining Presidency will be placed in the Bank Pool.
each remaining IRSFF Shareholder, beginning with the President and going to his/her left, exchanges his/her IRSFF Certificate for one SFL or one SB Certificate (player's choice, subject to availability), followed by any single IRSFF shares owned by Corporations controlled by that player
if an IRSFF Certificate remains in the Bank Pool, it is now substituted with one SFL or SB Certificate at the IRSFF President's choice
frozen Corporations will exchange a left-over IRSFF for SB if available or else SFL, in operating order
each remaining SB and SFL Certificate is put into the respective Initial Offering
a shift of the Presidency of the SB and/or SFL can now be performed if necessary under the regular rules
the IRSFF Corporation is eliminated from the game

The SB and SFL will operate during the Operating Round in which they are formed, unless the IRSFF had already operated. If the IRSFF buys the first 4-train, the remainder of its turn is lost.

4.6.10 Tuscan Merge

The Tuscan Merge is performed differently depending on how many Tuscan Corporations are currently active. If none or only one of the SFLP, SFMA, and SSFL are active, no merge occurs. If the SFLP and SFMA are active, they are first merged together to form a major Corporation [4.7.4]. If the SSFL and either SFLP or SFMA (but not both) are active, the minor Corporation is first transformed to a major Corporation [4.7.5] followed by a normal major Corporation merger with the SSFL. If all three are active, after the SFLP and SFMA are merged together, the resulting major Corporation is merged with the SSFL. If a merge occurs, the SFLi is formed.

The SFLi major Corporation is always provided with five tokens, either substituted for Tuscan Corporation tokens already on the map or put into the SFLi token pool. Tuscan Corporation tokens in Firenze and/or Pisa must be substituted, and at least one SFLi token must remain in a city.
The remaining inactive Tuscan Corporations are eliminated.
The merges are always performed by the President of the Corporation currently having the greater value.
If after the SFLi is formed, no player or Corporation has at least 20% of the SFLi, its President's Certificate will go in the Bank Pool. In this case, it will be frozen until the President's Certificate is purchased and will only place tokens in Pisa and Firenze. (If there are no tokens to substitute in either Pisa or Firenze, one token will be placed in the first possible location when sorted alphabetically.)
The SFLi will operate during the Operating Round in which it is formed if none of its components had already operated. If one of its components buys the first 4-train, the remainder of that Corporation's turn is lost

4.7 Financial Operations

The following activities have to be performed in the given order.

4.7.1 Selling Stock

During this step the corporation may sell zero or more of its Corporate Stock Certificate(s), either Treasury or Initial Offerings, at current market value.

In order to sell one or more Stock Certificates, the Corporation has to perform the following activities:

the President moves the Certificates to be sold to the Bank Pool
the Banker moves to the Corporate Treasury an amount of money equal to the market value of the sold Certificates
the Banker moves the Stock Market tokens of the Corporations whose Stock has been sold (beginning with the lowest valued) one row down for each share sold.

A Corporation cannot sell a Certificate of a particular Corporation if:

the Corporation has not yet performed at least one Operating Round
with the sale the Bank Pool would contain more than half of the stock of a single Corporation (the Bank Pool can contain at most two Certificates of a minor Corporation or 5 of a major)
the sale would result in a Circular Chain of Control

Please note that:

Stock placed in the Bank Pool is available to be purchased
all sales of Stock (and purchases from the Bank Pool or from the Initial Offering) are made at the current price on the Stock Market
the Bank Pool cannot contain more than half of the Stock of a Corporation (so it can contain two Certificates of a minor and five of a major)
the Corporation is compelled to sell one or more Certificates of a certain Corporation from its Treasury if its President currently controls more than 60% of that Corporation [3.5.4]
sales of Stock have the effect of lowering its value but the change does not affect the price the seller receives for that sale -- the value shown on the Stock Market is lowered one row for every Stock Certificate sold [see also recommended variant, 8.4]
the President's Stock Certificate may not be sold into the Bank Pool [exception, 4.5.1] -- it can only be disposed of as explained in [3.5.3]
the Corporation is compelled to sell one or more Certificates if it currently possesses more than the allowed number [3.5.2]
the Corporation is required to sell all Certificates of any of its Controlling Corporations to reduce the likelihood of Circular Chains of Control.

4.7.2 Buying Stock

During this step, the Corporation, using its own Corporate money, may:

buy one Stock Certificate of another non-controlling Corporation at current market value from the Bank Pool, giving the money to the Bank
buy one Initial Offering Certificate at the current market value from another non-controlling Corporation, giving the money to the Corporation
pass

A Corporation cannot buy a Certificate if:

the Corporation currently owns five Certificates of other Corporations
the active Corporation sold a Certificate of the same Corporation earlier in the same Operating Round (even during an Emergency Fund-Raising step).
the Certificate, combined with all the Certificates of its President and with all the Certificates of its President's Controlled Corporations, exceeds the maximum allowed to a player in a single Corporation (60%)

Please note that a Corporation is allowed to buy Stock of any other Corporation, and even to become the President (in this case the Controlled Corporation is operated by the President of the Controlling Corporation).

A Corporation may not buy Stock of any Controlling Corporation.

A Corporation may not buy its own Certificates -- once a Certificate leaves a Corporation's Initial Offering, it will always be held by another Corporation, a player, or the Bank Pool.

4.7.3 Starting a Corporation

Instead of buying a Stock Certificate, a Corporation may choose to start a new Corporation.

In this step, the Corporation that is starting another is called the active Corporation, while the Corporation that is being started is called the new Corporation. The President is the President of the active Corporation or of the Corporation that controls the active Corporation.

The new Corporation will operate from the following Operating Round.

To start a new Corporation, the active Corporation has to perform the steps described in [3.3]. Note that since Corporations can not own Concessions, they may not start Historical Corporations.

4.7.4 Merging Corporations

The President can merge the active Corporation with another Corporation of the same class to form another single major Corporation if:

the President of the other Corporation agrees to merge
a Non-historical major Corporation is available unless the merge is the final stage of the Tuscan Merge [4.6.10]
the related Concessions (for Hstorical Corporations) have been eliminated (which happens at the beginning of phase four)
both Corporations must have completed at least one Operating Round. Note that the active Corporation must have had a turn in a prior Operating Round, as the current one is not yet complete. The other Corporation might have had its first turn as recently as earlier in the current Operating Round.
a route of one of the merging Corporations that does not cross an active border includes on it a city (possibly even the same city) with a token of the other Corporation

The President performs the merge with the following steps:

The President chooses a Non-historical major Corporation among those available for starting (or the SFLi if the merge is the final stage of the Tuscan Merge [4.6.10]).
The President substitutes the new Corporation Charter for the old ones, transferring all the possessions of the old Corporations (money, tokens, trains, and Certificates) to it.
If the new Corporation has shares of old Corporations in its Treasury, they are eliminated.
Existing shares are exchanged for new ones. For the merger of two minor Corporations, simply exchange each President's Certificate with 20% of stock (one of them getting the new President's Certificate), and each normal share with a single share of the new Corporation. For mergers between major Corporations, see [4.7.4.1]. After certificates have been exchanged, a change of Presidency [3.5.3] may occur.
Remaining new Corporation shares are placed in the new Corporation's Initial Offering.
The market value token is moved to the new value. For a merger of major Corporations, the new value will retain the position of an old Corporation if it is at least L.250, otherwise it will be the rightmost value which is less than the sum of the market values of the old Corporations. For minor Corporations, the new value will be the rightmost value which is less than half the sum of the market values of the old Corporations. See [14] for a table giving the new values.
Up to five old tokens are substituted with new tokens, wherever they are (on the map or in the token pool of the Corporation Charter), as long as it leaves at least one token on the map. At most one token in a given city may be chosen. For the Tuscan Merge, follow the procedure in [4.6.10] instead of this step.
The old Non-historical Corporations are available for starting again, while the Historical ones are permanently eliminated from the game.
The new major Corporation will operate from the following Operating Round.

4.7.4.1 Stock Exchange for Major Merger

Follow the following steps to exchange shares when two major Corporations merge:

Each old Corporation Shareholder who has at least two shares of the combined old Corporations exchanges pairs of shares (without regard to which old Corporation they belong to), beginning with the President of the currently operating old Corporation and proceeding clockwise. Each pair of old shares is exchanged for one new Certificate, and each player exchanges all pairs that he/she owns personally, then for any Corporations he/she owns, before proceeding to the next player. Any pairs of shares in the Bank Pool are exchanged for a single new Certificate, and finally Frozen Corporations exchange pairs of shares in Operating Order. The first shareholder with 40% of the combined old Corporations must take the Presidency.
Likewise, each player with a remaining share may choose to either receive half (rounded down) of the Current Market Value of the new Corporation from the Bank, or pay half (rounded down) of the Current Market Value to the Corporation Treasury to receive one new Corporation share (if available). Odd Shares in the Bank Pool are always discarded, and Frozen Corporations with odd shares must always take the money.
If the new Presidency has not been claimed when a player who has less than 40% is to exchange shares, the player may pay the difference to upgrade their entire holding to the Presidency -- for example, if they have 10% and the new CMV is $100, they would have to pay $150 to exchange for the Presidency. This is optional and the player may take shares or compensation as normal. Note that any merger except the Tuscan Merge [4.6.10] may not take place (and is backed out) if no shareholder will take the Presidency. In the case of the Tuscan Merge, the President's Certificate is placed in the Bank Pool in exchange for two (or less if there are fewer than two) shares.

4.7.4.2 Major Corporations Merging Example

The Shareholders of the major Corporations SFTG and CGTF are as follows:

Shareholders	SFTG	CGTF
Player A	50% (President)	10%
Player B	10%	20%
Player C	10%	-
Player D	10%	-
SFTG	-	30% (President)
CGTF	-	20% (Initial Offering)
SFTC	10%	-
Bank Pool	10%	20%

while the situation of the major Corporations SFTG and CGTF is the following:

	SFTG	CGTF
Market Value	144	100
Tokens on Map	Alessandria, Genova, Giovi pass, Torino	Alessandria, Torino, Milano
Tokens on Charter	0	2
Corporate Treasury	L.80	L.380
Trains	4, 5	5
Initial Offering Certificates	-	20%
Treasury Certificates	30% CGTF, 30% SFTN	30% SFTN

The SFTN is controlled by player D, who has 40% of the Stock, while the SFTC is controlled by player E.

In an operating turn of the SFTG (during phase Six of the game), its President (player A) chooses to merge it with the Controlled major Corporation CGTF so he/she chooses the currently available non-historical major CFCC as the new major Corporation and puts on its Corporation Charter all the assets of the two old major Corporations, so the CFCC Charter now contains: 100% CFCC Certificates in the Initial Offerings, 2 CGTF tokens, L.460, three trains (a "4" and two "5"s), 60% CGTF Stock (with the President's Certificate), and 60% SFTN Stock. Immediately, the SFTN Presidency is shifted between player D and the CFCC, since it is now the largest shareholder. Also, a train (usually the least expensive) has to be discarded to the Bank Pool as during Phase Six a major Corporation is limited to a maximum of two trains. The Current Market Value token is put at L.242 and the CGTF Certificates on the CFCC Corporation Charter can be discarded.

