1841 – rules of play4 l.840 5 l.672 6 l.560 7 l.480 8 l.420 all remaining money is placed in the...

Version 1.0 1841 – Rules of Play 7 July 1996by Federico Vellani

Copyright © 1995 1996. All Rights Reserved

Table of Contents1 Introduction........................................................1

1.1 Game Description.....................................................11.2 Preparing for Play....................................................1

2 Concessions Round.............................................12.1 Writing Bids.............................................................12.2 Sorting Bids and Seat Assignment..........................22.3 Assigning Concessions............................................22.4 Resolving Ties..........................................................22.5 Concessions Round Example..................................2

3 Stock Round.......................................................33.1 Selling Stock.............................................................33.2 Buying Stock............................................................33.3 Starting a Corporation..............................................4

3.3.1 Choosing the Corporation Class.........................43.3.2 Choosing an Initial Market Value......................43.3.3 Initial Certificate Purchase.................................43.3.4 Acquiring Tokens.................................. ............43.3.5 Example of Starting a Corporation.....................5

3.4 End of the Stock Round...........................................53.5 General Notes on Stock...........................................5

3.5.1 Stock Valuation and the Stock Market...............53.5.2 Limit of Stock Holding................................. .....63.5.3 Change of President...................................... .....63.5.4 Anti-Trust Law........................................ ..........7

4 Operating Round................................................74.1 Track Laying Step....................................................7

4.1.1 Laying Track............................................... .......84.1.2 Additional Track Lays.......................................9

4.2 Laying Tokens..........................................................94.3 Running Trains.........................................................9

4.3.1 Choosing Routes............................................ ....94.3.2 Revenue Calculation.............................. ..........10

4.4 Buying Other Corporation Tokens........................104.5 Buying Trains.........................................................10

4.5.1 Emergency Money Raising..............................114.5.2 ??FIXME?? Train Purchasing Substep.............13

4.6 Phase Changes........................................................134.6.1 Phase Three................................................ ......134.6.2 Phase Four............................................. ..........134.6.3 Phase Five..................................................... ...134.6.4 Phase Six.................................................. ........134.6.5 Phase Seven.............................................. .......13

4.6.6 Phase Eight............................................... .......134.6.7 Excess Trains.............................................. .....144.6.8 Ferdinandea Secession.....................................144.6.9 Tuscan Merge........................................... ........14

4.7 Financial Operations..............................................144.7.1 Selling Stock................................................... .144.7.2 Buying Stock......................................... ..........154.7.3 Starting a Corporation................................... ...154.7.4 Merging Major Corporations............................164.7.5 Merging Minor Corporations...........................184.7.6 Transforming Minor Corporations....................18

5 Standings Round / End of Game.......................196 Geography........................................................19

6.1 Austria.....................................................................196.2 Conservative Zone.................................................196.3 Lombardia...............................................................196.4 Lucca.......................................................................196.5 Piedmont.................................................................196.6 Piedmontese-Tuscan Border..................................196.7 Switzerland.............................................................206.8 Tuscany...................................................................206.9 Veneto.....................................................................20

7 Optional Rules..................................................207.1 Italian Reunification Variants...............................20

7.1.1 Napoleon's Project............................... ............207.1.2 Cavour's Plan........................................... ........207.1.3 Wilhelm's Idea........................................ .........207.1.4 Carlo Alberto's Dream......................................217.1.5 Franz Joseph's Gambit......................................21

7.2 More Power to the Priority Deal Card..................217.3 1841lite...................................................................21

7.3.1 Map.......................................................... ........217.3.2 Number of Players................................ ...........217.3.3 Money........................................................ ......217.3.4 Initial Money............................................. .......217.3.5 Concessions............................................ .........217.3.6 Corporations.......................................... ..........217.3.7 Rules............................................................... .217.3.8 Trains............................................................. ..21

8 Glossary............................................................239 Credits..............................................................2510 Tile Manifest/Upgrade Chart..........................26

by Federico Vellani 1841: Railways in Northern Italy

1 Introduction

1.1 Game Description

1841 is a railroad game set in northern Italy from 1841 to1885. The Players take on the role of railroad investors,promoters, and Presidents with the general objective ofmaking money. Their methods may reflect a greater orlesser degree of responsibility depending on their personalinclinations.

A Player's wealth is accumulated mainly through owningshares of Stock in the several Railroad Corporations in-cluded in the game. Stock shares make money in twoways – they can provide ready cash via dividend pay-ments and they can increase in value. The single largestShareholder in a Corporation becomes its President andoperates the Corporation, ideally but not necessarily, forthe benefit of all Stockholders.

The play of 1841 is composed of an initial routine (Con-cessions Round), a certain number of Game Turns (eachcomposed of a Stock Round and one to three OperatingRounds), and a final routine (Standings Round).

In the Concessions Round, the players receive their initialpositions, while in a Stock Round they have the opportu-nity to buy and sell Stock in Corporations, in an OperatingRound they perform the various functions associated withrunning a Corporation, and in the Standings Round theydetermine the final standings.

The game ends when either:

● the Bank funds are exhausted, or

● a Stock Certificate reaches L.516 in value, or

● each external box is connected by a legal route to anon-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 andhis/her Stock Certificates at current market values (Corpo-ration assets, whether funds, Stock, or trains, are notcounted in the total).

1.2 Preparing for Play

Lay out the Board and choose a Player to be Banker. T heBanker should sit at the “south” side of the Board and willneed space for the Bank funds to be laid out in addition tohis/her own money and possessions. He/she will alsoneed space for a pencil and paper. A calculator is veryuseful as well.

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

Number of PlayersMoney assigned to

each Player

3 L.1120

4 L.840

5 L.672

6 L.560

7 L.480

8 L.420All remaining money is placed in the Bank.

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

The train cards should be sorted by class and put on theappropriate space in the Train Pool so that the number oftrains available of each class are 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 arerelevant to planning for later stages of the game andshould be available for inspection.

One Corporation Charter for each Corporation is provid-ed, and they should be laid out in a pile by the Board.The Stock Certificates are placed on the Board in their re-spective locations, with the President's Certificate on topin each case. The tokens for each Corporation can then beplaced on top of the President's Certificate.

Play may now commence.

2 Concessions Round

This activity has the purpose of assigning to the Players(3-8) at least one of the eight Concession Certificates(during Phase Two a Player must possess a Concession tostart a Corporation), the seats, and the Priority Deal card.

2.1 Writing Bids

In this step, each Player writes on a Bid Sheet (some areincluded in the game and more can be obtained throughphotocopying) how much money he wants to bid for eachConcession. A Player is not required to bid on any Con-cession available, but the minimum bid is L.20.

Please note that:

● The sum of all bids a Player writes cannot exceed themoney available to that Player and cannot be zero.

● If an error is found on a bid sheet, all the bids of thatPlayer are considered void.

Version 1.0 Copyright © 19941996 by Federico Vellani 7 July 1996

1841: Railways in Northern Italy by Federico Vellani Page 2

Each Player must write his/her name on the bid sheet,then fold and give it to the Banker.

2.2 Sorting Bids and Seat Assignment

During this step the Banker performs the following activi-ties:

● He/she opens all the bid sheets.

● He/she sorts the bid sheets by:

1. the total money bidden

2. the highest bid on Concession #1

3. the highest bid on Concession #2, etc.

4. in the case of absolutely equal bids the order is as-signed randomly

● He/she checks for errors in the bid sheets, moving thewrong sheets to the bottom of the stack, always keep-ing the order given above even between the wrongsheets.

● He/she gives the Priority Deal card to the owner of thesheet at the top of the stack, then assigns the seat athis/her left to the second bidder, the next to the third,and so on.

2.3 Assigning Concessions

Beginning with the lowest numbered, each Concession isassigned to the highest bidder, and the money bidden ispaid to the Bank. A Concession with two or more evenbids will be assigned during the Resolving Ties step, andthe ones with no bids at all are left in the Bank Pool andwill be put to sale during the following Stock Rounds(first Stock Round excepted) like Stock Certificates forL.50 each.

At the end of each Stock Round, any unused Concessions(Bayard excepted) are discarded to the Bank Pool, with norefunds given.

2.4 Resolving Ties

Each Concession with two or more equal bids are auc-tioned, beginning with the lowest numbered. Onlyplayers who bid equal to the highest bid participate in theauction. The Player with the Priority Deal card (or thefirst involved player clockwise from the Priority Deal cardholder) bids first, and the minimum raise is L.5.

2.5 Concessions Round Example

The bid sheets have been written by the Players as givenbelow.

