INTRODUCTION - Version 29/1/01

[Note: Material in brackets, like this, is editorial matter which won't
appear in the final version.]
[This is a preliminary draft.  All the rules described herein are
subject to change.  Except where noted, it's supposed to be complete, so
I'd appreciate hearing about anything which is incomprehensible.]
[For the moment, Credit Mobilier is so spelled.  The accent doesn't
survive text-WP transfers easily.  The rather cruddy tables have the
same root cause]

1848 is a member of the "18xx" series of games.  The series is based on
1829, by Francis Tresham.  1848 is set in the western part of the US.
Two to six players represent investors in railroad corporations,
spending their initial capital to buy wholly-owned Private and
Subsidiary Companies and shares in Public Corporations and the Credit
Mobilier.  The Public Corporations, each controlled by the largest
shareholder (its President), build track and run trains in order to earn
revenues.  These can be paid out as dividends to shareholders or
retained to fund further track and rolling stock.  A key feature of
1848, as with all the other games in the series, is that the interests
of the President and the interests of its shareholders are not
identical, so minority shareholders need to be careful in their
investments.  Being a President is not without its difficulties, either;
bailing out an insolvent Corporation is the sole responsibility of its
President.

1848 is a long game, even by the standards of other 18xx games.
Experienced, brisk players can expect to take up to eight hours to
complete a game.  Novices or more deliberate players might add several
hours to that time.

This document is divided into two sections.  The components, and what
can be done with them, are described in the first section.  The second
section is structured as a step-by-step guide to the course of a game.
This means that most topics are covered twice.

THE MAP

The map shows most of the US west of Chicago.  Superimposed on the map
is a hex grid on which hexagonal track tiles may be laid.  Coordinates
are printed on the edges for reference purposes and postal play.  [This
may not be true of the prototype.]  The top edge serves as an area to
keep track of Corporate earnings.  Cities are represented by large
circles or black diamonds near the centre of the hex, or black wedges on
the edges of the hex.  City names are printed but they have no effect on
play.  Some cities bear a label (one of O, LA, SF, T, W, or YY)
restricting the set of track tiles which may be played there.  Some
hexes bear the name of one or more Land Grant Corporations (AT&SF, CP,
Katy, NP, SP, or UP) denoting Land Grants.  Some hexes have yellow or
green flashes on the edge of the hex, restricting the orientation of
track tiles placed there.  Finally, some hexes are edges in yellow, to
indicate that yellow track may not be placed in those hexes.

The map contains a number of rivers, lakes, swamps, and mountain ranges.
Rivers are shown in blue and mountains are denoted by a black-outlined
triangle in the middle of a hex.  [Lakes and swamps appear only by
implication on the prototype.]  Building track in these regions, known
as "difficult terrain" costs corporations building there a fee of up to
$80, printed on the board.  Mountains also slow the rate at which track
may be constructed since usually no more than one may be built per turn.

The map also shows two mining districts.  They are used in conjunction
with Private Companies; see below for details.

THE STOCK MARKET

The stock market is shown as a row of columns of varying depth.  The
value of a corporation's shares (also known as the share price) is
indicated by the corporation's Stock Market Token on this chart.  Each
space shows the share value it represents.  There are six red-outlined
[solid red on the prototype] areas which are the initial positions
allowed for a corporation's Stock Market Token.  A corporation's Stock
Market Token moves up, down, left, or right, dictated by actions of the
Corporation and its shareholders.  A summary of the circumstances when
each of these happens is shown under the stock market chart; details are
given in the appropriate parts of the rules.

An area is provided for marking corporation par prices.  The
corporation's Par Price Token is placed here when it starts, and
represents the price of shares bought from the Initial Offering.  The
amount of space in this area is not intended to constrain play; any
number of corporations may start at any price.

At the bottom right of the stock market is the bank pool.  Shares sold
to the bank and trains returned to the bank are placed in the pool, and
may then be bought by players or corporations.

A small chart to keep track of stock rounds and operating rounds is
found above the bank pool.

PRIVATE COMPANIES

There are four Private Companies in the game, sold in the First Railroad
Convention.  These are:

Chicago and Galena Railroad: $25: $10
Oregon River and Steam Navigation Company: $70: $10
Mesabi Range Mining District: $70: $10
Rocky Mountain Mining District: $70: $10

While owned by players, Private Companies pay their owners a fixed
income at the start of each Operating Round.  Under the conditions
described below, Public Corporations may buy them from consenting
players at any time during the Corporation's turn in an Operating Round.
Once bought by a Public Corporation, Private Companies may not be traded
further.  All Private Companies close at the start of Phase 6 (see
section ??, Phases), unless closed earlier.  Private Companies confer
special powers on their owners.