Player A now exchanges his/her old Certificates for new ones, so he/she discards his/her 50% SFTG and 10% CGTF for 30% CFCC (including the CFCC Presidency). After doing that, player B substitutes his/her three old SFTG/CGTF Certificates for two 10% CFCC Certificates (giving L.121 to the CFCC). Player C substitutes his/her SFTG Certificate for one CFCC (giving L.121 to the CFCC), while player D simply discards his/her SFTG Certificate and takes L.121 from the Bank. SFTC also discards its SFTG Certificate and takes L.121 from the Bank, while the Bank Pool exchanges two of its three SFTG/CGTF Certificates for one CFCC and discards the third. The situation of the CFCC/SFTG/CGTF Stock is now the following:

Shareholders	SFTG	CGTF	CFCC
Player A	-	-	30% (President)
Player B	-	-	20%
Player C	-	-	10%
Player D	-	-	-
CFCC Initial Offering	-	-	30%
SFTC	-	-	-
Bank Pool	-	-	10%

Player A now substitutes up to five old tokens for CFCC tokens, and he/she chooses to put the CFCC five tokens in Torino, Genova, Giovi Pass, Alessandria, and Milano. The SFTG (a Historical Corporation) is permanently eliminated from the game, while the CGTF is put among the Corporations available to be started.

4.7.5 Transforming Minor Corporations

A minor Corporation can be transformed into a major Corporation if:

any related Concession has been eliminated (this usually happens with the beginning of Phase Four)
a Non-historical major Corporation is available for starting

The President transforms the Corporation by performing the following steps

the President chooses a Non-historical major Corporation among those available for starting
the President substitutes the new Corporation Charter for the old, transferring all the possessions of the old Corporation to it
the President substitutes the old 40%/20% Certificates with 20%/10% Certificates of the new Corporation, wherever they are (in possession of a player, in the Bank Pool, or on a Corporation Charter)
the President offers each Shareholder (except the Bank Pool and Frozen Corporations), starting from himself/herself and continuing to his/her left, the chance to buy one Share at Current Market Value, putting the money into the Corporation Treasury -- each player acts first for themselves and then for any Corporations they control in Operating Order before the next player has an opportunity
the President offers each player (Corporations do not act in this step), starting with himself/herself and continuing clockwise, the chance to buy one Certificate at current market price, putting the money into the Corporation Treasury
the President puts the remaining Certificates into the Initial Offerings
the President substitutes all the old tokens with new tokens
if the old Corporation only had one token, he/she must buy another token for L.50 using Corporate money, raising money through Emergency Money Raising [4.5.1] if necessary
the President may buy, with Corporate money, any number of tokens to bring the total number of tokens up to the maximum allowed to a major Corporation (five) at L.100 each
the President places the Current Market Value token of the new major Corporation in the same place as the old minor Corporation's token (at the bottom of the stack if the space is already occupied)
the old minor Corporation is available for starting again if not a Historical one, otherwise it is permanently eliminated from the game

5. Standings Round / End of Game

If a Corporation's market value reaches L.516 or if each external box is connected by a legal route to an on-board city, the game ends at the end of the turn of the currently operating Corporation (even if the Bank had previously run out of money and the game would therefore end after a complete set of Operating Rounds). Corporations that have not yet operated for this Operating Round lose their turns [see also recommended variant, 8.7].

If the Corporation's market value token reaches L.516 due to [3.4], the game ends immediately.

If the Bank runs out of money, the game ends on the completion of the Operating Round that is currently in progress (i.e., at the point at which the next Stock or Operating Round would commence). If the Bank is depleted during a Stock Round, the sequence of events must be played out to the end of the next Operating Round.

If all players but one have left the game due to bankruptcy, the sole remaining player is declared the victor.

Example: If the Bank runs out of money in a Stock Round, the Stock Round and the first Operating Round which would normally take place must be completed before the game is ended.

If the Bank runs out during an Operating Round, complete this Operating Round. During this time, all payouts that cannot be met from the Bank should be recorded on paper and added to the players' scores at the end of the game, or if preferred, all players may be asked to contribute an equal sum to the Bank to allow normal payouts to continue.

When the game ends, the players determine their wealth by summing up the value of all their possessions (money and Corporation Stock). Corporate money and trains do not count. The wealthiest player wins. Some "Final Standings Sheets" are included (and more can be obtained through photocopying) to speed up this task.

6. Geography

In this rulebook, many references are made to various states and regions. Here below you can find a list of these states and regions with their features of some importance for playing the game.

6.1 Austria

During Phases Two and Three, Austria comprises Lombardia and Veneto, while during Phase Four Austria controls Veneto only. From Phase Five onwards, Austria does not exist on the game map.

6.2 Conservative Zone

The so-called Conservative Zone actually comprised the northernmost part of the Papal States (the Romagna, from Bologna to the Adriatic Sea), the Duchy of Modena (with Modena and Reggio Emilia under a Hapsburg ruler), and the Duchy of Parma (with Parma and Piacenza under a Bourbon ruler). These are the features:

the major/large city of Bologna
the medium cities of Ferrara, Modena, Parma, and Reggio nell'Emilia
the towns of Cesena, Forli, Piacenza, and Ravenna

6.3 Lombardia

Lombardia begins the games as Austrian territory, and comprises the following features:

the major city of Milano
the large cities of Bergamo and Brescia
the medium cities of Busto Arsizio, Cosmo, Cremona, and Pavia
the towns of Edolo and Tirano

6.4 Lucca

Lucca was independent from Tuscany in 1839, but was incorporated a few years later. For game purposes, Lucca is always considered an integral part of Tuscany.

6.5 Piedmont

Piedmont (actually the Kingdom of Sardinia) comprises:

the major cities of Genova and Torino
the large city of Cuneo
the medium city of Alessandria
the towns of Aosta, La Spezia, Novara, Savona, and Vercelli

6.6 Piedmontese-Tuscan Border

Piedmont and Tuscany actually did not have a common border, as the Duchy of Modena touched the Tyrrenian Sea between Pisa and La Spezia. The small scale of the map (1:800,000) prevented a true representation of the borders.

6.7 Switzerland

Switzerland comprises the medium city of Lugano. The Swiss border remains in effect for the whole game, so a Corporation can never lay a token in Lugano. A tile can be laid by a Corporation on Lugano from Phase Three onwards.

6.8 Tuscany

The Gran Duchy of Tuscany begins the game as an independent state (under a Hapsburg monarch) that comprises:

the major/large city of Firenze
the medium cities of Livorno, Pisa, and Lucca
the towns of Arezzo, Postoia, Prato, and Siena

6.9 Veneto

Veneto begins the game under Austrian control, and comprises the following features:

the major city of Venezia
the large cities of Padova and Verona
the medium cities of Mantova, Treviso, and Vicenza
the town of Rovigo

7. Differences from the Original Version

This version differs from the original version published by Chris Lawson in the following ways:

Concessions were distributed by written simultaneous bidding rather than an open auction. This was changed to make the start more balanced, especially when new and experienced players play together.
The SFTC was changed to a major Corporation and the hexes around Cuneo were modified. This change was made because in the original the SFTC was almost never started because its prospects were poor.
The SFMA was given a choice of which token circle to use for its home station in Firenze. This change was made to avoid the SFMA being devastated by an unfriendly tile placement on Q13 by the SFLP.
The IRSFF components, the SB (renamed from SFV) and SFL were changed to major Corporations. This change was made because the SB and especially the SFL were undercapitalized and players tended to not buy second shares of IRSFF stock to avoid the presidency of the SFL. As major Corporations, both have the opportunity to sell stock to make money and the SFL has better options for merging with other Corporations, as many major Corporations make their way to Milano.
The green Genova tile was modified to provide better connectivity.

Components are provided to play the game under the original rules. An overlay is provided for the Cuneo area which restores the original map, the original Genova tile is provided, and a tile restoring the original Firenze hex is provided. Additional charters, certificates, and token labels (on the back of the corresponding tokens) are provided for those Corporations which were minor Corporations in the original version.

Complete rules for the original version, including all clarifications and amendments, is available at the following URL:

http://www.deepthoughtgames.com/games/1841/

8. Optional Rules

Players who want some variations can use one or more of the following rules. Any variant used must be agreed upon by all players before the game starts.

8.1 Italian Reunification Variants

Emperor Napoleon III intended to support tiny Piedmont in the decisive second war for Italian reunification (1859) only to expel Austria from its Italian territories, and he certainly did not want to see his small neighbor transformed into a power to be reckoned with.

When, soon after the beginning of the war, patriotic revolutions spread all across northern and central Italy, Napoleon signed an armistice that left Austria the easternmost half of its Italian possessions (Veneto), and then permitted Piedmont to incorporate Parma, Modena, and the northern part of the Papal States (the Conservative Zone) along with Tuscany, while Veneto joined Italy only in 1866 with Prussian support.

Things could obviously have happened very differently.

8.1.1 Napoleon's Project

Austria is completely expelled from Italy at the beginning of Phase Four, but the other states join Piedmont only at the beginning of Phase Five, so:

Austrian borders are both eliminiated at the beginning of Phase Four
the Ferdinandea secession does not happen, and the SFL and SB historical major Corporations are never used in the game
the Tuscan merge is delayed until the beginning of Phase Five
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Five
the Conservative-Piedmontese border is eliminated at the beginning of Phase Five
from the beginning of Phase Four, the Conservative Zone is considered united with Tuscany for game purposes

8.1.2 Cavour's Plan

The Piedmontese Prime Minister, Count Camillo di Cavour, of course wanted Austria completely expelled from Italy with the second war for Italian reunification, along with the annexation to the Piedmont of the other states of northern and central Italy, so:

all borders, with the exception of the Swiss border, are eliminated at the beginning of Phase Four
the Ferdinandea secession does not happen, and the SFL and SB historical major Corporations are never used in the game

8.1.3 Wilhelm's Idea

Prussia and Piedmont had similar aims (the reunification of their countries) and the same enemy (Austria). Without French support, Piedmont should have waited for Prussian moves in 1866, so:

Austrian borders are both eliminated at the beginning of Phase Five
the Ferdinandea secession does not happen, so the SFL and SB historical major Corporations are never used in the game
the Tuscan merge is delayed to the beginning of Phase Five
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Five
the Conservative-Piedmontese border is eliminated at the beginning of Phase Five
from the beginning of Phase Four, the Conservative Zone is considered united with Tuscany for game purposes

8.1.4 Carlo Alberto's Dream

In 1848, the Piedmontese king Carlo Alberto declared war on Austria to support a patriotic insurrection in Milano. The war began very successfully for Piedmont, but a series of incredible mistakes gave the victory to the Austrians. A better Piedmontese leadership would have easily won the first war for Italian reunification, so:

the Austrian possessions are limited to Veneto only at the beginning of Phase Three
the Ferdinandea secession happens at the beginning of Phase Three
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Three
the Conservative-Piedmontese border is eliminated at the beginning of Phase Three

8.1.5 Franz Joseph's Gambit

Tuscany and the states of the Conservative Zone (Parma, Modena, and the northern part of the Papal States) were virtual Austrian satellites, ruled by Austrian dukes and/or occupied by Austrian troops. The Austrian emperor Franz Joseph intended to link these countries by railway to increase his control over them, and without Franco-Piedmontese victory in the second war for Italian reunification would have done it, so:

the Tuscan merge is delayed to the beginning of Phase Five
the Ferdinandea secession does not happen, so the SFL and SB historical major Corporations are never used in the game
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Five
the Conservative-Piedmontese border is eliminated at the beginning of Phase Five
Austrian borders are both eliminated at the beginning of Phase Five
at the beginning of Phase Four, Tuscany, Austria, and the Conservative Zone are considered united in a single state for game purposes
a new Corporation can be started in Austrian territory from Phase Three onwards

8.2 More Power to the Priority Deal Card

This rule changes the game in the following ways:

at the end of the Stock Round Ending Step, the holder of the Priority Deal card may sell it to another player at any mutually agreed price (minimum L.1)
at the end of the last Operating Round of a Game Turn, the Priority Deal card holder may decide to perform one additional Operating Round before the end of the Game Turn.