Concessions

Players

A B C D E

#1 L.21 L.34 L.18 L.39 L.27

#2 L.0 L.0 L.0 L.0 L.21

#3 L.0 L.26 L.0 L.0 L.26

#4 L.54 L.0 L.0 L.0 L.35

#5 L.0 L.45 L.54 L.37 L.0

#6 L.0 L.0 L.0 L.0 L.0

#7 L.51 L.100 L.74 L.0 L.0

#8 L.0 L.67 L.80 L.180 L.163

Total L.126 L.272 L.226 L.256 L.272

so the Banker sorts them as given below:

Players Bids

BL.272

(with higher bid on Conces-sion #1 than player E)

E L.272

D L.256

C L.226

A L.126

then checks for errors, finds the mistake in Player C's bid(L.18 bidden on Concession #1) and gives the final orderas:

Player Bid

B L.272

E L.272

D L.256

A L.126

C L.0

Player B then takes the Priority Deal card, Player E sits athis/her left, followed by Players D, A, and C.

Concession #1 is assigned to Player D and Concession #2to Player E. Concession #3 will be assigned later with anauction between Players B and E. Concession #4 is givento Player A, Concession #5 to Player B (Player C's bid isconsidered void). Concession #6 is left in the Bank Pool,Concession #7 is given to Player B and Concession #8 toPlayer D.

For Concession #3, an auction is held between Players Band E. Player B, having the Priority Deal card, must bidfirst and passes, having already bought two other Conces-sions. The Concession is then given to Player E for L.26.The overall situation of the Players is given below:



Player Concession(s) Money

B #5, #7 L.527

E #2, #3 L.625

D #1, #8 L.453

A #4 L.618

C none L.672

During the first Stock Round, Player B could start corpo-rations SFTN (using concession #5) and/or SFTG (usingconcession #7), and Player E could start corporationsSFLP (using concession #2) and/or SFTC (using conces-sion #3). Player D could start corporation IRSFF (usingconcession #8), and Player A could start corporationSFMA (using concession #4). Every Player could buyconcession #6 and start the SSFL major corporation fromthe second Stock Round.

3 Stock Round

During this activity, each Player, starting with the PriorityDeal card holder, can perform a Selling Step followed byeither a Buying Step or a Corporation Starting Step.

When he/she has finished, play then proceeds to the nextPlayer on his/her left until all Players have passed consec-utively, when the Stock Round ends with a Stock RoundEnding Step.

Please note that:

● a Player may have several turns to operate in a singleStock Round

● a Stock Round will keep going as long as Players con-tinue to operate

● a Player is not precluded from further dealing becausehe/she has passed, as the Round may be kept going bysomeone else and anyone is then free to resume tradingsubsequently

When everyone has stopped trading, the Player on the leftof the last Player to buy or sell is given the Priority Dealcard to signify that he/she will have the first opportunityto operate in the next Stock Round.

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

3.1 Selling Stock

During this step, a Player may sell zero or more of his/herpersonal Corporate Stock Certificate(s) at current marketvalue.

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

● He/she moves the Certificates to be sold to the BankPool.

● The Banker gives him/her an amount of money equalto the current market value of the sold Certificates.

● The Banker moves the Stock Market value tokens ofthe Corporations whose Stock has been sold (begin-ning with the lowest-valued) one row down for eachShare (worth 20% for a minor Corporation or 10% fora major Corporation) sold.

A Player cannot sell a Certificate of a particular Corpora-tion if:

● The Corporation has not yet performed at least oneOperating Round.

● With the sale, the Bank Pool would contain more thanhalf of the stock of a single Corporation (the BankPool can at most contain 2 Certificates of a minor Cor-poration or 5 of a major).

Please note that:

● If a Player sells a Certificate of a certain Corporation,he/she cannot buy Stock of the same Corporation untilthe next Stock Round.

● Stock placed in the Bank Pool is available to be pur-chased.

● All sales of Stock (and purchases from the Bank Poolor from the Initial Offerings) are made at the currentprice on the Stock Market, which is the price of a sin-gle Share of the Corporation (worth 20% of a minorCorporation or 10% of a major Corporation).

● Sales of Stock have the effect of lowering its value onerow per share sold, but the seller receives the startingmarket value for each share sold.

● The President's Stock Certificate may not be sold intothe Bank Pool (exception, Rule 4.5.1) – it can only bedisposed of as explained later.

● The Player in turn is compelled to sell one or moreCertificates of a certain Corporation if he/she, alone orwith his/her Controlled Corporations controls morethan 60% of that Corporation (see Rule 3.5.4).

3.2 Buying Stock

During this step a Player can either:

● Buy a Concession from the Bank Pool for L.50, givingthe money to the Bank (this is not allowed in the firstStock Round of the game).



● Buy one Corporation Stock Certificate at current mar-ket value from the Bank Pool, giving the money to theBank.

● Buy one Corporation Stock Certificate at current mar-ket value from a Corporation's Initial Offering, givingthe money to the Corporation (the Corporation re-ceives money for the issued Initial OfferingCertificates only).

● Buy any number of Certificates of the same Corpora-tion at any price (minimum L.1 each) from a Player,giving the money to the Player.

● Buy an unused Concession at any price (minimumL.1) from a Player, giving the money to the Player(this is the only way to transfer the Presidency of a his-torical Corporation before Phase Four of the game).

● Pass.

A Player cannot buy a Certificate if:

● He/she already owns the maximum allowed number ofCertificates (see Rule 3.5.2).

● The Player and all his/her Controlled Corporations cur-rently own the maximum allowed to a Player in asingle Corporation, i.e. 60% (see Rule 3.5.4).

● He/she has sold a Certificate of the same Corporationin the current Stock Round.

Example: Player A currently owns 40% of the SFTG ma-jor Corporation and holds the Presidency of the SFTNmajor Corporation, which in turn holds the Presidency ofthe SFTC minor Corporation, that owns 20% of theSFTG major Corporation. Player A, during his/her Play-er turn of a Stock Round cannot buy another certificate ofthe SFTG because he/she currently controls the maxi-mum allowed (60%).

3.3 Starting a Corporation

This step is performed by a Player who wants to start anew Corporation.

Please note that to start a historical Corporation (duringPhases Two and Three only), a Player must have an un-used Concession. A Concession may be acquired duringthe Concessions Round (at the beginning of the game) orduring a Stock Round, either from the Bank Pool from thesecond Stock Round (for L.50) or from another Player (atany price greater than L.0)

To start a new Corporation, a Player has to perform thesubsteps described below.

3.3.1 Choosing the Corporation Class

The President chooses what class of Corporation (minoror major) he/she wants to start. This is performed only fornon-historical Corporations, as the class of historical Cor-porations is predetermined.

After deciding the Corporation class, the President choos-es a free non-historical Corporation Charter of the rightclass, 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 StockCertificate. 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 putsthe market value token in the appropriate position on theStock Market Chart.

3.3.3 Initial Certificate Purchase

The President must now buy for himself/herself the Presi-dent'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 Corpora-tion Treasury. The other Certificates can be bought atcurrent market value by any Player (President included) orCorporation during their regular Stock Buying step, withthe money going to the Corporation Treasury.

The Player remains President as long as no other Player orCorporation accumulates a larger holding of Stock in thatCorporation (with the exception of historical Corporationswith a related Concession before Phase Four of the game).

Please note that money paid by the President in this stepwill be the only money available to the Corporation dur-ing the Tokens Acquiring Substep.

3.3.4 Acquiring Tokens

The Corporation now buys, with its Treasury, some num-ber of tokens (1-2 for a minor Corporation, 2-5 for amajor) and places them on its Charter. Having done that,the Corporation puts one (or optionally two for a majorCorporation) token on the map to mark its base stations.For historical Corporations, the bases where the tokensare placed are predetermined (they are written on eachCorporation Charter, Concession, on the map, and on thetable below):

Historical Corporation Base(s)

SFLP Lucca

SFTC Cuneo



Historical Corporation Base(s)

SFMA Firenze North

SFTN Torino North

SSFL Pisa

SFTG Torino South, Alessandria

IRSFF Milano, Venezia

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

● Lugano (Switzerland) can never be selected.

● Austrian cities cannot be selected until after the Ferdi-nandea secession has occurred.

● Milano, Venezia, Torino, Alessandria, Cuneo, Firenze,Lucca, and Pisa cannot be selected until Phase Four ofthe game (they are the bases of the historical Corpora-tions)

● If a major Corporation selects two bases, they cannotbe separated by an active border.

● A minor Corporation cannot select for its base a majorcity (Bologna, Firenze, Genova, Milano, Torino, andVenezia) or a city with another token, even if that cityhas a space available.

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

● A token for a base with no tiles within two hexes costsL.25.

● A token for a base with no tiles on an adjacent hexcosts L.50.

● A token for a base with no tile on the same hex costsL.100.

● A token for a base with a tile on the same hex costsL.200.

For the this purpose, ignore track on the other side of anactive border as well as pre-printed track which is notconnected to a city.