The Chicago and Galena Railroad (CGR) may be bought by a Public
Corporation from the start of Phase 3 for any mutually agreeable amount
between $1 and $50 inclusive.  The owning Corporation may take one
further Station Marker Token unless it already owns five (the maximum
possible).  This action closes CGR.

The Oregon River and Steam Navigation Company (ORSN) comes with a free
10% share of the Northern Pacific.  ORSN may not be bought by a Public
Corporation.  It closes when the Northern Pacific buys a Train.

The Mesabi Range Mining District (MRMD) may be bought by a Public
Corporation from the start of Phase 3 for any amount between $1 and $140
inclusive, or, after the Second Railroad Convention, for any amount
between $1 and $210 inclusive.  The owning Corporation acquires Mining
Rights in the Mesabi Range, whether or not it has a route to its edge.
Once MRMD is owned by a Public Corporation, up to three other
Corporations with routes to the edge of the Mesabi Range may buy Mining
Rights there for $40, payable to the Corporation which owns MRMD before
Phase 6, and to the Bank thereafter.  Corporations without Mining Rights
may not claim a route to or through the mining district.  The earnings
of a Corporation running a Train through a Mining District are increased
by the amount (dependent on the phase) shown on the map.  MRMD does not
close when bought by a Corporation.

The Rocky Mountain Mining District (RMMD) may be bought by a Public
Corporation from the start of Phase 3 for any amount between $1 and $140
inclusive, or, after the Second Railroad Convention, for any amount
between $1 and $210 inclusive.  The owning Corporation acquires Mining
Rights in the Rocky Mountain, whether or not it has a route to its edge.
Once RMMD is owned by a Public Corporation, up to three other
Corporations with routes to the edge of the Rocky Mountain may buy
Mining Rights there for $40, payable to the Corporation which owns RMMD
before Phase 6, and to the Bank thereafter.  Corporations without Mining
Rights may not claim a route to or through the mining district.  The
earnings of a Corporation running a Train through a Mining District are
increased by the amount (dependent on the phase) shown on the map.  RMMD
does not close when bought by a Corporation.

SUBSIDIARY COMPANIES

There are seven Subsidiary Companies, listed below.  They are become
available in the Second Railroad Convention.  While owned by players,
they pay a fixed income, printed on the certificate, at the start of
each Operating Round, and close at the start of Phase 5 (see section ??,
Phases).  These certificates do not count towards the number of share
certificates held by their owners.

S1: Buffalo Bayou, Brazos & Colorado Railroad: El Paso to Tucson: 3: $100
S2: Galveston, Harrisburg & San Antonio RR: San Antonio to El Paso: 3: $100
S3: New Orleans, Opelousas & Great Western: Houston to New Orleans: 3: $100
S4: Atlantic & Pacific Railroad: Albuquerque to San Bernadino to Los Angeles: 4: $150
S5: Los Angeles & Salt Lake Railroad: Los Angeles to San Bernardino to Ogden: 4: $150
S6: Oregon Short Line: Tacoma to Boise to Ogden: 4: $150
S7: California & Oregon Railroad: Portland to Eugene to Sacramento: 4: $150

At any time during Phases 3 and 4, Subsidiary Companies may be given, by
their player owners and without immediate compensation, to any active
Corporation with the consent of its President.  This Corporation is
known as the Parent Corporation.  The Parent Corporation immediately
places the appropriate Subsidiary Marker on the board in the Subsidiary
Company's start hex, marked on the map.  The Subsidiary Marker acts in
most respects as a Station Marker for the Subsidiary Corporation.
However, it does not occupy a space in a station and it does not serve
to block access to a route by other Companies and Corporations.

The Parent Corporation may lay one track tile or upgrade one yellow
track tile to green each Operating Round on behalf of each Subsidiary
Company it owns.  This is done in the track-laying part of its turn,
before, and in addition to, its own lays or upgrades.  Track laid or
upgraded on behalf of the Subsidiary Company must extend (or be a city
on) a route of the Subsidiary Company.  The Parent Corporation (or its
President, if the Parent Corporation has insufficient funds) is
responsible for any track costs for difficult terrain.  The Subsidiary
Companies owned by a single Parent Corporation operate in increasing
numerical order.  Tile lays and upgrades on behalf of the Subsidiary
Company are subject to the usual restrictions in Land Grant hexes (see
section ??, Land Grant Corporations), even if the Parent Corporation
owns the Land Grant.  Unless the Parent's earnings for the Operating
Round are otherwise zero, its earnings are increased by $20 for each of
its Subsidiary Companies which lays or upgrades track that turn.