8.3 1841lite

1841lite is a variant of 1841, and uses the same rules with the exceptions as described below.

8.3.1 Map

The included overlay is placed on the 1841 map, substituted the Toscana-Roma external box for the southernmost part of the map, and deleting most of Tuscany.

8.3.2 Number of Players

The game can be played by three to six players.

8.3.3 Money

Seven L.500 notes, for a total of L.3500 are eliminated from the game.

8.3.4 Initial Money

The money divided between the players at the beginning of the game is lowered from L.3360 to L2520.

8.3.5 Concessions

Concessions #2, #4, and #6 are eliminated from the game.

8.3.6 Corporations

Corporations SFLP, SFLi, SFMA, and SSFL are eliminated from the game.

8.3.7 Rules

Rule 4.6.10 (Tuscan Merge) is dropped from the game.

8.3.8 Trains

Two 2-trains, one 3-train, one 4-train, and one 5-train are eliminated from the game.

8.4 Corporation Stock Sales

When a Corporation sells Stock in other Corporations, do not move the Current Market Value down unless at least two shares are sold if the CMV token is in columns L-P, or at least three shares if the CMV token is in columns Q-S. This can speed up the game as it makes it much more difficult to prevent a stock from reaching the top of the stock chart.

8.5 SFLi Formation

The SFLi will operate in the round in which it has formed, as long as none of its components have operated in that round. This sometimes makes the SFLi a better corporation to own and makes its health less dependent on the exact timing of the purchase of the first 4-train.

8.6 Corporation Stock Purchases

A Corporation may not purchase shares of a Corporation which has tokens on the other side of an active border. For example, this means the IRSFF may never buy shares of other Corporations, and other Corporations may never buy IRSFF shares. This eliminates some problems with circular chains of ownership forced by the Ferdinandea Secession and the Tuscan Merge, but at the cost of eliminating most early stock ownership in other Corporations.

8.7 Game End

Always complete a full Operating Round, regardless of how the game end is triggered. This avoids the large advantage given the first Corporation to reach L.516, and makes the game end more consistent.

8.8 Brown City Tiles

If a city is upgraded to a brown tile, tile #63 must be used if it is legal to be placed, instead of #611. I.e., tile #611 must only be used on cities with one unplayable edge.

9. Conflicts and Errata

The official rules are this document plus any officially-published errata. In the event of conflict between the official rules and any components, the rules take precedence. Published errata may be retrieved from:

http://www.deepthoughtgames.com/games/1841/

For clarifications or customer support, please contact:

[email protected]

10. Frequently Occurring Errors

These points are frequently overlooked, especially by those players experienced at other 18xx games but new to 1841. Not all players will make all of these mistakes, but some groups have made all of them and some find them remarkably easy to repeat.

Minor Corporation certificates cost the normal printed stock price (with the President's certificate costing double, as usual) but the dividend on an ordinary certificate is 20% of the Corporation's earnings.
A route must include at least two cities; passes, ports and towns don't count as cities for this purpose, but red off-board areas do. Towns and ports are "free" to all Trains, in that a Train may visit and count as many of them as it can reach, while passes are "free" to 8-trains only.
Stock in a Corporation may not be sold, except on an emergency basis, and a Corporation may not merge, until the Corporation has operated at least once. This applies to Corporations newly formed from mergers (including the Tuscan Merge) and the Ferdinandea Secession, as well as to Corporations launched in the normal way. While it is often tempting to think of a Corporation's turn being over once it has finished either running or buying its trains, a Corporation hasn't operated until it has finished its first turn.
Tokens may not be laid across active borders, even if the destination country is the same as the one from which a path is being traced. Thus, the SFTN and SFTG may not place tokens near or in Milan until Phase 4, no Corporations may trace paths through the reduced Austria in Phase 5 to place tokens, and no tokens may ever get laid in Switzerland (Lugano).
The Buying Other Corporations Token step [4.4] is often completely overlooked, especially as a mechanism for shuffling money between Corporations.
Selling stock on an emergency basis only produces half value but may result in the Bank Pool getting more than 50% of a single Corporation, and even President's certificates can get there. Selling stock either normally or on an emergency basis may include selling shares in the Corporation being run, although normal sales of a Corporation's stock can't be done on its first turn (because it hasn't completed an Operating turn yet).
The requirement that a Corporation's earnings exceed its stock price in order for its price to rise is often overlooked.
Companies must start in cities; passes don't count.
Yellow tiles with single towns upgrade; tiles with two don't.

11. Credits

Author: Federico Vellani and Manlio Manzini

Development Team: Alessandro Barattieri, Barrington Beavis, Riccardo Camerlo, Paolo "PRC" Carraro, Roberto Cerruti, Maurizio Corgnati, Jack Greene, Han Heidema, Marco Maffei, Manlio Manzini, Luca Marasini, Andrea Masoni, Moreno Pellicciari, Massimo Riccobene, Marco Signoretto, Sergio Spaggiari, Gianluca Varone, Federico Vellani

Special Thanks to: Ester Bonilauri, Pietro Cremona

Original 18xx Game System: Francis Tresham

Bibliography (books): Storia delle Ferrovie in Italia, Vol I, II, III (L Briano, Cavallotti Editori, 1977) L'Ottoccento Ferroviario Italiano (C. Lacchè SFM, 1977) Locomotive a Vapore (G. Cornolò, Albertelli, 1989)

Bibliography (games): 1829 northern map (F. Tresham, Hartland Trefoil, 1982) 1829 southern map (F. Tresham, Hartland Trefoil, 1982) 1830 (F. Tresham, B. Shelley, The Avalon Hill Game Company, 1986) 1835 (M. Meier-Bachl, F. Tresham, Hans-im-Gluck, 1990) 1853 (F. Tresham, Hartland Trefoil, 1989)

Gamekit Production: Chris Lawson (original version), Deep Thought Games, LLC

Rules Clarifications & Amendments: Steve Thomas, Richard Clyne, John David Galt, Chris Lawson, Tom Lehmann, Dane Maslen, David Reed, Alex Rhomberg, Federico Vellani, Nick Wedd, David G.D. Hecht, Jeanette Allen, Lou Jerkich, and John A. Tamplin.

Image Credits: Brian Hollingsworth, The Illustrated Encyclopedia of Steam Passenger Locomotives, Salamander Books Ltd, 1982. Brian Hollingsworth and Arthur Cook, Modern Locomotives, Salamander Books Ltd, 2000. O. S. Nock, Railways at the Zenith of Steam, 1920-1940, Blandford Press, Ltd., 1970. O. S. Nock, Railways in the Years of Pre-eminence, 1905-1919, Blandford Press, Ltd., 1971 Poster, Steam Locomotives, Ricardo Arte / R.S.V. Group, 1983.

12. Place Names

The names of various locations are printed on the map in their local language. This list gives the names in English, French or German where commonly referenced under a different name.

Coordinates	Italian	English	French	German
E1	-	Lyons	Lyon	-
G1	-	-	Fréjus	-
M3	Cuneo	-	-	-
Q3/Q5	-	-	Marseille	-
H4	Torino	Turin	-	-
A4	-	-	Lausanne	Lötschberg
A5	Sempione	-	Simplon	-
J6	Alessandria	-	-	-
A7	Gottardo	-	-	Gotthard
C7	Lugano	-	-	-
E7	Busto Arsizio	-	-	-
M7	Genova	Genoa	-	-
D8	Como	-	-	-
F8	Milano	Milan	-	Mailand
H8	Pavia	-	-	-
E9	Bergamo	-	-	-
E11	Brescia	-	-	-
K11	Parma	-	-	-
Q11	Pisa	-	-	-
S11	Livorno	Leghorn	-	-
L12	Reggio nell'Emilia	-	-	-
P12	Lucca	-	-	-
U12/U14/T13	Roma	Rome	-	-
C13/B14	Trento/Brennero	-	-	Trent/Brenner
G13	Verona	-	-	-
K13	Modena	-	-	-
F14	Vicenza	-	-	-
L14	Bologna	-	-	-
R14	Firenze	Florence	-	-
G15	Padova	Padua	-	-
K15	Ferrara	-	-	-
D16	Treviso	-	-	-
F16	Venezia	Venice	-	Venedig
C17/E17	Trieste	-	-	Triest
O17	Costa Adriatica	Adriatic Coast	-	-

13. Glossary

Bank -- The Bank owns all assets represented in the game that are not owned by a player or Corporation.

Bank Pool -- The place where Certificates are held which have been sold by a player or Corporation during their respective Stock Selling steps. The Bank Pool can never contain more than half of the Stock of a Corporation [exception, 4.5.1]. The Bank Pool is a Shareholder.

Banker -- The player performing actions required of the Bank, including paying and receiving funds to players and Corporations.

Certificate -- a card representing one or two shares of Stock or a Concession.

Chain of Control -- a chain of control starts with a given Corporation and includes every Controlling Corporation of that Corporation or any Controlling Corporation in the chain. If it is not a Circular Chain of Control, it will eventually lead to a player who controls all the Corporations in the chain.

Circular Chain of Control -- a circular chain of control results when a Corporation owns shares in a Corporation. The rules attempt to prevent this from occurring, but it is possible in rare instances. In the case of a Circular Chain of Control, all involved Corporations are treated as frozen [4.5.1.1] and must sell stock in Controlling Corporations during their Operating Round until the chain is broken.

Concession -- a Certificate conferring the right to control a Corporation in the early game.