If a major Corporation selects two bases with differentcosts, 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

In his/her turn of the first Stock Round of a five-playergame, Player A, with L.552 and the IRSFF Concession inhis/her hands, decides to start the IRSFF major Corpora-

tion. He/she takes the IRSFF Corporation Charter (andthe 9 Initial Offering Stock Certificates) and choosesL.100 for the initial market value (please note that with aninitial market value of L.68, the Corporation would not re-ceive enough money for the ambitious plans usuallyassociated with the IRSFF and with an initial market val-ue fixed at L.144 Player A could only afford 30% of theStock, thus lowering his/her incomes given by the highdividends normally issued by the IRSFF after a couple ofOperating Rounds). Player A then buys 40% of the Stock(the maximum which can be bought in this phase), givingL.400 to the IRSFF Corporate Treasury. The Corporationnow pays the Bank for its tokens (the President decidedon a total of four tokens for L.200, so one token is placedin Milano, one in Venezia, and the remaining two tokensare placed on the Charter). On his/her turn of the StockRound, Player A will buy another Stock Certificate of theIRSFF which then will have L.300 in its Corporate Trea-sury, enough to pay for the tile on Venezia (L.50) and two2-trains (L.200).

3.4 End of the Stock Round

During this step the following activities are performed:

● The Priority Deal card is assigned the Player to the leftof the last Player who did not pass.

● The current market value token of all the Corporationswith any shares in the Bank Pool is lowered by onerow.

● The current market value token of all the Corporationswith no shares in the Bank Pool or in the Initial Offer-ing is raised by one row.

● All unused Concessions still in possession of a Player(except #1, the Bayard) are moved to the Bank Poolwith no refunds given (the Concessions may be pur-chased by any player from the Bank Pool during a laterStock Rounds for L.50 each).

● The owner of the Bayard (Concession #1) receivesL.20 from the Bank (the Bayard is eliminated at thebeginning of Phase Four, along with the other Conces-sions).

3.5 General Notes on Stock

3.5.1 Stock Valuation and the Stock Market

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

Stock valuation is changed as follows:.

● During a Stock Round the current market value ismoved down (i.e., towards the bottom of the chart) one



row for each Stock Certificate sold into the Bank Pool.This action may be repeated as many times as is neces-sary, but the token does not move once it reaches thebottom row of the Stock Market. The token onlymoves straight down - it does not be move sideways inorder to achieve a lower row.

● At the end of a Stock Round, if there is no Stock for aparticular Corporation remaining in either the InitialOffering or the Bank Pool (i.e., 100% in Player handsor Corporate Treasuries), its token is moved up onerow unless already on the top row.

● At the end of a Stock Round, if there is any Stock for aparticular Corporation remaining in the Bank Pool, itstoken is moved down one row unless already on thebottom row.

● Every time a Corporation declares a dividend greaterthan its current market value, the token is moved onecolumn to the right (if the token has already reachedthe end of a track it will follow the arrow and move upone row instead). In this way all major CorporationStock can theoretically reach a value of L.516 givensufficient time. For a minor Corporation, the tokenwill move up one row when it tries to move to the rightof Column K.

● If the Corporation is active and no dividend is paid (forwhatever reason), the token is moved one column tothe left unless the end of the track prevents this, inwhich case the token is moved one column downward.

When a token is moved on the Stock Market Chart to in-dicated a change in a share's price and it enters a squarealready containing one or more Corporation tokens, theshifting token is always placed on the bottom under anytokens already there.

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

3.5.2 Limit of Stock Holding

A Player and all his/her Controlled Corporations may notcontrol more than 60% of a single Corporation.

The maximum number of Stock Certificates a Player mayhold altogether is given in the table below:

Number of Players Certificate Limit

3 21

4 16

5 13

6 11

7 10

Number of Players Certificate Limit

8 9

If a Player acquires more than the regulation number (as aresult of losing a Presidency), the situation must be cor-rected in his/her next turn of the Stock Round.

A Corporation can keep in its Treasury up to five Certifi-cates (Certificates in the Initial Offerings do not count).

3.5.3 Change of President

The original President will only retain control of the Cor-poration as long as his/her Stock holding is not exceededby another Stockholder's. Another Stockholder (Player orCorporation) may gain control due to purchasing moreStock or because the President has sold Stock. Note thatthere is no change of control just because another Stock-holder's holding is equal to the President.

There is only one exception to this rule: the Presidency ofa historical Corporation is retained by the Concessionholder until the Concessions are eliminated, even if anoth-er Player acquires a larger Stock holding. The Concessioncan obviously be bought by a Player (from the originalholder) during his/her Stock Buying step, and the Presi-dent's Certificate must follow the Concession.

When a change of control occurs there is an immediateexchange of Stock Certificates to enable the new Presi-dent (Player or Corporation) to hold the President'sCertificate. This is a straight-forward exchange whichpermits both Stockholders to hold the same percentage ofStock as they did before the exchange took place.

Example: Consider two Players both holding 30% of theSFTG major Corporation during Phase Five of the game,with Player #1 holding the President's Certificate. IfPlayer #2 bought a fourth 10% Certificate, a change ofPresident would immediately take place as Player #2'sholdings now exceed the President's, 40% to 30%. Play-er #1 now passes the President's Certificate to Player #2in exchange for two 10% Certificates, and passes also theCorporation Charter with all its assets.

By means of this procedure, a Player/Corporation can re-linquish his/her position as President where the necessaryamount of Stock can be sold (ie, no more than 50% of thetotal shares will appear in the Bank Pool), and providedthere is another Stockholder holding at least two Certifi-cates. In effect, he/she announces the sale of his/herStock, exchanges Certificates with the new President, andthen places the ordinary Certificates in the Bank Pool.Note that a Presidency cannot be transferred in caseswhere there is no other Stockholder holding more thanone Certificate.



A President's Certificate may never appear in the BankPool (exception: Rule 4.5.1) or in the same Corporation'sTreasury. Thus, once a President's Certificate is obtainedby any Player/Corporation, it will be held by aPlayer/Corporation for the rest of the game. An exchangeof Stock Certificates may well result in the outgoing Pres-ident holding more Certificates than normally allowed. Inmost cases, the new President is simply the largest Stock-holder. If several Players/Corporations have the sameStock 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 theleft of the old President or to the Corporation which cur-rently has the highest market value. A Player is alwaysselected before a Corporation.

3.5.4 Anti-Trust Law

A single Player can never control, either alone or withhis/her Controlled Corporations, more than 60% of a Cor-poration.

If a Player is found currently controlling more than 60%of a Corporation, he/she or one of his/her Controlled Cor-porations has to sell sufficient Stock in order to complywith this rule as soon as possible. Please note that thiscan happen in the Player's Selling Step or in one of his/herControlled Corporations' Stock Selling Step, dependingon which happens first.

A Corporation controlled by another Corporation cannotown Stock Certificates of the controlling 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) tothe Bank Pool

● buy Corporation Stock from the Bank Pool or from theInitial Offerings (of other Corporations) to the Trea-sury

● 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 re-spective Presidents (or by the President of the ControllingCorporation) and are operated according to the sequencediscussed in the next rules section. They will each havethe opportunity to construct track, earn revenue, purchasetrains, and perform financial activities. They may eitherdistribute their earnings as dividends among the Stock-holders (raising their Stock Value) or retain them tofinance further Corporate activities (thus lowering theirStock Value).

The Corporations have their turns in order, beginning withthe one with the highest current market value.

The Banker examines the Stock Market to determinewhich share has the highest value. This Corporation oper-ates first, then the next highest value, and so on. Whentokens are in the same space of the Stock Market, the Cor-poration whose token is on top operates first. Whenshares have the same value but in different columns, therightmost token determines which Corporation operatesfirst.

These activities must be carried out in the order given.Any which are optional may simply be skipped. Any pur-chase must be made with available funds. Credit is notallowed, even to the end of the same turn. For example,the money required to lay a tile in an Appennine pass hexmust be available in the Treasury. Revenues are notavailable until the Train Running substep, and thus cannotbe spent on track construction until next turn.

During the later stages of the game, the scope for Corpo-rate activities expands steadily on account of theavailability of

● larger trains which can travel a greater distance andthus earn more revenue per turn

● more complex designs of track tiles which producemore elaborate routes and which also raise city rev-enue values

Initially, only one Operating Round is performed betweenStock Rounds. As the game progresses, first two and thenthree Operating Rounds are performed between StockRounds. These and other changes are caused by the pur-chase of new types of trains.

4.1 Track Laying Step

The game board features a hexagonal grid superimposedover a map of northern Italy. The hexagonal tiles may belaid on this grid to construct railroad routes joining thevarious cities portrayed on the map. Areas of the mapcolored gray depict already existing lengths of track. Oth-ers, colored red, depict available connections withcountries beyond the edge of the board. Tiles must not be



laid on either of these colored areas. Hexagons colored inyellow cannot be played on until green tiles are available,while hexagons colored in dark green cannot be played onuntil brown tiles are available.

4.1.1 Laying Track

Each Corporation that is operating may lay one tile duringthis substep. At first, only yellow tiles are available andthese may be placed only on pale/light green areas of theboard. The tile and position chosen must constitute an ex-tension of a route already available to the Corporationbuilding it. The new track must be connected ultimatelyto a city position occupied by a token of the Corporation(in the case of tiles which portray two different pieces oftrack it is only necessary for one of them to form a legalextension).

