1849: The Game of Sicilian Railways

1. Setting and map
1830 covers the northeastern United States with a large map. 1849 takes place in Sicily, an island with a more compact and mountainous map, where terrain (and three different track gauges) shapes every routing decision far more than in 1830.

2. Partial capitalization, as in 1846
In 1830, a company floats once 60% of its shares are sold and immediately receives its full capital (par price × 10). In 1849, when a company is founded, the president buys the President's Share (20%) plus up to two more individual shares (40% total) in a single block, and all of that money goes to the company treasury, not to the bank. From then on, the only way to raise more capital is by issuing shares later (withholding dividends or issuing new shares), exactly as in 1846.

3. There is no par value
In 1830 each company starts at a par price chosen by its founder. In 1849 this concept doesn't exist: all share trades always happen at the company's current market price, with no distinction between par price and market price.

4. The share price only rises if the dividend is high enough
In 1830, every time a company pays a dividend, its price marker advances one space automatically. In 1849 this isn't automatic: the price only rises if the dividend paid per share is equal to or greater than the share's current market price. If the payout is low relative to its price, the marker stays where it is.

5. Share issuance: only at the end of the turn, never in the first OR
Just as in 1846, a company can only issue new shares (selling them from its own charter to the market) as the last action of its turn, and never during its first operating round. In 1830 there is no such restriction on timing or order within the turn. Players must plan ahead for the money they'll need.

6. Trains count hexes, not city revenue
In 1830, a train of a given size visits a set number of cities and adds up their revenue values. In 1849, a "6H" train, for example, runs through any six hexes of track—whether there's a city there or it's plain track—and the score depends on the route taken, not on how many stops "count." This completely changes how an optimal network is designed.

7. Three track gauges, with a wildcard
There is no equivalent in 1830. In 1849 there are standard tracks (black), narrow tracks (hatched, which cost a quarter of the usual terrain cost but count double for train length), and dual/white tracks, which act as a wildcard: connected to a black track they count as standard, connected to a narrow one they count as narrow. You cannot switch gauge mid-route without passing through a city or town, and a gauge never changes type when a tile is upgraded.

8. Terrain costs are always paid, even on upgrades
In 1830, terrain cost is only paid the first time a tile is built on a hex. In 1849, terrain cost must be paid again every time a new tile is placed on that hex, including upgrades from yellow to green or green to brown.

9. Float order is randomly predetermined
In 1830, players freely decide which company to found and when. In 1849 there are six corporations, and the order in which they can be founded is determined randomly before the game begins: only the first available company in the queue can be floated, not whichever one a player wants. This distributes who gets access to which company based on the buying order in the stock round.

10. Semi-restrictive tile upgrades
In 1830, it's enough for the company to be able to reach the hex where the upgrade is placed (permissive rule). In 1849, the new tile must also add a new connection (new track) or improve the value of a city the company can already reach; if it adds nothing new to the company's network, the upgrade isn't allowed.

General considerations:
- Companies float at 60%, as in 1830, but with partial capitalization (see point 2).
- In the stock round, the turn order is sell first, then buy (you cannot alternate as in 1830).
- The bank has $7,760 and the game ends when the bank runs out or when any company reaches the highest space on the stock market ($377).

1849 Sicilian Railways — Schematic summary (vs 1830)

SETTING

• Sicily — an island with mountainous terrain and a compact map
• 6 corporations total, with float order randomly fixed during setup

STOCK MARKET AND CAPITAL

• Partial capitalization (as in 1846): initial block 20% + up to 2 shares (40% total) → money goes to the treasury
• No par value: everything is bought/sold at market price
• Price only rises if dividend per share ≥ current market price (not automatic)
• Share issuance only as the last action of the turn, never in the company's first OR
• In the stock round: sell first, then buy (fixed order)

TRAINS AND ROUTES

• Trains count hexes traveled, not revenue from cities visited
• Semi-restrictive tile upgrades: must add new track or increase the value of an already accessible city

TRACK GAUGES

• Standard (black): normal value, counts as 1 for trains
• Narrow (hatched): terrain cost ÷4, but counts as 2 hexes for the train
• Dual (white): wildcard, not placed directly; adopts the type of the track it connects to
• You cannot switch gauge mid-route without passing through a city or town

TERRAIN

• Terrain cost is always paid, even when upgrading an already-built tile

END OF GAME

• The bank has $7,760 and runs out (as in 1830, but with a different size)
• Or any company reaches the highest space on the stock market ($377)