Concessions Round -- the round where the Concessions are distributed between players [2].

Controlled Corporation -- A player controls a Corporation if he/she is currently President of it or controls the Controlling Corporation.

Controlling Corporation -- A Corporation that owns the Presidency of another Corporation.

Corporate Stock -- All the Stock Certificates owned by a Corporation. Corporate Stock is divided into Initial Offering Corporate Stock and Treasury Corporate Stock.

Corporate Treasury -- All the money owned by a Corporation. In some contexts, refers more generally to liquid Corporate assets, which includes money and Treasury Corporate Stock.

Corporation -- A company whose Stock is owned by Stockholders. The Stockholder with the largest holding of Stock in the Corporation is its President and performs actions on behalf of the Corporation.

Corporation Charter -- The place where a Corporation keeps all its assets. The tokens, trains (when these have been acquired), Stock, and money in the Treasury are placed in the appropriate positions on the Corporation Charter. The tokens available and the number and class of trains must be clearly visible for inspection by other players. The money may be kept in a stack, but the amount can be verified by other players. It is very important that these funds be kept strictly separate from the player's own reserve of cash. Consequently, Corporate funds must always be held on the Corporation Charter.

Corporation Class -- the Corporations are divided into two class: minor and major. Corporation class determines the rightmost Stock Market column which can be reached by the Stock Market value token, the number of trains which can be kept, and the number of tokens which can be used on the map. Corporations may only merge with other Corporations of the same class.

Current Market Value -- the value on the Stock Market where the Corporation's market token is located, sometimes abbreviated CMV. This determines transaction prices for stock trades as well as the Operating Order for Corporations.

Emergency Money Raising -- when a Corporation has a required expense but does not have enough funds, the President (following the Chain of Control) must make up the difference [4.5.1].

Frozen Corporation -- a Corporation whose President's certificate is in the Bank Pool or is involved in a Circular Chain of Control [4.5.1.1].

Historical Corporations -- IRSFF, SFL, SFLP, SFLi, SFMA, SFTC, SFTG, SFTN, SB, and SSFL Corporations are collectively called "Historical Corporations". The Historical Corporations cannot be started freely by a player, but are either started by a player owning a particular Concession (during Phases Two and Three of the game), by the Tuscan Merge (SFLi at the beginning of Phase Four), or by the Ferdinandea secession (SFL and SB at the beginning of phase four).

Initial Offering -- stock which has never been purchased. Once it leaves the Initial Offering, it will never return.

Major City -- Milano, Torino, Genova, Venezia, Bologna, and Firenze. A minor Corporation cannot put its initial base on a Major City.

Major Corporation -- A major Corporation has 9 Certificates (one 20% President's Certificate and eight 10% Certificates) and may have 2-5 tokens. The market value of a major Corporation always refers to a 10% certificate.

Minor Corporation -- A minor Corporation has 4 Certificates (one 40% President's Certificate and three 20% Certificates), and may have 1 or 2 tokens. The market value of a minor Corporation always refers to a 20% Certificate.

Non-historical Corporation -- a Corporation which does not represent an actual historical railroad. These may only be started in phase three or later, and a concession is not required to start one.

Operating Order -- Corporations operate in order by Current Market Value. In the case of a tie, the Corporation with their CMV token rightmost among those tied operates first. If the tied tokens are in the same box, the one on top operates first.

Operating Round -- The round in which Corporations operate [4].

Personal Money -- All the money owned by a player. The amount can be freely verified by other players.

Personal Stock -- All the Stock Certificates owned by a player.

Phase -- reflects technological advancement through the game, and is equal to the train which was purchased to enter the phase. The game starts in phase two, and moves to phase three when the first 3-train is purchased.

Port -- a port is shown on the map with an anchor symbol. Ports do not count against the number of stops a train may make, but must be at the end of a route.

President -- the player who controls a Corporation, which is the player owning the related Concession (if still in play) for a Historical Company, or the player with the most Stock [3.5.3]

Priority Deal -- a card given to the player who will act first in the Stock Round [3.4].

Shareholder -- An entity (player, Corporation, or the Bank Pool) who owns at least one share of the Corporation.

Shareholder order -- Whenever the Shareholders are called to perform an activity, the players perform it beginning with the President of the Corporation and following with the player at his/her left and so on until all players have completed the activity. The last to perform the activity is the Bank Pool, which is operated by the President of the Corporation involved. Each player performs the activity both for his/her personal shares and for his/her Controlled Corporations, in the following order: Personal Stock, Controlled Corporations (starting with the highest valued).

Standings Round -- the round where the game winner is determined.

Stock Round -- the round where players buy and sell stock, or start new Corporations.

Town -- towns are represented on the map as dots or bars. They do not count against the number of stops a train may make.

Tuscan Corporations -- SSFL, SFMA, and SFLP corporations are collectively called "Tuscan Corporations". The Tuscan Corporations are merged into the SFLi Corporation at the beginning of phase four of the game, and cannot be merged or transformed in the regular way before Phase Four.

Unused Concessions -- A Concession is called "unused" when the related Corporation has not yet been started. An unused Concession can be freely traded between players during the Stock Buying step of their turns in a Stock Round. Unused Concessions are discarded to the Bank Pool at the end of each Stock Round.

Used Concession -- A Concession is called "used" when the related Corporation has started. A used Concession can be bought by a player along with the President's Certificate of the related Corporation. This kind of trade is the only way to change the President of a Historical Corporation before Phase Four of the game.

14. Post-Merger Current Market Value Chart

This chart shows where the Current Market Value token of the new Corporation is placed after a merger [4.7.4].

Notes: If a Major Corporation has a value higher than L250, then the new Corporation keeps that value (in practical terms this means if it is L256 or higher, you do not need this chart). Minor Corporations cannot move past column K on the Stock Market Chart; once merged they are allowed to do so as they are no longer Minor Corporations.

Sum of Minor CMVs	Sum of Major CMVs	New CMV Location
-	243	242 (N3)
-	231-242	230 (N4)
448 (max)	220-230	219 (N5)
-	219	218 (M3)
419-426	209-218	208 (M4)
397-406	199-208	198 (M5)
361-396	181-198	180 (M6)
357-360	179-180	178 (L5)
325-356	163-178	162 (L6)
283-324	142-162	141 (L7)
255-282	128-141	127 (K7)
213-254	107-127	106 (K8)
191-212	96-106	95 (J8)
153-190	77-95	76 (J9)
139-152	70-76	69 (I9)
107-138	54-69	53 (I10)
97-106	49-53	48 (H10)
71-96	36-48	35 (H11), etc...

15. Tile Manifest/Upgrade Chart

This chart lists every track tile in the game, the quantity of each provided, and the tiles it may legally be upgraded to.

Tile	Count	Legal Upgrades
1	1	No further upgrades
2	1	No further upgrades
3	3	87, 88, 204
4	3	87, 88, 204
5	4	12, 14, 15, 205, 206, 619
6	4	12, 13, 14, 15, 205, 206, 619
7	8	18, 21, 22, 26, 27, 28, 29, 30, 31, 624, 625, 626
8	16	16, 17, 19, 21, 22, 23, 24, 25, 28, 29, 30, 31
9	11	18, 19, 20, 23, 24, 26, 27
55	1	No further upgrades
56	1	No further upgrades
57	4	14, 15, 205, 206, 619
58	3	87, 88, 204
69	1	No further upgrades
201	2	207, 208, 622
202	2	207, 208, 622
601	1	602
621	2	207, 208, 622
630	1	No further upgrades
631	1	No further upgrades
632	1	No further upgrades
633	1	No further upgrades
12	1	611, 63
13	1	611, 63
14	2	611, 63
15	2	611, 63
16	2	43, 70
17	2	47, 628
18	2	43, 627
19	2	45, 46
20	2	44, 47
21	2	46, 629
22	2	45, 629
23	3	41, 43, 45, 47
24	3	42, 43, 46, 47
25	3	40, 45, 46, 629
26	2	42, 44, 45, 627
27	2	41, 44, 46, 627
28	2	39, 43, 46, 70
29	2	39, 43, 45, 70
30	2	42, 70, 628, 629
31	2	41, 70, 628, 629
87	2	No further upgrades
88	2	No further upgrades
144	2	No further upgrades
204	2	No further upgrades
205	1	611, 63
206	1	611, 63
207	2	216, 623
208	2	216, 623
602	1	603
604	1	605
606	1	607
612	1	609
613	3	616, 617, 618
614	4	616, 617, 618
615	1	616, 617, 618
619	2	611, 63
622	2	216, 623
624	1	39, 627, 629
625	1	70, 627
626	1	44, 628
39	2	No further upgrades
40	2	No further upgrades
41	2	No further upgrades
42	2	No further upgrades
43	2	No further upgrades
44	2	No further upgrades
45	2	No further upgrades
46	2	No further upgrades
47	2	No further upgrades
63	3	No further upgrades
70	2	No further upgrades
216	2	No further upgrades
603	1	No further upgrades
605	1	No further upgrades
607	1	No further upgrades
609	1	No further upgrades
610	2	No further upgrades
611	3	No further upgrades
616	1	No further upgrades
617	1	No further upgrades
618	1	No further upgrades
623	2	No further upgrades
627	2	No further upgrades
628	2	No further upgrades
629	2	No further upgrades

1841: Railways in Northern Italy Rulebook

Table of Contents

1. Introduction
- 1.1 Game Description
- 1.2 Preparing for Play
2. Concessions Round
- 2.1 Concessions Auction
3. Stock Round
4. Operating Round
5. Standings Round / End of Game
6. Geography
7. Differences from the Original Version
8. Optional Rules
9. Conflicts and Errata
10. Frequently Occurring Errors
11. Credits
12. Place Names
13. Glossary
14. Post-Merger Current Market Value Chart
15. Tile Manifest/Upgrade Chart

1. Introduction

References to rule sections are denoted as [4.5.1]. General terms used with a specific meaning in these rules are shown with Initial Capitals, and are defined in the glossary [13].

1.1 Game Description

The play of 1841 is composed of an initial Concessions Round, a series of game turns (each composed of a Stock Round and one to three Operating Rounds), and a Standings Round.

The game ends when at least one of the following occurs:

the Bank funds are exhausted
a Stock Certificate reaches L.516 in value
each external box is connected by a legal route to an on-board city

1.2 Preparing for Play

The initial money (L.3360) is equally divided between the players, as shown in the table below:

Number of Players	Money assigned to each Player
3	L.1120
4	L.840
5	L.672
6	L.560
7	L.480
8	L.420

All remaining money is placed in the Bank.

The Concessions Certificates are laid out face-up in the Bank Pool.

The train cards should be sorted by class and put on the appropriate space in the Train Chart so that the number of trains available of each class is visible.

Play may now commence.

2. Concessions Round

In this round, players are assigned eight Concession Certificates, seating order, and the Priority Deal card. During Phase Two, a player must possess a Concession to start a Corporation.