There is only one exception to the rule requiring a tileplacement to be an extension of an existing route: thehexagons containing the base tokens of a Corporation. Ifa hexagon is occupied by one of its tokens, the Corpora-tion may place an appropriate yellow tile on it, regardlessof 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 ormountain

It may be placed so as to utilize track on a gray hexagon,but this is not required.

Tiles may be laid on most hexagons without charge, butlaying a tile on a swamp or hill hexagon costs L.50, on anAppennine pass hexagon L.100, and on an Alpine passL.200. Such a tile may be replaced without further chargeby another at a later stage in the game, with the exceptionof the Appenine pass tiles, whose substitution costs L.50.

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

Type of City(ies) orPasses

Representation onthe Map

Representation onTiles

Small City One black dot One black cross-bar

Two small cities Two black dots Two black cross-bars

Medium city One circle One circle/twotangent circles

Type of City(ies) orPasses

Representation onthe Map

Representation onTiles

Large city One circle with aY

One circle/twotangent circles

with a Y

Appennine pass One circle with asmall mountain

One circle/twotangent circleswith the passsymbol on the

track

Alpine pass One circle with alarge mountain

One circle withthe tunnel symbol

on the track

Tiles representing cities must not be placed on other loca-tions.

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

When green tiles become available, they may, in general,be used to replace yellow tiles which are already on theboard. A replacement must maintain all existing track, al-terations being additions to what was previously depicted.Similarly, when brown tiles become available, they maybe used to replace green tiles. A list of all legal replace-ments is given in the appendices for reference.

A Corporation may only replace a tile if at least part of thenew track on the new tile is part of a route which is opento that Corporation. This does not require that the routebe actually in use, or even be useable with a train able totravel a sufficient distance, but it must not be closed to theCorporation.

Yellow and green tiles which have been replaced areavailable for re-use. Replacing a tile is an alternative tolaying a new tile.

Track cannot be laid across a border during Phase Two.

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

● Appennine pass tiles, and

● tiles which are specific to the positions of Milano,Torino, or Genova and are designated M, T, and G re-spectively

● The Alpine pass brown tiles are not used as replace-ments for green tiles, but are placed on specific greenhexagons of the board (Sempione pass and Frejuspass).

Such tiles may not be used on any other locations, normay ordinary tiles be laid on these positions on the board.



The orientation of these tiles is restricted by the rules re-quiring maintenance of existing track.

4.1.2 Additional Track Lays

During Phases Two through Four, a major Corporationmay lay additional tiles for each base beyond the first itcurrently possesses on the map. During Phases Three andFour, it may lay at most one additional tile. Each of thesetrack 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 abase in Milano and one in Venezia, so if it lays the firsttile from Milano (maybe on Bergamo) it must lay the sec-ond from Venezia (certainly Venezia itself). If it laterputs a token in Brescia, the IRSFF could lay a tile fromMilano, one from Brescia, and one from Venezia duringPhase Two.

Each tile must be put in a different hex, so a Corporationcannot, during the same turn, place a yellow tile in a hexand and then replace it with a green tile during the sameOperating Round.

4.2 Laying Tokens

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

● they prohibit rival Corporations from running trainroutes beyond the city or pass

● they allow the city or pass to be used as a base for theirCorporation's train routes. The token base and thetrack connecting to it are a Railhead for the Corpora-tion.

When a Corporation starts, one or two tokens are placedon its base cities (not passes). Base cities for non-histori-cal Corporations are determined by the President duringthe Corporation Starting Step of the Stock Round, whilebases for historical ones are pre-determined.

Additional tokens from the Corporation Charter may beplaced by a Corporation on any permitted location for nocost. A permitted location is any medium, large, or spe-cial city, Appennine or Alpine pass, which is connectedby a legal route (however long) to a Railhead – the routecannot cross an active border. Note there must be a va-cant space to receive the token on the city or passconcerned. Some city or pass tiles have space for morethan one token. In these cases the city or pass remainsopen to all until both spaces are occupied. Tokens maynot be placed so as to block the base city of a historicalCorporation which is not yet in operation before PhaseFour of the game. Two tokens of the same Corporation

may never be placed on the same tile or hexagon. A Cor-poration may place only one token during this step.

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

Tokens can never be laid across an active border (pleasenote that the Swiss border is always active, so a token cannever be put on Lugano).

4.3 Running Trains

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

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

Since personal wealth is the objective of the game, andCorporation revenue being one of the principal methodsof gaining wealth, it follows that the planning for lucrativeroutes and the provision of trains to run them is ofparamount significance to the strategy of this game.

4.3.1 Choosing Routes

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

A route is a length of track joining two or more cities,passes, or external boxes. It must be continuous and itmust not involve reversing across junctions, changingtrack at cross-overs, or travelling the same track sectiontwice. A route that enters a city or pass down one linemay, however, leave along any other line. A route maybegin or end at any city. The “arrows” at which track en-ters the red areas or ports may also form the start or finishof a route (or both if different red areas or ports are in-volved), but these red areas/ports may not form part of themiddle of a route (i.e., they can not be run through). Atno time may the same station (or two stations on the sametile) be used twice over.

When two or more routes are being used in the same turnby the same Corporation (i.e., two or more trains are oper-ating), they must all be entirely separate along their entirelength, except that they may meet or cross at cities, or usetwo independent tracks on the same tile.



Every route used by a Corporation must include at leastone city occupied by that Corporation's token (a pass doesnot count). Initially, such a city is very likely to be one ofthe base cities of the Corporation concerned, but as thegame progresses, Corporations may operate from othercities which provide the base for more lucrative routes.

The large number on a train card indicates the length ofroute it may run in terms of the number of cities/passes in-volved. Thus a 2-train may only join two stations withoutany intermediate stops (a train may not run “through” acity without stopping). Similarly, a 5-train may connectup to five different cities/passes. A train may be used ona shorter route than the maximum allowed if desired orwhen a maximum route does not exist. Note also that the“arrow” connections on the red areas count as cities, andthe passes (Appennine or Alps) count as zero-valued citiesfor the purpose of establishing a route (exception: 8-trainscan travel along passes for free), while towns and ports donot count (they are “free”).

A route must include at least two cities (passes and portsdo not count for this rule).

Example: a 2-train belonging to the IRSFF Corporation,given the situation in the map, could travel from the portof 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 and passes on either the tiles or the board aremarked with revenue values, which can vary from L.0 toL.150. The revenue which is earned each time a train isrun on the route is the total of all the revenue points of thecities concerned. For example, a 3-train running a routeof cities with values of 30, 20, and 20 would earn a rev-enue of L.70. The highest legal revenue that can bedemonstrated must be collected, although sharp-eyedPlayers are not required to point out a higher possible rev-enue than claimed. Up to three revenue values are shownon the red off-board areas. The value in the white squareis used during Phases Two and Three, the value in thegray square during Phases Four and Five, and the value inthe black square during Phases Six through Eight.

The President decides whether the revenue should be paidas dividends or diverted into the Corporation Treasury. Ifa dividend is paid, the total earnings from all the trainsowned by the Corporation are paid out to the Stockholdersaccording to the percentage held by each. The Corpora-tion receives the payment due any Stock in the InitialOfferings.

Example: consider a Corporation where the Presidentowns 50% of the Stock, 20% remains unsold in the Initial

Offerings, and 30% is in the Bank Pool. If the Corpora-tion's revenue is L.50 and a dividend is declared, thePresident receives L.25, L.10 goes into the Corporation'sTreasury, and the other L.15 remains in the bank.

If dividends are not paid, the entire earnings are passed tothe Corporation. The Stock Market valuation is then ad-justed on the Stock Market as described in Rule 3.5.1.

4.4 Buying Other Corporation Tokens

In this step, a Corporation can buy from another Corpora-tion, for at least L.1, the rights for a particular location, ifa hypothetical trains can travel between the railhead of thebuying Corporation to the selected location without cross-ing an active border. In this case, the acquiringCorporation's token is substituted for the other token,which is then moved back to its owning Corporation'sCharter. A Corporation's last remaining token on the mapcannot be bought.

4.5 Buying Trains

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

Trains are bought from the Bank in order of increasingsize. The smallest, the 2-trains, are bought first. When allof 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

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

A Corporation which finds itself with excess trains mustimmediately return the surplus to the Bank. No paymentis made for them but they may be re-sold by the Bank as



an alternative to whatever other trains are on offer if theyare of a class still in use. Re-sale is at face value.

Example: during Phase Five of the game a major Corpo-ration owning a “4” and “5” train may buy the first “6”train offered because prior to this sale the major Corpo-ration was allowed to hold three trains. Immediatelyafter the purchase, however, the Corporation must returnone of its trains to the Bank as it is now over the newtrain limit of two.

Example: during Phase Six of the game a major Corpora-tion owning a “4” and “5” train may not buy the first“7” train offered because of the train limit of two, even ifthe beginning of Phase Seven would eliminate the “4”train.