In Phases 5 and 6, a Parent Corporation may close any or all of its
Subsidiary Companies instead of laying track for it or them.  This
action is done at the start of the Parent Corporation's turn in an
Operating Round, before any of its Subsidiary Companies have operated.
All Subsidiary Companies owned by Corporations must close at the start
of Phase 7.  When a Subsidiary Company closes, whether voluntarily or at
the start of Phase 7, it pays a Golden Handshake to both its Parent
Corporation and that Corporation's President.  If the Subsidiary Company
can run a notional Train, of the type shown in the table, on a route
including the named cities with no intermediate stops (but possibly with
other stations on one or both ends), the Parent Corporation receives
$100 or $150, as shown in the table, and its President receives the
value of the notional Train's route.  Otherwise, the Parent Corporation
and its President each receive $50.  The notional train run by the
Subsidiary does not receive any bonuses should its Subsidiary Marker be
in a Classification Yard.  Station Markers of other Companies and
Corporations are ignored when running the notional train.

CREDIT MOBILIER

There is one share of the Credit Mobilier (CM) in the game for each
player plus one extra.  They become available in the Second Railroad
Convention.  CM earns $30 in bonds (see section ??, Bonds) each time UP
(see section ??, Public Corporations) lays a track tile in its Land
Grant.  CM closes as soon as UP completes its Land Grant.  CM
certificates do not count towards the number of share certificates held
by their owners.

PIONEERING RAILROADS

There are four Pioneering Railroads in the game, sold in the First
Railroad Convention.  These are:

* Aurora Branch Railroad
* Milwaukee & Mississippi Rail Road
* Pacific Railroad
* Rock Island Railroad

Each Pioneering Railroad comes with a Charter for a non-Land Grant
Corporation, which must be selected as soon as the Pioneering Railroad
is purchased.  Pioneering Railroads are discarded at the end of the
first Stock Round.

PUBLIC CORPORATIONS

There are sixteen public corporations included in the game, divided into
the normal Public Corporations (CB&Q, CMStPP, C&NW, CRIP, DRG&W, Frisco,
GN, IC, MP, & T&P), and the Land Grant Corporations (UP, CP, NP, SP,
Katy, and ATSF).  Players may invest in these corporations by buying
their share certificates.  Each corporation's stock comprises 9 share
certificates, one of which (the President's Certificate) represents 20%
of the total share in the company.  All other share certificates
represent 10%.  The President's Certificate is always owned by the
majority stock holder in the Corporation.  This player is called the
President of that Corporation.   If another player acquires more shares
than the President, the President's Certificate is swapped for two
ordinary certificates belonging to that other player.

The President of each Corporation controls its actions.  Each
Corporation may build track on the map, build stations on cities, buy
rolling stock, and run its trains.  Its earnings may be paid, wholly or
partly, as a dividend (paid to players) or retained (kept in the
treasury).  The actions of the Corporation may cause its share price to
rise or fall on the stock market.

There is a limit to the number of certificates representing shares in
public Corporations which may be held by the players.  This limit varies
with the number of players, as shown in Table 1, Certificate Limits.  No
one player may own more than 60% of any one Corporation.

CNW starts with a Station Marker in Chicago, and automatically has Track
Rights there at no cost.  If its Station Marker in Chicago is ever
removed (which can only happen if CNW merges and the president of its
successor elects to remove the Marker because it has too many) its Track
Rights are lost as well.

LAND GRANT CORPORATIONS

Land Grant Corporations are constrained in their early tile-laying and
placement of Station Markers.  In exchange, they get considerable
bonuses, either in Bonds or cash.  Three of the Corporations (CP, Katy,
UP) earn Bonds by laying track tiles in certain marked hexes, and these
must be divided among the shareholders immediately.  All six earn a
Golden Spike as soon as they have laid track in all their Land Grant
hexes.  Golden Spikes paid in Bonds must be divided among the
shareholders, while those paid in cash may be divided among the
shareholders, retained by the Corporation, or half paid out and half
retained.  Whichever option is taken, there is no immediate effect on
share price.

Until it completes its Land Grant, each Land Grant Corporation must lay
at least one track tile in its Land Grant each Operating Round.  The
only exception to this is if the Corporation and its President between
them have insufficient funds to pay for the cheapest available tile lay
in its Land Grant and in this case the Corporation may lay or upgrade no
track at all.  Until the Corporation completes its Land Grant, it may
not lay or upgrade track outside its Land Grant.