Randomly choose a bidding order using the supplied number cards. Players do not need to reposition themselves yet, as the seating order will be determined after the Concessions auction.

2.1 Concessions Auction

At the end of each Stock Round, any unused Concessions (except the Bayard) are discarded to the Bank Pool, without compensation.

3. Stock Round

During the Stock Round, each player, starting with the Priority Deal card holder, can sell Stock [3.1] and then either buy Stock [3.2] or start a Corporation [3.3].

When he/she has finished, play then proceeds to the next player on his/her left until all players have passed consecutively, when the Stock Round ends and certain actions are performed [3.4].

Please note that:

a player may have several turns to operate in a single Stock Round
a Stock Round will keep going as long as players continue to trade
a player is not precluded from further dealing because he/she has passed, as the Round may be kept going by someone else and anyone is then free to resume trading subsequently

If no deals take place during a Stock Round, the holding player retains the Priority Deal card.

Note that players and Corporations may not voluntarily buy or sell stock if doing so would lead to a circular chain of ownership.

3.1 Selling Stock

During this step, a player may sell zero or more of his/her personal Corporate Stock Certificate(s) at current market value.

In order to sell one or more Stock Certificates, the player has to perform the following activities:

He/she moves the Certificates to be sold to the Bank Pool.
The Banker gives him/her an amount of money equal to the current market value of the sold Certificates.
The Banker moves the Stock Market value tokens of the Corporations whose Stock has been sold one row down for each Share (worth 20% for a minor Corporation or 10% for a major Corporation) sold. If stock of multiple Corporations is sold, the tokens are moved in reverse Operating Order [13] and do not move if they are at the bottom of a row [3.5.1].

A player cannot sell a Certificate of a particular Corporation if:

The Corporation has not yet performed at least one Operating Round. Note that a Corporation formed by merger or transformation is a new Corporation, and its stock cannot be sold until it has completed a turn in an Operating Round in its new identity.
With the sale, the Bank Pool would contain more than half of the stock of a single Corporation -- therefore, the Bank Pool can at most contain 2 Certificates of a minor Corporation or 5 of a major.
The sale would result in a circular chain of ownership.

Please note that:

If a player sells a Certificate of any particular Corporation, he/she cannot buy Stock of the same Corporation during the remainder of the current Stock Round.
Stock placed in the Bank Pool is available to be purchased.
All sales of Stock (and purchases from the Bank Pool or from the Initial Offerings) are made at the current price on the Stock Market, which is the price of a single Share of the Corporation (worth 20% of a minor Corporation or 10% of a major Corporation).
Sales of Stock have the effect of lowering its value one row per share sold, but the seller receives the starting market value for each share sold.
The President's Stock Certificate may not be sold into the Bank Pool [exception, 4.5.1] -- it can only be disposed of as explained later.
A player is compelled to sell one or more Certificates of a particular Corporation if he/she, alone or with his/her Controlled Corporations, controls more than 60% of that Corporation [3.5.4].

3.2 Buying Stock

During this step a player can do one of the following:

Buy a Concession from the Bank Pool for L.50, giving the money to the Bank. This is not allowed in the first Stock Round of the game.
Buy one Corporation Stock Certificate at Current Market Value from the Bank Pool, giving the money to the Bank.
Buy one Corporation Stock Certificate at Current Market Value from a Corporation's Initial Offering, giving the money to the Corporation (the Corporation receives money for the issued Initial Offering Certificates only).
Buy any number of Certificates of the same Corporation at any price (minimum L.1 each) from a player, giving the money to the player. Note that is a private transaction and does not count as a sale of stock, so it is permitted even if the Corporation has not completed an Operating Round and does not prevent the seller from buying the stock later in the same Stock Round.
Buy an unused Concession at any price (minimum L.1) from a player, giving the money to the player.
Buy a used Concession at any price, along with the associated President's Certificate, for any price (minimum L.1), from a player, giving money to the player. This is the only way to transfer the Presidency of a historical Corporation before Phase Four of the game.
Pass.

A player cannot buy a Certificate if:

The purchase would cause the player to exceed the maximum allowed number of Certificates [3.5.2].
The purchase would cause the player and all his/her Controlled Corporations to exceed the maximum allowed to a player in a single Corporation, i.e. 60% [3.5.4].
He/she has sold a Certificate of the same Corporation in the current Stock Round
He/she wishes to buy only one share from a player holding only the President's Certificate, and there is no other player with two shares to assume the Presidency.

3.3 Starting a Corporation

This step is performed by a player who wants to start a new Corporation.

A player may not exceed the Certificate Limit [3.5.2] at any point while starting a Corporation.

To start a new Corporation, a player has to perform the steps described below.

3.3.1 Choosing the Corporation Class

3.3.2 Choosing an Initial Market Value

If the chosen position already contains one or more tokens, place the new Corporation token on the bottom of the stack of tokens.

3.3.3 Initial Certificate Purchase

Please note that money paid by the President in this step will be the only money available to the Corporation for buying tokens in the following step.

3.3.4 Purchasing Tokens

Historical Corporation	Base(s)
SFLP	Lucca
SFTC	Cuneo
SFMA	Firenze (North or South)
SFTN	Torino North
SSFL	Pisa
SFTG	Torino South, Alessandria
IRSFF	Milano, Venezia

For Non-historical Corporations, the bases may be freely selected by the President, with the following exceptions:

Lugano (Switzerland) can never be selected.
Austrian cities cannot be selected until after the Ferdinandea secession has occurred.
Milano, Venezia, Torino, Alessandria, Cuneo, Firenze, Lucca, and Pisa cannot be selected until Phase Four of the game as they are the bases of the Historical Corporations.
If a major Corporation selects two bases, the bases cannot be separated by an active border.
A minor Corporation cannot select for its base a major city (Bologna, Firenze, Genova, Milano, Torino, and Venezia) or a city with another token, even if that city has a space available.
A pass is not a city and may not be selected.

For Historical Corporations, the tokens cost L.50 each. Tokens for Non-historical Corporations vary depending on the proximity of connected track to the chosen locations:

A token for a base with no tiles within two hexes costs L.25.
A token for a base with no tiles on an adjacent hex costs L.50.
A token for a base with no tile on the same hex costs L.100.
A token for a base with a tile on the same hex costs L.200.

For the this purpose, ignore track on the other side of an active border as well as pre-printed track which is not connected to a city.

If a major Corporation selects two bases with different costs, the higher cost is paid for all tokens.

A major Corporation is not compelled to select two bases -- it may select only one if it wants.

3.3.5 Example of Starting a Corporation

3.4 End of the Stock Round

During this step the following activities are performed in this order:

The Priority Deal card is assigned the player to the left of the last player who did not pass.
The Current Market Value token of each Corporation with any shares in the Bank Pool is lowered by one row. The affected tokens are moved in Operating Order, thus maintaining their relative order within a stack of tokens. Affected tokens on the bottom row of the Stock Market do not move.
The Current Market Value token of each Corporation with no shares in either the Bank Pool or in the Initial Offering is raised by one row. Affected tokens are moved in Operating Order, thus maintaining their relative order within a stack of tokens. Affected tokens on the top row of the Stock Market do not move.
All unused Concessions still in possession of a player (except #1, the Bayard) are moved to the Bank Pool without compensation. These Concessions may be purchased by any player from the Bank Pool during a later Stock Round for L.50 each.
The owner of the Bayard (Concession #1) receives L.20 from the Bank. (The Bayard is eliminated at the beginning of Phase Four, along with the other Concessions.)

3.5 General Notes on Stock

3.5.1 Stock Valuation and the Stock Market

All Stock transactions take place at the current market value indicated on the Stock Market Chart.

Stock valuation is changed as follows:

Whenever a Corporation's Stock is sold, the Current Market Value token is moved down (i.e., towards the bottom of the chart) one row for each Share sold into the Bank Pool. This action may be repeated as many times as is necessary, but the token does not move once it reaches the bottom row of the Stock Market. The token only moves straight down - it does not move sideways in order to achieve a lower row.
At the end of a Stock Round, if there is no Stock for a particular Corporation remaining in either the Initial Offering or the Bank Pool (i.e., 100% in player hands or Corporate Treasuries), its token is moved up one row unless already on the top row.
At the end of a Stock Round, if there is any Stock for a particular Corporation remaining in the Bank Pool, its token is moved down one row unless already on the bottom row.
Every time a Corporation declares a dividend greater than its Current Market Value, the token is moved one column to the right (if the token has already reached the end of a track it will follow the arrow and move up one row instead). In this way all major Corporation Stock can theoretically reach a value of L.516 given sufficient time. A token attempting to move to the right from column P before Phase Eight will move up instead. For a minor Corporation, the token will move up one row when it tries to move to the right of Column K.
If the Corporation is active and no dividend is paid (for whatever reason), the token is moved one column to the left unless the end of the track prevents this, in which case the token is moved one column downward.

When a token is moved on the Stock Market Chart to indicated a change in a share's price, the moving token is always placed under any tokens already there.

The Banker should ensure that the Stock Market Chart is kept up to date.

3.5.2 Limit of Stock Holding

The maximum number of Stock Certificates (Concessions do not count towards this limit) a player may personally hold is given in the table below:

Number of Players	Certificate Limit
3	21
4	16
5	13
6	11
7	10
8	9

A Corporation can keep in its Treasury up to five Certificates -- certificates in the Initial Offering do not count.

Share limits do not change if a player drops out of the game due to bankruptcy.

3.5.3 Change of President

3.5.4 Anti-Trust Law

A single player may not control, either alone or with his/her Controlled Corporations, more than 60% of a Corporation.

4. Operating Round

During an Operating Round each Corporation may:

lay or upgrade one or more (when allowed) track tiles
place one token (to mark a new railhead)
run its trains
purchase a token from another Corporation
purchase one or more new trains
sell Corporate Stock (Treasury or Initial Offerings) to the Bank Pool
buy Corporation Stock from the Bank Pool or from the Initial Offerings (of other Corporations) to the Treasury
start another Corporation
merge with another Corporation of the same class
transform from minor to major

The Corporations have their turns in order, beginning with the one with the highest Current Market Value. This order may change during an Operating Round due to stock sales.

During the later stages of the game, the scope for Corporate activities expands steadily because of:

larger trains which can travel a greater distance and thus earn more revenue per turn
more complex designs of track tiles which produce more elaborate routes and which also raise city revenue values

4.1 Laying Track

4.1.1 First Track Lay

A tile may not be placed such that a track:

runs off the grid, or
terminates against the blank side of a gray hexagon, or
terminates against an impassable hexside in a lake or mountain

A tile may be placed so as to utilize track on a gray hexagon or an arrow to an off-board location or port, but this is not required.