Trains may be either purchased from the Bank at facevalue or from another Corporation at any mutuallyagreed price. Whenever a train is purchased from oneCorporation by another the transfer takes place in thepurchaser's turn. Corporations may buy trains fromeach other for at least L.1.

Any Corporation which is operating must have at leastone train during its turn of an Operating Round unlessthere is no route available on which it could possibly run.Otherwise a Corporation that begins its turn of an Operat-ing Round without a train must purchase one during thatturn.

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 re-quired to buy the cheapest train available from theBank, and

● the President of the Corporation cannot (or does notwant to) arrange a deal to buy a train from anotherCorporation

During this substep the following activities are performedin the order given (please note that in this case the BankPool can contain Certificates of a single Corporation inexcess of the 50% limit usually in effect and even Presi-dential Certificates):

● the Corporation sells its Treasury Certificates, gaininghalf (50%, fractions rounded down) of their marketvalue

● the Corporation sells its Initial Offerings Certificates,gaining half (50%, fractions rounded down) of theirmarket value

The money collected is added to the Corporation Trea-sury, while the Certificates sold are put into the BankPool.

If this is still not enough to buy the cheapest train avail-able from the Bank, the money must be given to thecurrently operating Corporation from its Controlling Cor-poration (if one), beginning with its Corporate Money andfollowing in the way described above (selling Treasuryand Initial Offerings Certificates in a way not to cause ashift of Presidency of the currently operating Corporationor one of its controlling Corporations). If money is stillinsufficient, you can go up, one at a time, through thechain of Controlling Corporations, until you will find aControlling Corporation directly controlled by a Player.At that time, the President has to respond with his/her per-sonal properties, at first by giving his/her personal money,then by selling if necessary his/her Stock Certificates,gaining for each half (50%, fractions rounded down) oftheir value. These sales cannot cause a Presidency shift ofthe currently operation Corporation or of one of its Con-trolling Corporations.

If the money is still not enough the Player has to declarebankruptcy and perform the following activities:

● he/she has to discard all his/her remaining Stock Cer-tificates (please note that at this time the only StockCertificates in his/her possession will be of the current-ly operating Corporation) into the Bank Pool, gainingfor each Certificate half (50%, fractions roundeddown) of its value and giving the money to the current-ly operating Corporation

● the activities of the currently operating Corporation arenow closed for the current Operating Round (thismeans that the Corporation can dispense with the trainuntil its turn in the following Operating Round)

● if a Shareholder currently possesses at least two Cer-tificates of a Corporation whose PresidentialCertificate is now in the Bank Pool, then that Share-holder has to assume the Presidency of thatCorporation (please note that a Presidential Certificatein the Bank Pool can be bought by a Player or Corpo-ration for twice the price of a standard Certificateduring a regular Stock Buying Step, and that a Corpo-ration without a President cannot operate and isconsidered “frozen” until a Player or Corporation buysthe Presidential Certificate)

● the bankrupted Player now receives from the BankL.500 to continue the game, which will be subtractedfrom his /her possessions during the Standings Round.Alternatively, he/she can choose to leave the gamewith L.0.



A Player can go bankrupt several times during a game.All the money received from the bank for bankruptcymust be subtracted from his/her possessions at the end ofthe game.

Example: in the situation partially depicted in the fol-lowing table,

SFTG(maj)

SFTN(maj)

SFTC(min)

CurrentMarketValue

L.216 L.340 L.144

CorporateMoney

L.125 L.102 L.365

Trains none 8 6

Share-holders

Money

Player A 10.00% 50.00% 60.00% L.174

Player B 40.00% 10.00% - L.650

SFTN 50.00% - - -

SFTG - - 20.00% -

Bank Pool - 40.00% 20.00% -

SFTG(maj)

SFTN(maj)

SFTC(min)

CurrentMarketValue

L.216 L.340 L.144

CorporateMoney

L.125 L.102 L.365

Trains none 8 6

Share-holders

Money

Player A 10.00% 50.00% 60.00% L.174

Player B 40.00% 10.00% - L.650

SFTN 50.00% - - -

SFTG - - 20.00% -

Bank Pool - 40.00% 20.00% -

the SFTG major Corporation has its turn in an Operat-ing Round without having a train. It can lay a tile and/ora token, after which it cannot issue any dividend and itsmarket value token is moved one column to the left to theL.195 position. Now the SFTG has to buy an 8-trainfrom the Bank for L.1450, but it has only L.125 so it hasto sell its SFTC Certificate for L.72 (half of L.144, andthe SFTC market value token is moved down one row to

L.137). The Corporate money (L.197) is still not enoughfor the train, so its controlling Corporation SFTN has togive its Corporate money (L.102) and sell one of itsSFTG Treasury Certificates for L.108 (half of L.216, andthe SFTG market value token is moved down one row toL.196). Please note that the SFTN cannot sell more thanone SFTG Certificate because this would cause a presi-dency shift.

The SFTG Corporate money is now at L.407, so theSFTN President, Player A, has to give the L.1043 re-maining from his/her personal properties. He/she beginsby giving his/her personal money (L.174) and then has tosell enough Certificates to pay the L.869 remaining.Three SFTN Certificates can be sold for L.170 each (theSFTN market value token is moved down to L.256), oneSFTG Certificate can be sold for L.98 (the SFTG marketvalue is moved one row down to L.187), and the SFTCCertificates can be sold for a total of L.205 (the SFTCmarket 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% ofthe SFTN) are discarded into the Bank Pool for half oftheir value (L.256). The SFTG Corporate Money nowcontains L.1650, and the general situation is the follow-ing::

SFTG(maj)

SFTN(maj)

SFTC(min)

CurrentMarketValue

L.187 L.256 L.103

CorporateMoney

L.1650 L.0 L.365

Trains none 8 6

Share-holders

Money

Player A - - - -

Player B 40.00% 10.00% - L.650

SFTN 40.00% - - -

SFTG - - 20.00% -

Bank Pool 20.00% 90.00% 80.00% -

Now Player B becomes President of the SFTG, while theSFTN and SFTC are considered “frozen”. Player A hasthe option of leaving the game at L.0 or to continue thegame with L.500 given by the Bank.

4.5.1.1 Frozen CorporationsA Corporation is called “frozen” when its PresidentialCertificate is in the Bank Pool.



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

● At the end of a Stock Round its Market Value Tokenloses two rows instead of one for having one or moreCertificates in the Bank Pool

● At its turn of an Operating Round, its Market ValueToken loses two columns instead of the usual one fornot having paid any dividend.

4.5.2 ??FIXME?? Train Purchasing Substep

During this substep, the money is paid to the Bank or theselling Corporation, and the train(s) is(are) transferred tothe Corporation's train pool. A Corporation which hascollected money through rule 4.5.1 must buy the cheapesttrain available from the Bank (this could be a train previ-ously discarded by another Corporation).

4.6 Phase Changes

This step is performed whenever the first train of a newtype is bought, as some aspect of the game changes imme-diately.

4.6.1 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 StockRounds, beginning after the next Stock Round

● a Corporation may now lay tiles across borders (tilesonly, tokens can never be laid across borders)

● non-historical Corporations can be started (outsideAustrian and Swiss territory only)

● a major Corporation with two or more bases on themap can lay a maximum of two tiles in each OperatingRound

4.6.2 Phase Four

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

● the Conservative Zone (green) border is eliminated

● all the Concessions still in play are removed from thegame, along with their related inactive historical Cor-porations.

● the Austrian possessions are limited to Veneto, the partin the gold border

● a Player may now start a new Corporation in Austrianterritory

● 2-trains are eliminated from the game

● each major Corporation is limited to three trains

● the middle (gray) values are now used for externalboxes

● the Ferdinandea secession is performed (see Rule4.6.8)

● the Tuscan merge is performed (see Rule 4.6.9)

4.6.3 Phase Five

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

● Austrian possessions are eliminated, deleting the 1859-1866 Austrian border

● brown tiles become available


● three Operating Rounds are performed between StockRounds, starting after the next Stock Round

● a major Corporation can lay a maximum of one tile ineach Operating Round

4.6.4 Phase Six

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

● the highest (black) values are now scored for externalboxes

● each minor Corporation is limited to one train

● each major Corporation is limited to two trains

4.6.5 Phase Seven

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


4.6.6 Phase Eight

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


● Market value tokens can advance into the rightmostthree columns (light blue area)

Please remember that 8-trains can travel along passes forfree.



4.6.7 Excess Trains

At the beginning of Phases Four and Six the maximumnumber of trains allowed to a Corporation changes. ACorporation which finds itself with excess trains must im-mediately return the surplus to the Bank withoutcompensation (the President chooses which train is to bediscarded). These trains may be purchased later from theBank at face value instead of whatever other trains are onoffer.

4.6.8 Ferdinandea Secession

The Ferdinandea (IRSFF) major Corporation is eliminatedand separated into two minor Corporations – one in Vene-to (SFV) and one in Lombardia (SFL) which inherit allthe possessions of the Ferdinandea.