Several hexes are marked with two Company or Corporation names, and
either may lay track there.  In two further cases, the Land Grant
Corporation's name is printed in parentheses.  Any Company or
Corporation may lay track in these hexes, but track must be laid in
these hexes in order for the owner of the Land Grant to complete its
Land Grant.  Otherwise, no other Company or Corporation may lay track in
another Corporation's Land Grant.  Anyone with access may upgrade track
in an incomplete Land Grant, but new track segments on the upgraded tile
must, if possible, terminate against the edges of empty Land Grant hexes
belonging to the Land Grant Corporation.

A merged Corporation in which one precursor is a Land Grant Corporation
with an unfulfilled Land Grant must lay track in that Land Grant if
possible, and once it has done so it may use the rest of its build
allowance elsewhere.  A merged Corporation which is the successor to two
Land Grant Corporations with unfulfilled Land Grants must lay at least
one track tile in each, if possible.  If it can, it may use its
remaining build allowance.  If it can't (because of a shortage of funds
for difficult terrain, or because the only hex available for track in
each is a mountain) it must lay track in one of them if possible and it
loses the rest of its build allowance..

Land Grant Corporations may not place Station Markers or buy Track
Rights until they meets the requirements listed below.  Other
Corporations may lay Station Markers in unfulfilled Land Grants but
these Markers may not block, even temporarily, the Land Grant
Corporation's access to the uncompleted part of its Land Grant.

As soon as it can, ATSF must place a Station Marker in Albuquerque.
Once it has done this it may place Station Markers elsewhere or buy
Track Rights.  The Station Marker in Albuquerque is free.  ATSF's Golden
Spike is $400 in cash.

Until it completes its Land Grant, CP may not place any Station Markers
or buy Track Rights.  CP's Golden Spike is $500 in Bonds.

As soon as it can, Katy must place a Station Marker in Dallas/Fort
Worth.  Once it has done this it may place Station Markers elsewhere or
buy Track Rights.  The Station Marker in Dallas/Fort Worth is free.
Katy's Golden Spike is $200 in Bonds.

NP starts with two Station Markers in play, in Tacoma and Minneapolis/St
Paul, and until there is a route from one to the other along the NP's
Land Grant, NP builds as if it were two separate Corporations.  That is,
it gets the normal build allowance from each of Tacoma and
Minneapolis/St Paul, and must lay at least one track tile from each end.
It may build in a mountain hex at each end.  Until it completes its Land
Grant, it may not place any Station Markers or buy Track Rights.  NP
receives a Golden Spike of $100 in cash when it lays track in  each of
Spokane and Bismarck, and a third Golden Spike of $400 in cash when it
completes its Land Grant.

As soon as it can, SP must place a Station Marker in Phoenix.  Once it
has done this it may place Station Markers elsewhere or buy Track
Rights.  The Station Marker in Phoenix is free.  SP's Golden Spike is
$400 in cash.

Until it completes its Land Grant, UP may not place any Station Markers
or buy Track Rights.  UP's Golden Spike is $500 in Bonds.

CHARTERS

There are 16 charters in the game, one each for the 16 Public
Corporations.  Players may not buy Presidents' certificates directly.
Instead, they acquire them by discarding the associated Charter (which
they must already own, but see section ??, Hostile Take-overs).  This
action is called converting a charter.  Converting a charter gives the
owning player the right to buy the President's certificate and up to two
more 10% shares in the same turn, and also provides a $100 discount on
the price of the shares.

Unused charters do not count towards the number of share certificates
held by their owners.  The Land Grant Charters pay their owners a fixed
income at the start of each Operating Round.

BONDS

Some of the Land Grant Corporations (CP, KP, and UP) earn Bonds when
they lay track in certain hexes (marked on the map) and when they meet
certain objectives (laying "The Golden Spike").  These bonds must paid
to the corporation's shareholders as soon as they are earned.  In
addition, Credit Mobilier pays Bonds to its shareholders whenever UP
lays track in its Land Grant.  At the start of the game, Bonds can be
exchanged for cash at a rate of 10%.  As trains are sold, the exchange
rate rises in steps to 100%, and then falls gradually to zero.  In their
turn of a Stock Round, players may freely exchange any Bonds they hold
for cash at the current rate.  Players and Corporations may spend their
Bonds, changed at the current rate, to meet expenditures in an Operating
Round, but they may not spend more than necessary and receive no change
in cash.  For example, a Corporation spending $40 when the exchange rate
is 30% may use $140 in Bonds, or some lesser amount and make up the
difference in cash.  If a Corporation earns Bonds after their value has
fallen to zero, they are lost.  See Table ?? for the points at which
Bonds change value.