Cities and passes portrayed on the board must be represented by tiles of the correct type as follows:

Type of City or Pass	Representation on the Map	Representation on Tiles
Town	One black dot	One black bar or dot
Two towns	Two black dots	Two black bars
Medium city	One circle	One circle/two tangent circles
Large city	One circle with a Y	One circle/two tangent circles with a Y
Appennine pass	One circle with a small mountain	One circle/two tangent circles with a smaller triangle under the token circle
Alpine pass	One circle with a large mountain	One circle with a large triangle surrounding the token circle

Tiles representing cities must not be placed on other locations.

Milano, Torino, Genova, and Venezia are special cases and will be dealt with separately.

Yellow and green tiles which have been replaced are available for re-use. Replacing a tile is an alternative to laying a new tile.

During Phase Two, the route extended by laying or replacing a tile may not cross an active border, not even if the new tile is in the same country as the Railhead.

Certain green tiles are not used as replacements for yellow tiles, but are placed on specific yellow hexagons of the board. They are:

Appennine pass tiles
tiles which are specific to the positions of Milano, Torino, or Genova and are labeled M, T, and G respectively
Alpine pass brown tiles which are not used as replacements for green tiles, but are placed on specific green hexagons of the board (Simplon pass and Fréjus pass).

The yellow Venezia tile may only be placed with Venezia next to the port and the other piece of track pointing towards Padova.

4.1.2 Additional Track Lays

Each tile must be put in a different hex, so a Corporation cannot, during the same turn, place a yellow tile in a hex and then replace it with a green tile during the same Operating Round.

4.2 Laying Tokens

Tokens designate priority railroad rights when placed on a city or pass. They have two effects:

they prohibit rival Corporations from running train routes beyond the city or pass
they allow the city to be used as a base for their Corporation's train routes. The token base and the track connecting to it are a Railhead for the Corporation.

Note that a Corporation may not place a token on a city/pass which can only be reached by passing through a city/pass which is entirely blocked by other Corporation's tokens).

4.3 Running Trains

Example: the SFTC minor Corporation, with a current market value fixed at L.144, will have its token moved to the right only with a dividend greater than L.144.

4.3.1 Choosing Routes

During this activity, the President must select the route of each of his/her trains.

4.3.2 Revenue Calculation

If dividends are not paid, the entire earnings are passed to the Corporation Treasury.

Finally, the Current Market Value is adjusted on the Stock Market as described in [3.5.1].

4.4 Buying Other Corporation Tokens

4.5 Buying Trains

Trains are bought from the Bank in order of increasing size. The smallest, the 2-trains, are bought first. When all of these have been purchased, 3-trains become available, then the 4-trains, etc.

Here is a table of trains available during the game:

Train Class	Number Available	Cost
2	8	L.100
3	6	L.200
4	4	L.350
5	3	L.550
6	2	L.800
7	2	L.1100
8	7	L.1450

The number of 8-trains is limited as shown; if all 8-trains are purchased, Corporations are relieved of their requirement to own a train.

Depending on the Game Phase currently in effect, a Corporation may own a specified maximum number of trains.

Whenever a train is purchased from one Corporation by another, the transfer takes place in the purchaser's turn.

After paying the money for the trains to the Bank, the President places the train cards on the Corporation Charter.

4.5.1 Emergency Money Raising

This step must be performed by a Corporation if:

the Corporation currently has no train, and
the Corporation is compelled to have a train, and
the Corporate Treasury is less than the amount required to buy the cheapest train available from the Bank, and
the President of the Corporation cannot (or does not want to) arrange a deal to buy a train from another Corporation
Emergency Money Raising is also used if the Corporation must buy a Token and has insufficient money in its Corporate Treasury

the Corporation sells its Treasury Certificates, gaining half of their market value
the Corporation sells its Initial Offerings Certificates, gaining half of their market value

The total value of Certificates sold is rounded down if necessary.

A Corporation may buy additional trains if there is sufficient money left over after completing Emergency Fund Raising and buying a train.

If the money is still not enough the player has to declare bankruptcy and perform the following activities:

he/she has to discard all his/her remaining Stock Certificates (please note that at this time the only Stock Certificates in his/her possession will be of the currently operating Corporation) into the Bank Pool, gaining for each Certificate half (50%, fractions rounded down) of its value and giving the money to the currently operating Corporation
the activities of the currently operating Corporation are now closed for the current Operating Round (this means that the Corporation can dispense with the train until its turn in the following Operating Round)
if a Shareholder currently possesses at least two Certificates of a Corporation whose Presidential Certificate is now in the Bank Pool, then that Shareholder has to assume the Presidency of that Corporation (please note that a Presidential Certificate in the Bank Pool can be bought by a player or Corporation for twice the price of a standard Certificate during a regular Stock Buying Step, and that a Corporation without a President cannot operate and is considered "frozen" until a player or Corporation buys the Presidential Certificate)
the bankrupted player now receives from the Bank L.500 to continue the game, which will be subtracted from his/her possessions during the Standings Round. Alternatively, he/she can choose to leave the game with L.0.

A player can go bankrupt several times during a game. All the money received from the bank for bankruptcy must be subtracted from his/her possessions at the end of the game.

Example: in the situation partially depicted in the following table,

	SFTG (maj)	SFTN (maj)	SFTC (min)
Current Market Value	L.216	L.340	L.144
Corporate Treasury	L.125	L.102	L.365
Trains	none	8	6
Shareholders				Money
Player A	10%	50%	60%	L.174
Player B	40%	10%	-	L.650
SFTN	50%	-	-	-
SFTG	-	-	20%	-
Bank Pool	-	40%	20%	-

	SFTG (maj)	SFTN (maj)	SFTC (min)
Current Market Value	L.187	L.256	L.103
Corporate Treasury	L.1650	L.0	L.365
Trains	none	8	6
Shareholders				Money
Player A	-	-	-	-
Player B	40%	10%	-	L.650
SFTN	40%	-	-	-
SFTG	-	-	-	-
Bank Pool	20%	90%	80%	-

Now player B becomes President of the SFTG, while the SFTN and SFTC are considered "frozen". Player A has the option of leaving the game at L.0 or continuing the game with L.500 given by the Bank.

4.5.1.1 Frozen Corporations

A Corporation is called "frozen" when its Presidential Certificate is in the Bank Pool, or if it is part of a circular chain of control.

A frozen Corporation does not perform any game activity, with the following exceptions:

At the end of a Stock Round, its Market Value Token loses two rows instead of one for having one or more Certificates in the Bank Pool
In its turn of an Operating Round, its Market Value Token loses two columns instead of the usual one for not having paid any dividend.
If it was frozen due to a circular chain of control, it must sell all Stock it owns of any controlling Corporations. It must do this even if it would not normally be permitted to sell this Stock.

4.6 Phase Changes

This step is performed whenever the first train of a new type is bought, as some aspect of the game changes immediately. When the phase changes, the activities are performed in the order shown.

4.6.1 Phase Two

Phase Two starts at the beginning of the game, and the following restrictions are in effect:

only yellow tiles are available
one Operating Round is performed between Stock Rounds
no Corporation may lay tiles or tokens across an active border
only Historical Corporations can be started, and only with ownership of the appropriate Concession
a major Corporation with two or more bases on the map can lay one tile from each base during each Operating Round
each major Corporation is limited to four trains
each minor Corporation is limited to two trains

4.6.2 Phase Three

Phase Three begins when the first 3-train is purchased, and the following changes occur:

green tiles become available
two Operating Rounds are performed between Stock Rounds, beginning after the next Stock Round
a Corporation may now lay tiles across borders (tiles only, tokens can never be laid across borders)
Non-historical Corporations can be started (outside Austrian and Swiss territory only)
a major Corporation with two or more bases on the map can lay a maximum of two tiles in each Operating Round

4.6.3 Phase Four

Phase Four begins when the first 4-train is purchased, and the following changes occur:

the Conservative Zone border is eliminated
all the Concessions still in play are removed from the game, along with their related inactive historical Corporations. Presidencies of historical Corporations may change immediately.
the Austrian possessions are limited to Veneto [6]
new Corporations may be started in Austrian territory
2-trains are eliminated from the game
each major Corporation is limited to three trains
the middle (gray) values are now used for external boxes
the Ferdinandea secession is performed [4.6.9]
the Tuscan merge is performed [4.6.10]

4.6.4 Phase Five

Phase Five begins when the first 5-train is purchased, and the following changes occur:

Austrian possessions are eliminated [6], deleting the 1859-1866 Austrian border
brown tiles become available
3-trains are eliminated from the game
three Operating Rounds are performed between Stock Rounds, starting after the next Stock Round
a major Corporation can lay a maximum of one tile in each Operating Round

4.6.5 Phase Six

Phase Six begins when the first 6-train is purchased, and the following changes occur:

the highest (black) values are now scored for external boxes
each minor Corporation is limited to one train
each major Corporation is limited to two trains

4.6.6 Phase Seven

Phase Seven begins when the first 7-train is purchased, and the following changes occur:

4-trains are eliminated from the game

4.6.7 Phase Eight

Phase Eight begins when the first 8-train is purchased, and the following changes occur:

5-trains are eliminated from the game
Market value tokens can advance into the rightmost three columns (light blue area)

Please remember that 8-trains can travel along passes for free.

4.6.8 Excess Trains

These trains may be purchased later from the Bank at face value instead of whatever other trains are on offer.

4.6.9 Ferdinandea Secession

The Ferdinandea Secession is performed with the following steps:

the SB and SFL major Corporations are created and their market value tokens replace the IRSFF token. These tokens stay in the same location in the stack of tokens with the SB's token above the SFL's token.
the IRSFF tokens already on the map are substituted with SB and SFL tokens by geographical location, with the ones in the Austrian possessions [6] going to the SB and the others going to the SFL
the best IRSFF train is given to the SB, while the second best is given to the SFL, etc.
the IRSFF money is divided between the new Corporations, with 10% (round fractions down) going to the SFL and the remainder going to the SB
the IRSFF Treasury Certificates are divided between the new Corporations, with the highest-valued Certificate going to the SB, the second highest to the SFL, etc. The value of a President's Certificate is obviously twice the market value of a regular Certificate.
each IRSFF Shareholder, beginning with the President and going to his/her left, exchanges each pair of his/her IRSFF Certificates (or the IRSFF Presidency) for one SFL and one SB Certificate or with a President's Certificate of one of the two new Corporations, until all Certificate pairs have been exchanged (a Shareholder exchanges all his/her pairs, then any pairs owned by Corporations controlled by that player, before the next player gets his/her chance). After all players and their Corporations have acted, the Bank Pool acts and then any frozen Corporations act in Operating Order. The first pair of shares exchanged must be for either the SB or the SFL President's Certificate, and the second pair, if there is one, must be exchanged for the other. If there is no player with a second pair, the remaining Presidency will be placed in the Bank Pool.
each remaining IRSFF Shareholder, beginning with the President and going to his/her left, exchanges his/her IRSFF Certificate for one SFL or one SB Certificate (player's choice, subject to availability), followed by any single IRSFF shares owned by Corporations controlled by that player
if an IRSFF Certificate remains in the Bank Pool, it is now substituted with one SFL or SB Certificate at the IRSFF President's choice
frozen Corporations will exchange a left-over IRSFF for SB if available or else SFL, in operating order
each remaining SB and SFL Certificate is put into the respective Initial Offering
a shift of the Presidency of the SB and/or SFL can now be performed if necessary under the regular rules
the IRSFF Corporation is eliminated from the game

The SB and SFL will operate during the Operating Round in which they are formed, unless the IRSFF had already operated. If the IRSFF buys the first 4-train, the remainder of its turn is lost.