The Ferdinandea Secession is performed with the follow-ing steps:

● the SFV and SFL minor Corporations are created andtheir market value tokens substitute the IRSFF one,with the SFV's token above the SFL's (if the IRSFFmarket value is located beyond column K, the tokensare moved left along the same row to column K)

● the SFV and SFL are provided with two tokens each

● the IRSFF tokens already on the map are substitutedwith SFV and SFL tokens by geographical location,with the ones in the Austrian possessions going to theSFV and the others going to the SFL, up to the regularlimit of two tokens for a minor Corporation

● the best IRSFF train is given to the SFV, while the sec-ond best is given to the SFL, etc.

● the IRSFF money is divided between the new Corpora-tions, with 90% (round fractions up) going to the SFVand the remainder going to the SFL

● the IRSFF Treasury Certificates are divided betweenthe new Corporations, with the highest-valued Certifi-cate going to the SFV, the second highest to the SFL,etc (the value of a Presidency Certificate is obviouslytwice the market value of a regular Certificate)

● each IRSFF Shareholder, beginning with the Presidentand going to his/her left, exchanges each pair ofhis/her IRSFF Certificates (or the IRSFF Presidency)for one SFL and one SFV Certificate or with a Presi-dency of one of the two new Corporations, until allCertificate pairs have been exchanged (a Shareholderexchanges all his/her pairs before the next player getshis/her chance)

● each pair of IRSFF Certificates in the Bank Pool issubstituted with one SFL and one SFV Certificate

● each remaining IRSFF Shareholder, beginning with thePresident and going to his/her left, exchanges his/herIRSFF Certificate for one SFL or one SFV Certificate(Player's choice, subject to availability)

● if an IRSFF Certificate remains in the Bank Pool, it isnow substituted with one SFL or SFV Certificate at theIRSFF President's choice

● each remaining SFV and SFL Certificate is put into therespective Initial Offerings

● a shift of the Presidency of the SFV and/or SFL cannow be performed if necessary under the regular rules

● the IRSFF Corporation is eliminated from the game

4.6.9 Tuscan Merge

The Tuscan Merge is performed differently depending onhow many Tuscan Corporations are currently active. Ifnone or only one of the SFLP, SFMA, and SSFL are ac-tive, no merge occurs. If the SFLP and SFMA are active,they are first merged together to form a major Corpora-tion. If the SSFL and either SFLP or SFMA (but notboth) are active, the minor Corporation is first trans-formed to a major Corporation followed by a normalmajor Corporation merger with the SSFL. If all three areactive, after the SFLP and SFMA are merged together, theresulting major Corporation is merged with the SSFL. Ifa merge occurs, the SFLi is formed.

● the SFLI major Corporation is always provided withfive tokens, two of which must be placed in Pisa andFirenze, and the others can either be substituted forTuscan Corporation tokens already on the map or putinto the SFLi tokens pool

● the remaining inactive Tuscan Corporations are elimi-nated

● the merges are always performed by the President ofthe Corporation currently having the greater value

4.7 Financial Operations

The following activities have to be performed in the givenorder.

4.7.1 Selling Stock

During this step the corporation may sell zero or more ofits Corporate Stock Certificate(s), both Treasury or InitialOfferings) at current market value.

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



● the President moves the Certificates to be sold to theBank Pool

● the Banker moves to the Corporate money an amountof money equal to the market value of the sold Certifi-cates

● the Banker moves the Stock Market tokens of the Cor-porations whose Stock has been sold (beginning withthe lowest valued) one row down for each share sold.

A Corporation cannot sell a Certificate of a particularCorporation if:

● the Corporation has not yet performed at least one Op-erating Round

● with the sale the Bank Pool would contain more thanhalf of the stock of a single Corporation (the BankPool can contain at most two Certificates of a minorCorporation or 5 of a major)

Please note that:

● Stock placed in the Bank Pool is available to be pur-chased

● all sales of Stock (and purchases from the Bank Poolor from the Initial Offering) are made at the currentprice on the Stock Market

● the Bank Pool cannot contain more than half of theStock of a Corporation (so it can contain two Certifi-cates of a minor and five of a major)

● the Corporation in turn is compelled to sell one ormore Certificates of a certain Corporation from itsTreasury if its President currently controls more than60% of that Corporation (see Rule 3.5.4)

● sales of Stock have the effect of lowering its value butthe change does not affect the price the seller receivesfor that sale – the value shown on the Stock Market islowered one row for every Stock Certificate sold

● the President's Stock Certificate may not be sold intothe Bank Pool (exception: Rule 4.5.1) – it can only bedisposed of as explained in Rule 3.5.3

● the Corporation in turn is compelled to sell one ormore Certificates if it currently possesses more thanthe allowed number (see Rule 3.5.2)

● the Corporation is required to sell all Certificates ofany of its Controlling Corporations to prevent circularownership chains.

4.7.2 Buying Stock

During this step, the Corporation, using its own Corporatemoney, may:

● buy one Stock Certificate of another non-controllingCorporation at current market value from the BankPool, giving the money to the Bank

● buy one Initial Offerings Certificate at the current mar-ket 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 oth-er Corporations

● a Certificate in the same Corporation was sold duringthis Operating Round

● the Certificate, combined with all the Certificates of itsPresident and with all the Certificates of its President'sControlled Corporations, exceeds the maximum al-lowed to a player in a single Corporation (60%)

Please note that a Corporation is allowed to buy Stock ofanother Corporation, and even to become the President (inthis case the Controlled Corporation is operated by thePresident of the Controlling Corporation).

A Corporation controlled by another Corporation cannotown stock certificates of its controlling Corporation.

A Corporation may not buy its own Certificates – once aCertificate leaves a Corporation's Initial Offering, it willalways be held by another Corporation, a Player, or theBank Pool.

4.7.3 Starting a Corporation

(In this step, the Corporation that is performing the sub-step is called the Active Corporation, while theCorporation that is being started is called the New Corpo-ration. The President is the President of the ActiveCorporation or of the Corporation that controls the ActiveCorporation).

Instead of buying a Stock Certificate, a Corporation maychoose to start a New Corporation.

The New Corporation will operate from the following Op-erating Round.

To start a new Corporation, the Active Corporation has toperform the sub-substeps described in the following para-graphs.

?? delete these sections and reference the normal Start-ing a Corporation steps ??

4.7.3.1 Corporation Class sub-substepThe President chooses what class of Corporation he/shewants to start (minor or major).



After deciding the Corporation class, the President choos-es a free non-historical Corporation Charter of the rightclass and puts it in front of him/her.

4.7.3.2 Initial Market Value Fixing sub-sub-stepThe President has to fix the initial market value of a StockCertificate. This value can be fixed either 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 putsthe market value token in the appropriate position on theStock Market Chart.

4.7.3.3 Initial Emission sub-substepThe Active Corporation now must buy for itself the Presi-dent's Certificate, and for major Corporations only, 0-2regular Certificates (up to 40% of the New Corporation),and pays the correct amount of money into the New Cor-poration's Treasury. The other Certificates can be boughtat current market value by any Player/Corporation duringtheir regular Buying Step, with the money going to theNew Corporation Treasury. Corporate Stock cannot besold until the New Corporation has performed at least oneOperating Round.

The Active Corporation remains President as long as noother Player or Corporation accumulates a larger holdingof Stock in the New Corporation.

Please note that the money paid by the Active Corporationin this sub-substep will be the only money available to theCorporation during the Tokens Acquiring sub-substep.

4.7.3.4 Tokens Acquiring Sub-substepThe New Corporation now buys, with its Corporate mon-ey, the token(s) it is interested in (1-2 for a minorCorporation, 2-5 for a major), and puts them into the to-kens pool. Having done that, the New Corporation putsone (optionally two if a major Corporation) token(s) onany vacant station space on the map, making that (those)station(s) its base(s).

The bases can be freely selected by the President, with thefollowing exceptions:

● Lugano (Switzerland) can never be selected

● Austrian cities cannot be selected until after the Ferdi-nandea secession has occurred

● Milano, Venezia, Torino, Alessandria, Cuneo, Firenze,Lucca, and Pisa cannot be selected until Phase Four ofthe game (they are the bases of the historical Corpora-tions)

● If a major Corporation selects two bases, they cannotbe separated by an active border

The price of the tokens depends on the base(s) selected: ifany base has a tile in its hex, each token costs L.200 (pre-printed tiles count only if connected to a Railhead). If anybase has a tile in an adjacent hex (tiles on the other side ofan active border don't count), each token costs L.100. Ifany base has a tile within two hexes (again, ignoring tileson the other side of active borders), each token costs L.50.Otherwise, each token costs L.25.

A minor Corporation cannot select for its base a majorcity (Bologna, Firenze, Genova, Milano, Torino, orVenezia) or a city with another token, even if that city hasa space available.