TRACK

As the game develops, Companies and Corporations in the game develop
rail networks by placing track tiles on the map.  Track tiles come in
four colours - yellow, green, brown, and grey.  Development proceeds in
this order; initially, yellow track is laid onto the map, and it is
successively upgraded to green, brown, and grey.  Intermediate colours
may not be skipped, except that green track is laid directly on to
yellow-edged map hexes, and some map hexes are preprinted in yellow or
green.

Track is divided into two main types - city and plain.  City track is
divided into several subtypes.  Small cities are represented on the map
by black diamonds, and on yellow track by solid black small circles.
When these are upgraded to green, they may remain as small cities, again
with a solid black small circle, or they may convert to large cities
labelled W.  Small cities upgrade to classification yards in brown and
grey.  Large cities are represented by large open circles, and are
either unlabelled or labelled with one of LA, O, SF, T, W, or YY.
Except in the case of small cities being converted, large city tiles may
be placed only on correspondingly-labelled large city hexes.

Most cities are stations, at which Trains must stop if they visit the
tile.  Yellow, green, and brown YY city tiles have two stations.  Tiles
with stations have a value printed in a small circle.  This is the
amount of money earned by a train stopping in that hex.  See section ??,
Run Trains.

Plain track is laid on map hexes which contain no city symbol.  A train
passing through a hex with such track does not stop there.  .

Classification yard tiles contain a side-branch bonus, indicated by a +1
or +2 printed in a small diamond.  These tiles have room for two Station
Marker tokens.  Trains reaching or passing through such places when the
active Corporation has a Station Marker there allow the Corporation to
run an additional bonus Train, which must run to or through the
classification yard and one or two additional cities depending on the
size of the bonus..

ROLLING STOCK

Trains come in several types, labelled 2, 3, 4, 5, 6, 7, and 8.  The
number represents the number of stops which that train may make.

Palace Cars cannot run independently - they must be attached to another
train owned by the Corporation.  They serve to double the value of one
station visited by that train.  Corporations may never own more than one
Palace Car, nor may Palace Cars ever be sold between Corporations.

The purchase of trains serves to advance the game's phase.  Each time a
new type of train is purchased, the phase advances.

Table ??, Rolling Stock, lists the various types of Rolling Stock with
the quantity available and cost.

STATION MARKERS

Each Corporation has several Station Markers - always at least two, and
no more than eight.  When a Corporation is launched, it is given a
number of Station Markers depending on its par price - two if the par
price is $65, three if the par price is $70, four if the par price is
$75, or five if the par price is $80, $90, or $100.  The Chicago &
Galena Private Company may be used to add one more Station Marker.
Merged Corporations retain the Station Markers of their predecessors, to
a maximum of eight.  Station Markers control access to routes - every
route must include at least one Station Marker on it somewhere, and
routes can't reach or pass through stations completely filled with other
Corporations' Station Markers.  A Station Marker is placed on a
Corporation's home city (or in some cases, cities) at the start of its
first Operating turn, and the others can be placed in any city or
classification yard which is on a route of that Corporation, for a fee.

Each Corporation has three additional markers, to represent its Par
Price, Stock Price, and Earnings.

TRACK RIGHTS

A Corporation must own Track Rights in order to visit the pre-printed
cities of Chicago and St Louis.  (Even with Track Rights, these cities
cannot be in the middle of a route.  [This clause may need some
modification.])  Separate Track Rights exist for each city.  There are
six Track Rights available for each city.

Track Rights are acquired much like Station Markers, and a Corporation
must sacrifice a Station Marker in order to obtain them.  (CNW is an
exception; its home station is in Chicago, and it gets Track Rights
there automatically, free of charge.)  Track Rights differ from Station
Markers in one important respect; a route of a Corporation must include,
somewhere on it, at least one Station Marker on it, and Track Rights do
not count for this purpose.

SETTING UP THE GAME

Lay the map board and Stock Market open on the table between the
players.  Place the share certificates and trains on the indicated board
spaces.  Each pile of share certificates should be arranged with the
President's Certificate on top.  Place the money and Bonds, sorted by
denomination, and the track tiles, sorted into type, by the board.  At
the start of the game only the yellow track tiles will be used but the
other tiles should be available for inspection.  Place the Station
Markers and the share price, par price, and earnings tokens for each
Corporation by the board, near the share certificates.  Place the public
company charters nearby.  Place the Round Marker on the operating round
space marked Stock Round.  Place the Certificate Limit Marker
appropriate to the number of players in a corner of the Bank Pool.
Place the Mississippi River tokens on the map hexes containing the
Mississippi south of St Louis; these are marked $100.  Each player
should have enough room for several company charters and a couple of
dozen or so certificates, and a pile of money.  Most players will find
writing materials and a calculator useful.  Appoint one or two players
Banker; they will bear responsibility for conducting transactions with
the Bank.