4.6.10 Tuscan Merge

The SFLi major Corporation is always provided with five tokens, either substituted for Tuscan Corporation tokens already on the map or put into the SFLi token pool. Tuscan Corporation tokens in Firenze and/or Pisa must be substituted, and at least one SFLi token must remain in a city.
The remaining inactive Tuscan Corporations are eliminated.
The merges are always performed by the President of the Corporation currently having the greater value.
If after the SFLi is formed, no player or Corporation has at least 20% of the SFLi, its President's Certificate will go in the Bank Pool. In this case, it will be frozen until the President's Certificate is purchased and will only place tokens in Pisa and Firenze. (If there are no tokens to substitute in either Pisa or Firenze, one token will be placed in the first possible location when sorted alphabetically.)
The SFLi will operate during the Operating Round in which it is formed if none of its components had already operated. If one of its components buys the first 4-train, the remainder of that Corporation's turn is lost

4.7 Financial Operations

The following activities have to be performed in the given order.

4.7.1 Selling Stock

During this step the corporation may sell zero or more of its Corporate Stock Certificate(s), either Treasury or Initial Offerings, at current market value.

In order to sell one or more Stock Certificates, the Corporation has to perform the following activities:

the President moves the Certificates to be sold to the Bank Pool
the Banker moves to the Corporate Treasury an amount of money equal to the market value of the sold Certificates
the Banker moves the Stock Market tokens of the Corporations whose Stock has been sold (beginning with the lowest valued) one row down for each share sold.

A Corporation cannot sell a Certificate of a particular Corporation if:

the Corporation has not yet performed at least one Operating Round
with the sale the Bank Pool would contain more than half of the stock of a single Corporation (the Bank Pool can contain at most two Certificates of a minor Corporation or 5 of a major)
the sale would result in a Circular Chain of Control

Please note that:

Stock placed in the Bank Pool is available to be purchased
all sales of Stock (and purchases from the Bank Pool or from the Initial Offering) are made at the current price on the Stock Market
the Bank Pool cannot contain more than half of the Stock of a Corporation (so it can contain two Certificates of a minor and five of a major)
the Corporation is compelled to sell one or more Certificates of a certain Corporation from its Treasury if its President currently controls more than 60% of that Corporation [3.5.4]
sales of Stock have the effect of lowering its value but the change does not affect the price the seller receives for that sale -- the value shown on the Stock Market is lowered one row for every Stock Certificate sold [see also recommended variant, 8.4]
the President's Stock Certificate may not be sold into the Bank Pool [exception, 4.5.1] -- it can only be disposed of as explained in [3.5.3]
the Corporation is compelled to sell one or more Certificates if it currently possesses more than the allowed number [3.5.2]
the Corporation is required to sell all Certificates of any of its Controlling Corporations to reduce the likelihood of Circular Chains of Control.

4.7.2 Buying Stock

During this step, the Corporation, using its own Corporate money, may:

buy one Stock Certificate of another non-controlling Corporation at current market value from the Bank Pool, giving the money to the Bank
buy one Initial Offering Certificate at the current market value from another non-controlling Corporation, giving the money to the Corporation
pass

A Corporation cannot buy a Certificate if:

the Corporation currently owns five Certificates of other Corporations
the active Corporation sold a Certificate of the same Corporation earlier in the same Operating Round (even during an Emergency Fund-Raising step).
the Certificate, combined with all the Certificates of its President and with all the Certificates of its President's Controlled Corporations, exceeds the maximum allowed to a player in a single Corporation (60%)

A Corporation may not buy Stock of any Controlling Corporation.

A Corporation may not buy its own Certificates -- once a Certificate leaves a Corporation's Initial Offering, it will always be held by another Corporation, a player, or the Bank Pool.

4.7.3 Starting a Corporation

Instead of buying a Stock Certificate, a Corporation may choose to start a new Corporation.

The new Corporation will operate from the following Operating Round.

To start a new Corporation, the active Corporation has to perform the steps described in [3.3]. Note that since Corporations can not own Concessions, they may not start Historical Corporations.

4.7.4 Merging Corporations

The President can merge the active Corporation with another Corporation of the same class to form another single major Corporation if:

the President of the other Corporation agrees to merge
a Non-historical major Corporation is available unless the merge is the final stage of the Tuscan Merge [4.6.10]
the related Concessions (for Hstorical Corporations) have been eliminated (which happens at the beginning of phase four)
both Corporations must have completed at least one Operating Round. Note that the active Corporation must have had a turn in a prior Operating Round, as the current one is not yet complete. The other Corporation might have had its first turn as recently as earlier in the current Operating Round.
a route of one of the merging Corporations that does not cross an active border includes on it a city (possibly even the same city) with a token of the other Corporation

The President performs the merge with the following steps:

The President chooses a Non-historical major Corporation among those available for starting (or the SFLi if the merge is the final stage of the Tuscan Merge [4.6.10]).
The President substitutes the new Corporation Charter for the old ones, transferring all the possessions of the old Corporations (money, tokens, trains, and Certificates) to it.
If the new Corporation has shares of old Corporations in its Treasury, they are eliminated.
Existing shares are exchanged for new ones. For the merger of two minor Corporations, simply exchange each President's Certificate with 20% of stock (one of them getting the new President's Certificate), and each normal share with a single share of the new Corporation. For mergers between major Corporations, see [4.7.4.1]. After certificates have been exchanged, a change of Presidency [3.5.3] may occur.
Remaining new Corporation shares are placed in the new Corporation's Initial Offering.
The market value token is moved to the new value. For a merger of major Corporations, the new value will retain the position of an old Corporation if it is at least L.250, otherwise it will be the rightmost value which is less than the sum of the market values of the old Corporations. For minor Corporations, the new value will be the rightmost value which is less than half the sum of the market values of the old Corporations. See [14] for a table giving the new values.
Up to five old tokens are substituted with new tokens, wherever they are (on the map or in the token pool of the Corporation Charter), as long as it leaves at least one token on the map. At most one token in a given city may be chosen. For the Tuscan Merge, follow the procedure in [4.6.10] instead of this step.
The old Non-historical Corporations are available for starting again, while the Historical ones are permanently eliminated from the game.
The new major Corporation will operate from the following Operating Round.

4.7.4.1 Stock Exchange for Major Merger

Follow the following steps to exchange shares when two major Corporations merge:

Each old Corporation Shareholder who has at least two shares of the combined old Corporations exchanges pairs of shares (without regard to which old Corporation they belong to), beginning with the President of the currently operating old Corporation and proceeding clockwise. Each pair of old shares is exchanged for one new Certificate, and each player exchanges all pairs that he/she owns personally, then for any Corporations he/she owns, before proceeding to the next player. Any pairs of shares in the Bank Pool are exchanged for a single new Certificate, and finally Frozen Corporations exchange pairs of shares in Operating Order. The first shareholder with 40% of the combined old Corporations must take the Presidency.
Likewise, each player with a remaining share may choose to either receive half (rounded down) of the Current Market Value of the new Corporation from the Bank, or pay half (rounded down) of the Current Market Value to the Corporation Treasury to receive one new Corporation share (if available). Odd Shares in the Bank Pool are always discarded, and Frozen Corporations with odd shares must always take the money.
If the new Presidency has not been claimed when a player who has less than 40% is to exchange shares, the player may pay the difference to upgrade their entire holding to the Presidency -- for example, if they have 10% and the new CMV is $100, they would have to pay $150 to exchange for the Presidency. This is optional and the player may take shares or compensation as normal. Note that any merger except the Tuscan Merge [4.6.10] may not take place (and is backed out) if no shareholder will take the Presidency. In the case of the Tuscan Merge, the President's Certificate is placed in the Bank Pool in exchange for two (or less if there are fewer than two) shares.

4.7.4.2 Major Corporations Merging Example

The Shareholders of the major Corporations SFTG and CGTF are as follows:

Shareholders	SFTG	CGTF
Player A	50% (President)	10%
Player B	10%	20%
Player C	10%	-
Player D	10%	-
SFTG	-	30% (President)
CGTF	-	20% (Initial Offering)
SFTC	10%	-
Bank Pool	10%	20%

while the situation of the major Corporations SFTG and CGTF is the following:

	SFTG	CGTF
Market Value	144	100
Tokens on Map	Alessandria, Genova, Giovi pass, Torino	Alessandria, Torino, Milano
Tokens on Charter	0	2
Corporate Treasury	L.80	L.380
Trains	4, 5	5
Initial Offering Certificates	-	20%
Treasury Certificates	30% CGTF, 30% SFTN	30% SFTN

The SFTN is controlled by player D, who has 40% of the Stock, while the SFTC is controlled by player E.

Shareholders	SFTG	CGTF	CFCC
Player A	-	-	30% (President)
Player B	-	-	20%
Player C	-	-	10%
Player D	-	-	-
CFCC Initial Offering	-	-	30%
SFTC	-	-	-
Bank Pool	-	-	10%

4.7.5 Transforming Minor Corporations

A minor Corporation can be transformed into a major Corporation if:

any related Concession has been eliminated (this usually happens with the beginning of Phase Four)
a Non-historical major Corporation is available for starting

The President transforms the Corporation by performing the following steps

the President chooses a Non-historical major Corporation among those available for starting
the President substitutes the new Corporation Charter for the old, transferring all the possessions of the old Corporation to it
the President substitutes the old 40%/20% Certificates with 20%/10% Certificates of the new Corporation, wherever they are (in possession of a player, in the Bank Pool, or on a Corporation Charter)
the President offers each Shareholder (except the Bank Pool and Frozen Corporations), starting from himself/herself and continuing to his/her left, the chance to buy one Share at Current Market Value, putting the money into the Corporation Treasury -- each player acts first for themselves and then for any Corporations they control in Operating Order before the next player has an opportunity
the President offers each player (Corporations do not act in this step), starting with himself/herself and continuing clockwise, the chance to buy one Certificate at current market price, putting the money into the Corporation Treasury
the President puts the remaining Certificates into the Initial Offerings
the President substitutes all the old tokens with new tokens
if the old Corporation only had one token, he/she must buy another token for L.50 using Corporate money, raising money through Emergency Money Raising [4.5.1] if necessary
the President may buy, with Corporate money, any number of tokens to bring the total number of tokens up to the maximum allowed to a major Corporation (five) at L.100 each
the President places the Current Market Value token of the new major Corporation in the same place as the old minor Corporation's token (at the bottom of the stack if the space is already occupied)
the old minor Corporation is available for starting again if not a Historical one, otherwise it is permanently eliminated from the game

5. Standings Round / End of Game

If the Corporation's market value token reaches L.516 due to [3.4], the game ends immediately.