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

4.7.4 Merging Major Corporations

If the operating Corporation is a major Corporation, thePresident can merge it with another major Corporation toconstitute another single major Corporation if:

● the President of the chosen major Corporation agreesto merge

● a non-historical major Corporation is available

● the related Concession (for historical major Corpora-tions) has been eliminated (which happens at thebeginning of Phase Four)

● both Corporations have completed at least one Operat-ing Round (note that the operating Corporation musthave completed a previous Operating Round, as thecurrent one is not yet complete)

● a hypothetical train can travel between a railhead ofone of the merging Corporations and one of the other

The President performs the merge with the followingsteps:

● he/she chooses a non-historical major Corporationamong those available for starting

● he/she substitutes the new Corporation Charter for theold ones, transferring all the possessions of the oldCorporations (money, tokens, trains, and Certificates)to it

● if the new Corporation has some of the old Corpora-tion's Certificates in its Treasury, those Certificates areeliminated

● he/she puts the market value token of the new majorCorporation in the rightmost place whose value is low-er than the sum of the market values of the oldCorporations and lower than L.250 (if at least one of



the old Corporations had a market value higher thanL.250, the new Corporation can keep that value)

● each old Corporation Shareholder, beginning with thePresident of the current operating old Corporation andgoing to his/her left, exchanges his/her old CorporationCertificates for new Corporation Certificates, at therate of two old Corporation Certificates for one newCorporation Certificate. Odd Certificates can be ex-changed either for half of the current Market Value ofthe New Corporation (fractions rounded down, theBank pays the Shareholder) or, if available, for onenew Corporation's Stock Certificate (in this case theShareholder has to pay half of the current Market Val-ue of the new Corporation into the CorporateTreasury). Odd Certificates remaining in the BankPool are always discarded

● he/she substitutes up to five old tokens with new to-kens, wherever they are (on the map or in the tokenpool of the Corporation Charter), as long as it leaves atleast one token on the map

● the old major non-historical Corporations are availablefor starting again, while the historical ones are perma-nently eliminated from the game

● the new major Corporation will operate from the fol-lowing Operating Round

4.7.4.1 Major Corporations Merging ExampleThe Shareholders of the major Corporations SFTG andCGTF are as follows:

Shareholders SFTG CGTF

Player A 50% (President) 10.00%

Player B 10.00% 20.00%

Player C 10.00% -

Player D 10.00% -

SFTG - 30% (President)

CGTF - 20% (Initial Offer-ings)

SFTC 10.00% -

Bank Pool 10.00% 20.00%

while the situation of the major Corporations SFTG andCGTF is the following:

SFTG CGTF

Market Value 144 100

Tokens on map Torino, Alessandria,Genova, Giovi pass

Alessandria, Tori-no, Milano

Tokens onCharter 0 2

SFTG CGTF

CorporateMoney

L.80 L.380

Trains 4,5 5

Initial OfferingCertificates

-20.00%

TreasuryCertificates

30% CGTF, 30%SFTN

30% SFTN

The SFTN is Controlled by Player D, who has 40% of theStock, while the SFTC is controlled by Player E.

In an operating turn of the SFTG (during phase Six of thegame), its President (Player A) chooses to merge it withthe Controlled major Corporation CGTF so he/shechooses the currently available non-historical majorCFCC as the new major Corporation and puts on itsCorporation Charter all the assets of the two old majorCorporations, so the CFCC Charter now contains: 100%CFCC Certificates in the Initial Offerings, 2 CGTF to-kens, 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 shift-ed between Player D and the CFCC, since it is now thelargest shareholder, while a train (usually the least ex-pensive) has to be discarded to the Bank Pool as duringPhase Six a major Corporation is limited to a maximumof two trains. The market value token is put at L.242 andthe CGTF Certificates on the CFCC Corporation Chartercan be discarded.

Player A now exchanges his/her old Certificates for newones, 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 oldSFTG/CGTF Certificates for two 10% CFCC Certificates(giving L.121 to the CFCC). Player C substitutes his/herSFTG Certificate for one CFCC (giving L.121 to theCFCC), while Player D simply discards his/her SFTGCertificate and takes L.121 from the Bank. SFTC alsodiscards its SFTG Certificate and takes L.121 from theBank, while the Bank Pool exchanges two of its threeSFTG/CGTF Certificates for one CFCC and discards thethird. The situation of the CFCC/SFTG/CGTF Stock isnow the following:

Shareholders SFTG CGTF CFCC

Player A - - 30%(President)

Player B - - 20.00%

Player C - - 10.00%

Player D - - -



Shareholders SFTG CGTF CFCC

CFCC InitialOfferings

- -30.00%

SFTC - - -

Bank Pool - - 10.00%

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

4.7.5 Merging Minor Corporations

?? combine 4.7.4 and 4.7.5 into one section ??

If the operating Corporation is a minor Corporation, thePresident can merge it with another minor Corporation, toconstitute a single major Corporation if:

● the President of the selected minor Corporation agreesto merge

● a non-historical major Corporation is available forstarting

● both Corporations have completed at least one Operat-ing Round

● the related Concession, if any, has been eliminated(this usually happens with the beginning of PhaseFour)

● a hypothetical train can travel between a railhead ofone of the merging Corporations to one of the other

The President performs the merge with the followingsteps:

● he/she chooses a non-historical major Corporationamong those available

● he/she substitutes the new Corporation Charter for theold ones, transferring all of the possessions of the oldCorporations to it

● he/she substitutes the 40%/20% Certificates of the oldminor Corporations with 20%/10% Certificates of thenew Corporation, wherever they are (in the possessionof a Player, in the Bank Pool, or on a CorporationCharter) beginning with himself/herself and going tohis/her left

● he/she substitutes all the old tokens with new tokens

● he/she can buy, with Corporate money, any number oftokens up to the maximum allowed to a major Corpo-ration (five) at L.100 each

● he/she puts the market value token of the new majorCorporation in the rightmost place whose value is low-er than half of the sum of the market values of the oldminor Corporations

● the old minor non-historical Corporations are availablefor starting again, while the historical ones are perma-nently eliminated from the game

● the new major Corporation will operate from the fol-lowing Operating Round

4.7.6 Transforming Minor Corporations

A minor Corporation can be transformed into a majorCorporation if:

● any related Concession has been eliminated (this usu-ally happens with the beginning of Phase Four)

● the market value token is currently on the rightmostcolumn permitted to a minor Corporation (column Kon the Stock Market chart)

● a non-historical major Corporation is available forstarting

The President transforms the Corporation by performingthe following steps

● he/she chooses a non-historical major Corporationamong those available for starting

● he/she substitutes the new Corporation Charter for theold, transferring all the possessions of the old Corpora-tion to it

● he/she substitutes the old 40%/20% Certificates with20%/10% Certificates of the new Corporation, wherev-er they are (in possession of a Player, in the BankPool, or on a Corporation Charter)

● he/she offers each Shareholder (except the Bank Pool),starting from himself/herself and continuing to his/herleft, the chance to buy one Certificate at current marketprice, putting the money into the Corporation Treasury

● he/she offers each Player, starting with himself/herselfand continuing to his/her left, the chance to buy oneCertificate at current market price, putting the moneyinto the Corporation Treasury

● he/she puts the remaining Certificates into the InitialOfferings

● he/she substitutes all the old tokens with new tokens

● if the old Corporation only had one token, he/she mustbuy another token for L.50 using Corporate money



● he/she can buy, with Corporate money, any number oftokens up to the maximum allowed to a major Corpo-ration (five) at L.100 each

● he/she puts the market value token of the new majorCorporation in the same place as the old minor Corpo-ration's token

● the old minor Corporation is available for startingagain if not a historical one, otherwise it is permanent-ly eliminated from the game

5 Standings Round / End of Game

If a Corporations' market value reaches L.516 or if eachexternal box is connected by a legal route to an on-boardcity, the game ends at the end of the Operating Round ofthe currently operating Corporation. Corporations thathave not yet operated for this Operating Round lose theirturns.

If the Corporation's market value token reaches L.516 dueto Rule 3.4 (third activity), the game ends immediately.

If the Bank runs out of money, the game ends on the com-pletion of the Operating Round that is currently inprogress (ie, at the point at which the next Stock or Oper-ating Round would commence). If the Bank is depletedduring a Stock Round, the sequence of events must beplayed out to the end of the next Operating Round.

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

If the Bank runs out during an Operating Round, completethis Operating Round. During this time, all payouts thatcannot be met from the Bank should be recorded on paperand added to the Players' scores at the end of the game, orif preferred, all Players may be asked to contribute anequal sum to the Bank to allow normal payouts to contin-ue.

When the game ends, the Players determine their wealthby summing up the value of all their possessions (moneyand Corporation Stock). Corporate money and trains donot count. The wealthiest Player wins. Some “FinalStandings Sheets” are included (and more can be obtainedthrough photocopying) to speed up this task.

6 Geography

In this rulebook, many references are made to variousstates and regions. Here below you can find a list of thesestates and regions with their features of some importancefor playing the game.

6.1 Austria

During Phases Two and Three, Austria comprises Lom-bardia and Veneto, while during Phase Four Austriacontrols Veneto only. From Phase Five onwards, Austriadoes not exist on the game map.