Arrange the Trains in order, with the 2-Trains at the top and 8-Trains
at the bottom.  Place the 10% Bond marker in the Bank Pool.  Place the
30% Bond marker after the sixth 3-Train.  Place the 40% Bond marker
after the second 4-Train.  Place the 50% Bond marker after the fifth
4-Train.  Place the 60% Bond marker after the first 5-Train.  Place the
70% Bond marker after the fourth 5-Train.  Place the 80% Bond marker
after the first 6-Train.  Place the 100% Bond marker after the fourth
6-Train.  Place the 0% Bond marker after the second 7-Train.  [This is
all wrong and needs updating.]

Place the Private Companies, Pioneering Railroads, and Land Grant
Charters in the middle of the board.  These constitute the Start Packet
which is sold in the First Railroad Convention.

Determine seating order at random (the Subsidiary Company certificates
or tokens can be used for this purpose) or by mutual agreement.  Give
the Priority Deal card to the first player.  The game starts with the
First Railroad Convention.

OVERVIEW

The game starts with the First Railroad Convention and proceeds in a
series of alternating Stock Rounds and pairs of Operating Rounds.  The
Second Railroad Convention interrupts one of the Stock Rounds.  During
Stock Rounds, players buy Subsidiary Companies, the Credit Mobilier, and
Charters, and buy and sell shares in the Public Corporations.  Players
may also merge Corporations and initiate hostile take-overs.  During
Operating Rounds Private Companies, Charters, and possibly Subsidiary
Companies earn revenues, and the Public Corporations lay track, place
Station Markers, operate rolling stock to earn revenues, and purchase
more rolling stock.

FIRST RAILROAD CONVENTION

The game starts with the First Railroad Convention.  Starting with the
first player and proceeding clockwise, each player may either pass or
offer one of the items in the start packet for auction by bidding some
multiple of $5, at least the face value of the item and not exceeding
his cash on hand.  Once an item has been offered for auction, each
player in turn may then pass or raise the bid by some multiple of $5,
again not exceeding cash on hand.  Once a player passes he may not bid
again on that item.  The auction ends when all players but the highest
bidder pass in turn, and the item is sold to the highest bidder.  The
next opportunity to auction an item goes to the player to the left of
the highest bidder.  If all players in turn decline to auction an item
before anything is sold, the game is declared a draw between all the
players.  If all players pass in turn when some but not all of the items
in the start packet are sold, each Land Grant Charter and Pioneering
Railroad pays its income (printed on the card) to its owner, and the
First Railroad Convention resumes with the player to the left of the
last purchaser.  If everyone passes because there is nothing left in the
start packet, the Priority Deal card is given to the player to the left
of the last purchaser and the game continues with the first Stock Round.

The start packet contains:
* The four Private Companies
* The four Pioneering Railroads
* The six Land Grant Charters

SECOND RAILROAD CONVENTION

The Second Railroad Convention starts after the first Land Grant Charter
is converted and everyone other than the player converting the Charter
has had one more turn in the Stock Round.  Starting with the player who
converted the first Land Grant Charter and proceeding clockwise, each
player may either pass or offer one of the items in the second public
offering for auction by bidding some multiple of $5, at least the face
value of the item and not exceeding his cash on hand.  Each player in
turn may then pass or raise the bid by some multiple of $5, again not
exceeding cash on hand.  Once a player passes he may not bid again on
that item.  The auction ends when all players but the highest bidder
pass in turn, and the item is sold to the highest bidder.  The next
opportunity to auction an item goes to the player to the left of the
highest bidder.  The Second Railroad Convention ends when all players in
turn decline to offer an item for auction.  Any remaining items from the
second public offering are placed in the Bank Pool.  The game resumes
with the remainder of the interrupted Stock Round, with the player who
started the Second Railroad Convention going first.

The second public offering contains:
* The seven Subsidiary Companies
* The six remaining Charters
* The Credit Mobilier shares (one for each player, plus one)

STOCK ROUNDS

A Stock Round consists of a series of turns, starting with the holder of
the Priority Deal card and proceeding clockwise.  On each turn, the
player may sell any number of certificates, subject to the constraints
set out below, and then may perform one "buy" action - convert a Charter
(or, exceptionally, several), buy one certificate, launch a Hostile
Take-over, or initiate a Merger.  A player doing nothing is deemed to
pass.  The player may also exchange Bonds for cash at the current
exchange rate, but this does not count as an action (see section ??,
Bonds).  The Stock Round ends only when all players pass consecutively.
Thus, a player buying or selling stock is guaranteed another turn in the
current Round.  At the end of a Stock Round the player to the left of
the last player to perform an action in the Round takes the Priority
Deal card; if there were no transactions in the Round the Priority Deal
card does not move.  All stock transfers in a Stock Round are done
between a player and either the Bank or a Corporation.  Players may
never buy stock directly from one another.