If all players but one have left the game due to bankruptcy, the sole remaining player is declared the victor.

Example: If the Bank runs out of money in a Stock Round, the Stock Round and the first Operating Round which would normally take place must be completed before the game is ended.

6. Geography

In this rulebook, many references are made to various states and regions. Here below you can find a list of these states and regions with their features of some importance for playing the game.

6.1 Austria

During Phases Two and Three, Austria comprises Lombardia and Veneto, while during Phase Four Austria controls Veneto only. From Phase Five onwards, Austria does not exist on the game map.

6.2 Conservative Zone

the major/large city of Bologna
the medium cities of Ferrara, Modena, Parma, and Reggio nell'Emilia
the towns of Cesena, Forli, Piacenza, and Ravenna

6.3 Lombardia

Lombardia begins the games as Austrian territory, and comprises the following features:

the major city of Milano
the large cities of Bergamo and Brescia
the medium cities of Busto Arsizio, Cosmo, Cremona, and Pavia
the towns of Edolo and Tirano

6.4 Lucca

Lucca was independent from Tuscany in 1839, but was incorporated a few years later. For game purposes, Lucca is always considered an integral part of Tuscany.

6.5 Piedmont

Piedmont (actually the Kingdom of Sardinia) comprises:

the major cities of Genova and Torino
the large city of Cuneo
the medium city of Alessandria
the towns of Aosta, La Spezia, Novara, Savona, and Vercelli

6.6 Piedmontese-Tuscan Border

6.7 Switzerland

6.8 Tuscany

The Gran Duchy of Tuscany begins the game as an independent state (under a Hapsburg monarch) that comprises:

the major/large city of Firenze
the medium cities of Livorno, Pisa, and Lucca
the towns of Arezzo, Postoia, Prato, and Siena

6.9 Veneto

Veneto begins the game under Austrian control, and comprises the following features:

the major city of Venezia
the large cities of Padova and Verona
the medium cities of Mantova, Treviso, and Vicenza
the town of Rovigo

7. Differences from the Original Version

This version differs from the original version published by Chris Lawson in the following ways:

Concessions were distributed by written simultaneous bidding rather than an open auction. This was changed to make the start more balanced, especially when new and experienced players play together.
The SFTC was changed to a major Corporation and the hexes around Cuneo were modified. This change was made because in the original the SFTC was almost never started because its prospects were poor.
The SFMA was given a choice of which token circle to use for its home station in Firenze. This change was made to avoid the SFMA being devastated by an unfriendly tile placement on Q13 by the SFLP.
The IRSFF components, the SB (renamed from SFV) and SFL were changed to major Corporations. This change was made because the SB and especially the SFL were undercapitalized and players tended to not buy second shares of IRSFF stock to avoid the presidency of the SFL. As major Corporations, both have the opportunity to sell stock to make money and the SFL has better options for merging with other Corporations, as many major Corporations make their way to Milano.
The green Genova tile was modified to provide better connectivity.

Complete rules for the original version, including all clarifications and amendments, is available at the following URL:

http://www.deepthoughtgames.com/games/1841/

8. Optional Rules

Players who want some variations can use one or more of the following rules. Any variant used must be agreed upon by all players before the game starts.

8.1 Italian Reunification Variants

Things could obviously have happened very differently.

8.1.1 Napoleon's Project

Austria is completely expelled from Italy at the beginning of Phase Four, but the other states join Piedmont only at the beginning of Phase Five, so:

Austrian borders are both eliminiated at the beginning of Phase Four
the Ferdinandea secession does not happen, and the SFL and SB historical major Corporations are never used in the game
the Tuscan merge is delayed until the beginning of Phase Five
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Five
the Conservative-Piedmontese border is eliminated at the beginning of Phase Five
from the beginning of Phase Four, the Conservative Zone is considered united with Tuscany for game purposes

8.1.2 Cavour's Plan

all borders, with the exception of the Swiss border, are eliminated at the beginning of Phase Four
the Ferdinandea secession does not happen, and the SFL and SB historical major Corporations are never used in the game

8.1.3 Wilhelm's Idea

Prussia and Piedmont had similar aims (the reunification of their countries) and the same enemy (Austria). Without French support, Piedmont should have waited for Prussian moves in 1866, so:

Austrian borders are both eliminated at the beginning of Phase Five
the Ferdinandea secession does not happen, so the SFL and SB historical major Corporations are never used in the game
the Tuscan merge is delayed to the beginning of Phase Five
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Five
the Conservative-Piedmontese border is eliminated at the beginning of Phase Five
from the beginning of Phase Four, the Conservative Zone is considered united with Tuscany for game purposes

8.1.4 Carlo Alberto's Dream

the Austrian possessions are limited to Veneto only at the beginning of Phase Three
the Ferdinandea secession happens at the beginning of Phase Three
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Three
the Conservative-Piedmontese border is eliminated at the beginning of Phase Three

8.1.5 Franz Joseph's Gambit

the Tuscan merge is delayed to the beginning of Phase Five
the Ferdinandea secession does not happen, so the SFL and SB historical major Corporations are never used in the game
the Tuscan-Piedmontese border is eliminated at the beginning of Phase Five
the Conservative-Piedmontese border is eliminated at the beginning of Phase Five
Austrian borders are both eliminated at the beginning of Phase Five
at the beginning of Phase Four, Tuscany, Austria, and the Conservative Zone are considered united in a single state for game purposes
a new Corporation can be started in Austrian territory from Phase Three onwards

8.2 More Power to the Priority Deal Card

This rule changes the game in the following ways:

at the end of the Stock Round Ending Step, the holder of the Priority Deal card may sell it to another player at any mutually agreed price (minimum L.1)
at the end of the last Operating Round of a Game Turn, the Priority Deal card holder may decide to perform one additional Operating Round before the end of the Game Turn.

8.3 1841lite

1841lite is a variant of 1841, and uses the same rules with the exceptions as described below.

8.3.1 Map

The included overlay is placed on the 1841 map, substituted the Toscana-Roma external box for the southernmost part of the map, and deleting most of Tuscany.

8.3.2 Number of Players

The game can be played by three to six players.

8.3.3 Money

Seven L.500 notes, for a total of L.3500 are eliminated from the game.

8.3.4 Initial Money

The money divided between the players at the beginning of the game is lowered from L.3360 to L2520.

8.3.5 Concessions

Concessions #2, #4, and #6 are eliminated from the game.

8.3.6 Corporations

Corporations SFLP, SFLi, SFMA, and SSFL are eliminated from the game.

8.3.7 Rules

Rule 4.6.10 (Tuscan Merge) is dropped from the game.

8.3.8 Trains

Two 2-trains, one 3-train, one 4-train, and one 5-train are eliminated from the game.

8.4 Corporation Stock Sales

8.5 SFLi Formation

8.6 Corporation Stock Purchases

8.7 Game End

8.8 Brown City Tiles

If a city is upgraded to a brown tile, tile #63 must be used if it is legal to be placed, instead of #611. I.e., tile #611 must only be used on cities with one unplayable edge.

9. Conflicts and Errata

http://www.deepthoughtgames.com/games/1841/

For clarifications or customer support, please contact:

[email protected]

10. Frequently Occurring Errors

Minor Corporation certificates cost the normal printed stock price (with the President's certificate costing double, as usual) but the dividend on an ordinary certificate is 20% of the Corporation's earnings.
A route must include at least two cities; passes, ports and towns don't count as cities for this purpose, but red off-board areas do. Towns and ports are "free" to all Trains, in that a Train may visit and count as many of them as it can reach, while passes are "free" to 8-trains only.
Stock in a Corporation may not be sold, except on an emergency basis, and a Corporation may not merge, until the Corporation has operated at least once. This applies to Corporations newly formed from mergers (including the Tuscan Merge) and the Ferdinandea Secession, as well as to Corporations launched in the normal way. While it is often tempting to think of a Corporation's turn being over once it has finished either running or buying its trains, a Corporation hasn't operated until it has finished its first turn.
Tokens may not be laid across active borders, even if the destination country is the same as the one from which a path is being traced. Thus, the SFTN and SFTG may not place tokens near or in Milan until Phase 4, no Corporations may trace paths through the reduced Austria in Phase 5 to place tokens, and no tokens may ever get laid in Switzerland (Lugano).
The Buying Other Corporations Token step [4.4] is often completely overlooked, especially as a mechanism for shuffling money between Corporations.
Selling stock on an emergency basis only produces half value but may result in the Bank Pool getting more than 50% of a single Corporation, and even President's certificates can get there. Selling stock either normally or on an emergency basis may include selling shares in the Corporation being run, although normal sales of a Corporation's stock can't be done on its first turn (because it hasn't completed an Operating turn yet).
The requirement that a Corporation's earnings exceed its stock price in order for its price to rise is often overlooked.
Companies must start in cities; passes don't count.
Yellow tiles with single towns upgrade; tiles with two don't.

11. Credits

Author: Federico Vellani and Manlio Manzini

Special Thanks to: Ester Bonilauri, Pietro Cremona

Original 18xx Game System: Francis Tresham

Gamekit Production: Chris Lawson (original version), Deep Thought Games, LLC

12. Place Names

The names of various locations are printed on the map in their local language. This list gives the names in English, French or German where commonly referenced under a different name.

Coordinates	Italian	English	French	German
E1	-	Lyons	Lyon	-
G1	-	-	Fréjus	-
M3	Cuneo	-	-	-
Q3/Q5	-	-	Marseille	-
H4	Torino	Turin	-	-
A4	-	-	Lausanne	Lötschberg
A5	Sempione	-	Simplon	-
J6	Alessandria	-	-	-
A7	Gottardo	-	-	Gotthard
C7	Lugano	-	-	-
E7	Busto Arsizio	-	-	-
M7	Genova	Genoa	-	-
D8	Como	-	-	-
F8	Milano	Milan	-	Mailand
H8	Pavia	-	-	-
E9	Bergamo	-	-	-
E11	Brescia	-	-	-
K11	Parma	-	-	-
Q11	Pisa	-	-	-
S11	Livorno	Leghorn	-	-
L12	Reggio nell'Emilia	-	-	-
P12	Lucca	-	-	-
U12/U14/T13	Roma	Rome	-	-
C13/B14	Trento/Brennero	-	-	Trent/Brenner
G13	Verona	-	-	-
K13	Modena	-	-	-
F14	Vicenza	-	-	-
L14	Bologna	-	-	-
R14	Firenze	Florence	-	-
G15	Padova	Padua	-	-
K15	Ferrara	-	-	-
D16	Treviso	-	-	-
F16	Venezia	Venice	-	Venedig
C17/E17	Trieste	-	-	Triest
O17	Costa Adriatica	Adriatic Coast	-	-