6.2 Conservative Zone

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

● the major/large city of Bologna

● the medium cities of Ferrara, Modena, Parma, andReggio Emilia

● the small cities of Cesena, Forli, Piacenza, and Raven-na

6.3 Lombardia

Lombardia begins the games as Austrian territory, andcomprises 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 small cities of Edolo and Tirano

6.4 Lucca

Lucca was independent from Tuscany in 1839, but was in-corporated a few years later. For game purposes, Lucca isalways 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 minor cities of Aosta, La Spezia, Novara, Savona,and Vercelli

6.6 Piedmontese-Tuscan Border

Piedmont and Tuscany actually did not have a commonborder, as the Duchy of Modena touched the TyrrenianSea between Pisa and La Spezia. The small scale of the



map (1:800,000) prevented a true representation of theborders.

6.7 Switzerland

Switzerland comprises the medium city of Lugano. TheSwiss border remains in effect for the whole game, so aCorporation can never lay a token in Lugano. A tile canbe laid by a Corporation on Lugano from Phase Three on-wards.

6.8 Tuscany

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

● the major/large city of Firenze

● the medium cities of Livorno, Pisa, and Lucca

● the small Cities of Arezzo, Postoia, Prato, and Siena

6.9 Veneto

Veneto begins the game under Austrian control, and com-prises the following features:

● the major city of Venezia

● the large cities of Padova and Verona

● the medium cities of Mantova, Treviso, and Vicenza

● the small city of Rovigo

7 Optional Rules

Players who want some variations can use one or more ofthe following rules.

7.1 Italian Reunification Variants

Emperor Napoleon III intended to support tiny Piedmontin the decisive second war for Italian reunification (1859)only to expel Austria from its Italian territories, and hecertainly did not want to see his small neighbor trans-formed into a power to be reckoned with.

When, soon after the beginning of the war, patriotic revo-lutions spread all across northern and central Italy,Napoleon signed an armistice that left Austria the eastern-most half of its Italian possessions (Veneto), and thenpermitted Piedmont to incorporate Parma, Modena, andthe northern part of the Papal States (the ConservativeZone) along with Tuscany, while Veneto joined Italy onlyin 1866 with Prussian support.

Things could obviously have happened very differently.

7.1.1 Napoleon's Project

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

● Austrian borders are both eliminiated at the beginningof Phase Four

● the Ferdinandea secession does not happen, and theSFI and SFV historical minor Corporations are neverused in the game

● the Tuscan merge is delayed until the beginning ofPhase Five

● the Tuscan-Piedmontese border is eliminated at the be-ginning of Phase Five

● the Conservative-Piedmontese border is eliminated atthe beginning of Phase Five

● from the beginning of Phase Four, the ConservativeZone is considered united with Tuscany for game pur-poses

7.1.2 Cavour's Plan

The Piedmontese Prime Minister, Count Camillo diCavour, of course wanted Austria completely expelledfrom Italy with the second war for Italian reunification,along with the annexation to the Piedmont of the otherstates of northern and central Italy, so:

● all borders, with the exception of the Swiss border, areeliminated at the beginning of Phase Four

● the Ferdinandea secession does not happen, and theSFL and SFV historical minor Corporations are neverused in the game

7.1.3 Wilhelm's Idea

Prussia and Piedmont had similar aims (the reunificationof their countries) and the same enemy (Austria). WithoutFrench support, Piedmont should have waited for Prussianmoves in 1866, so:

● Austrian borders are both eliminated at the beginningof Phase Five

● the Ferdinandea secession does not happen, so the SFLand SFV historical minor Corporations are never usedin the game

● the Tuscan merge is delayed to the beginning of PhaseFive





● from the beginning of Phase Four, the ConservativeZone is considered united with Tuscany for game pur-poses

7.1.4 Carlo Alberto's Dream

In 1848, the Piedmontese king Carlo Alberto declared waron Austria to support a patriotic insurrection in Milano.The war began very successfully for Piedmont, but a se-ries of incredible mistakes gave the victory to theAustrians. A better Piedmontese leadership would haveeasily won the first war for Italian reunification, so:

● the Austrian possessions are limited to Veneto only atthe beginning of Phase Three

● the Ferdinandea secession happens at the beginning ofPhase Three

● the Tuscan-Piedmontese border is eliminated at the be-ginning of Phase Three

● the Conservative-Piedmontese border is eliminated atthe beginning of Phase Three

7.1.5 Franz Joseph's Gambit

Tuscany and the states of the Conservative Zone (Parma,Modena, and the northern part of the Papal States) werevirtual Austrian satellites, ruled by Austrian dukes and/oroccupied by Austrian troops. The Austrian emperor FranzJoseph intended to link these countries by railway to in-crease his control over them, and without Franco-Piedmontese victory in the second war for Italian reunifi-cation would have done it, so:

● the Tuscan merge is delayed to the beginning of PhaseFive

● the Ferdinandea secession does not happen, so the SFLand SFV historical minor Corporations are never usedin the game



● Austrian borders are both eliminated at the beginningof Phase Five

● at the beginning of Phase Four, Tuscany Austria, andthe Conservative Zone are considered united in a sin-gle state for game purposes

● a new Corporation can be started in Austrian territoryfrom Phase Three onwards

7.2 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 holderof the Priority Deal card may sell it to another Playerat 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 performone additional Operating Round before the end of theGame Turn.

7.3 1841lite

1841lite is a variant of 1841, and uses the same rules withthe exceptions as in the following paragraphs.

7.3.1 Map

The included overlay is placed on the 1841 map, substi-tuted the Toscana-Roma external box for thesouthernmost part of the map, and deleting most of Tus-cany.

7.3.2 Number of Players

The game can be played by three to six Players.

7.3.3 Money

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

7.3.4 Initial Money

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

7.3.5 Concessions

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

7.3.6 Corporations

Corporations SFLP, SFLi, SFMA, and SSFL are eliminat-ed from the game.

7.3.7 Rules

Rule 4.6.9 (Tuscan Merge) is dropped from the game.

7.3.8 Trains

Two 2-trains, one 3-train, one 4-train, and one 5-train areeliminated from the game



8 Glossary

Bank Pool – The place where Certificates are held which have been sold by a Player or Corporation during their respec-tive 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.

Controlled Corporation – A Player controls a Corporation if he/she is currently President of it or controls the Control-ling Corporation.

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

Corporate Money – All the money owned by a Corporation.

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

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

Corporation Class – the Corporations are divided into two class: minor and major. Corporation class determines therightmost Stock Market column which can be reached by the Stock Market value token, the number of trains which canbe kept, and the number of tokens which can be used on the map.

Historical Corporations – IRSFF, SFL, SFLP, SFLi, SFMA, SFTC, SFTG, SFTN, SFV, and SSFL Corporations arecollectively called “historical Corporations”. The historical Corporations cannot be started freely by a Player, but areeither started by a Player owning a particular Concession (during Phases Two and Three of the game), by the TuscanMerge (SFLi at the beginning of Phase Four), or by the Ferdinandea secession (SFL and SFV at the beginning of PhaseFour).

Major city – Milano, Torino, Genova, Venezia, Bologna, and Firenze. A minor Corporation cannot put its initial baseon a Major city.

Major Corporation – A major Corporation has 9 Certificates (one 20% President's Certificate and eight 10% Certifi-cates) 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% Certifi-cates), and may have 1 or 2 tokens. The market value of a minor Corporation always refers to a 20% Certificate.

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.

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 beginningwith the President of the Corporation and following with the Player at his/her left and so on until all Players have com-pleted the activity. The last to perform the activity is the Bank Pool, which is operated by the President of theCorporation involved. Each Player performs the activity both for his/her personal shares and for his/her Controlled Cor-porations, in the following order: Personal Stock, Controlled Corporations (starting with the highest valued).

Tuscan Corporations – SSFL, SFMA, and SFLP corporations are collectively called “Tuscan Corporations”. TheTuscan Corporations are merged into the SFLi Corporation at the beginning of Phase Four of the game, and cannot bemerged 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 un-used 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 bebought by a Player along with the President's Certificate of the related Corporation. This kind of trade is the only wayto change the President of a historical Corporation before Phase Four of the game.

9 Credits

Author: Federico Vellani

Co-author: Manlio Manzini

Development Team:Alessandro Barattieri, Barrington Beavis, Riccardo Camerlo, Paola “PRC” Carraro, Roberto Cerruti, ManirizioCorgnati, Jack Greene, Han Heidema, Marco Maffei, Manlio Manzini, Moreno Pellicciari, Massieso Riccobene,Marco Signoretto, Gianluca Varone, Federico Vellani

Special Thanks to:Ester Bonilauri, Pietro Cremona

Original 18xx Game System:Francis Tresham

Bibliography (books):Stroia 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



10 Tile Manifest/Upgrade Chart


1841 – rules of play4 l.840 5 l.672 6 l.560 7 l.480 8 l.420 all remaining money is placed in the...

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