SELLING STOCK

To sell shares, the player transfers any number of share certificates
from his holdings into the Bank Pool, subject to the following
constraints:

* Private Companies, Subsidiary Companies, Charters, and Credit Mobilier may not be sold to the Bank
* Shares in a Corporation which has not yet completed its turn in an Operating Round may not be sold
* There may never be more than 50% of the shares of any Corporation in the Bank Pool as a result of 
sales
* President's Certificates may not be sold into the Bank Pool
* Stock covered by a Puff Marker may not be sold (see section ??, Puffing Stock)

The player receives from the Bank the current share price for each share
sold.

If as a result of selling shares the holding of a Corporation President
drops below that of another player (who must own at least 20% of the
Corporation) that other player becomes the new President.  If there is
more than one eligible player, the new President is the player with the
largest holding, or, in the case of a tie, the tying player closest to
the outgoing President's left.  The outgoing President exchanges his
President's Certificate for two ordinary 10% shares of the affected
Corporation belonging to the new President.  This exchange is effected
before resolving the rest of the sale.

Selling shares normally causes the Corporation's price to drop.  This is
done by moving the Corporation's Stock Market Token vertically down by a
number of squares equal to the number of 10% shares sold, or to the
bottom of the chart if there is insufficient room for the full drop.  If
the token is already at the bottom of the chart ("on the ledge") it does
not move.  If the token moves to a square on the Stock Market which is
already occupied by other Stock Market Tokens, it is placed at the
bottom of the pile; if the token remains on its original square it
retains its relative position in a pile.  The player receives the
original price for each of the shares sold.

If the player sells shares in more than one Corporation in a single
turn, he decides on which order to sell them; this will decide the order
of Corporations whose Stock Market tokens drop to the same square.  A
player who owns stock in excess of the certificate limit (which can only
happen legally if another player buys stock to cause a Presidency
transfer) must sell stock, if possible, to bring himself within the
limit at his first opportunity in a Stock Round.  If he can sell some
stock but not enough to bring himself within the limit then he must sell
what he can.

BUY ACTIONS

In this phase, the active player may perform one of the following
actions:

* Convert a charter (or, exceptionally, more than one if subject to Hostile Take-overs)
* Buy a certificate
* Perform a merger
* Attempt a Hostile Take-over

These actions are described below.  Once the player has done his action,
or passed, he removes any Puff Markers from his own stock and the turn
passes to the next player.

CONVERSION OF CHARTERS

A player may only convert a charter which he owns.  The player sets the
par price of the associated Corporation by putting the Par Price Token
in the appropriate space by the Stock Market.  The number of spaces at
each price does not constitute a limit on play.  The player also puts
the Share Price Marker in the appropriate space on the Stock Market,
underneath any Markers already there.  The player then transfers the
President's certificate and up to two further 10% certificates of the
associated Corporation to his portfolio, paying the price of the
certificates (twice the par price for the President's certificate, and
the par price for the others), less a discount of $100 for the charter,
to the Bank.  Finally, the player closes the charter, discarding the
certificate.

Land Grant charters may not be converted in Phase 2 (see section ??,
Phases).  Late Corporation charters may not be converted until all of
the Land Grant charters have been converted, nor may they be converted
in the same Stock Round as the conversion of the fifth Land Grant
charter.

If 50% of the associated Corporation has been sold from the Initial
Offering at this point (which can happen if the Corporation is the
subject of a hostile take-over attempt, or for the Northern Pacific) it
is floated at this point and the following actions performed:

* The President receives the Corporation Charter and Station Markers
* The Corporation Treasury receives ten times the par value
* If the Corporation is CNW, it receives Chicago Track Rights
* The Earnings Marker is placed on the zero space on the earnings track

The number of Station Markers a Corporation receives depends on its par
price - two if the par price is $65, three if the par price is $70, four
if the par price is $75, and five if the par price is $80, $90, or $100.

If more than one of a player's charters are subject to hostile take-over
attempts, he may convert some or all of them in one turn.  Otherwise, he
may convert no more than one charter.

BUYING ORDINARY STOCK

To buy stock, the player whose turn it is transfers one certificate from
the Initial Offering, the Bank Pool, or a Corporation Treasury, into his
own holdings.  If the certificate represents a Charter, Subsidiary
Company, or Credit Mobilier it necessarily comes from the Bank Pool and
its price is the cost printed on the card.  Otherwise, the certificate
must be a 10% share in a Corporation whose Charter has been converted
and therefore has Par and Stock Market prices set.  If a share
certificate comes from the Initial Offering its price is the par price,
and otherwise its price is the stock price.  If the certificate comes
from the Corporation Treasury then its price is paid to the Corporation;
otherwise its price is paid to the Bank.  The President of the
Corporation concerned may not block the sale.  Buying stock does not
cause the current share price to change.  Only one certificate may be
bought per Stock turn.

If the player buys the fourth certificate from the Initial Offering
(making 50% sold altogether) the Corporation is floated, and the
following actions are performed.

* The President receives the Corporation Charter and Station Markers
* The Corporation Treasury receives ten times the par value
* If the Corporation is CNW, it receives Chicago Track Rights
* The Earnings Marker is placed on the zero space on the earnings track

The number of Station Markers a Corporation receives depends on its par
price - two if the par price is $65, three if the par price is $70, four
if the par price is $75, and five if the par price is $80, $90, or $100.

If, as a result of a share purchase, the player's holding exceeds that
of the current President, he becomes the new President, exchanging the
President's Certificate for two 10% certificates of his own.

A player may not buy stock in a Corporation if he sold stock of it or a
predecessor earlier in the same Stock Round.

No one player may ever own more than 60% of any Corporation.

A player may not purchase any share certificate if his holdings already
equal or exceed the certificate limit, even if the purchase would cause
a change of Presidency and immediately reduce the player's holding back
to the limit.

MERGERS

The player may merge two Corporations.  He may only do this if:

* It is Phase 5 or later
* Neither Corporation has merged previously
* A Station Marker of one Corporation is on a route of the other (this implies that each must have 
operated at least once)
* At least one of the Corporations owns a Train
* The Presidents of the two Corporations agree to the merger
* The active player is the President of at least one of the Corporations
* At least one player (not necessarily the active player or even one of the Presidents) owns at least four 
shares of the stock in the two Corporations combined
* The Administration Fee (see below) can be paid

One of the two Corporations is merged into the other.  Either
Corporation may survive at the choice of the active player; the choice
is never important, though it's helpful to retain the one whose tokens
are more readily distinguishable.

All shares of the two Corporations in the Initial Offering are
transferred to the Bank Pool.  All shares in the two Corporation
Treasuries are also transferred to the Bank Pool, and the surviving
Corporation is paid the current market price of the appropriate
precursor for each such share.  (These are not sales, so the share price
is not adjusted.)  The current market price of the surviving Corporation
is set at the sum of the two Corporations' current market prices, less
one, rounded down to the next value available on the top row or
left-most column on the Stock Market.  For each of the precursor
Corporations which does not own a Train of type 6, 7, or 8, the price is
then moved one space to the left, or down if the price is already in the
left-most column.

Each 10% certificate of each precursor Corporation is swapped for a 5%
certificate of the special Merger Corporation, and each 20% President's
Certificate is swapped for two 5% certificates.  Then, starting from the
active player and proceeding round the table in Stock Round order, each
pair of certificates of the Merger Corporation is then swapped for a 10%
certificate of the surviving Corporation, except that the first player
swapping two pairs (and there must be at least one) is given the
President's certificate.  Then, again starting from the active player
and proceeding round the table in Stock Round order, each player left
with a single certificate of the Merger Corporation may either pay to
the Bank half the price of the surviving Corporation (rounded down) to
convert his Merger certificate to a share in the surviving Corporation,
or receive half the price of the surviving Corporation (rounded down) in
exchange for his Merger certificate.  Once shares in the surviving
Corporation run out, further players must sell their Merger
certificates.  If any player owns more shares than the holder of the
President's Certificate, the player with the most shares (or, in the
case of a tie, the tying player closest to the left of the holder of the
President's Certificate) swaps two of his 10% shares for the President's
Certificate.

All cash, Bonds, Track Rights, and Trains in the disappearing precursor
Corporation are given to the surviving Corporation.  If the surviving
Corporation possesses more rolling stock than its limit, excess Trains
are discarded to the Bank Pool and excess Palace Cars are returned to
the Bank, both without compensation.  If the Corporation possesses two
like Track Rights markers, one of each such pair is discarded and
removed from the game without compensation.  Station Markers of the
disappearing Corporation, whether on the map or as yet unused, are
replaced by those of the surviving Corporation.  If the surviving
Corporation has two Station Markers in any hex, one is lost without
compensation.  The surviving Corporation may end up with no more than
eight Station Markers and Track Rights altogether; excess ones are lost
at the discretion of the President, but at least one Station Marker must
remain on the map and one must remain in the home station (or each home
station, in the case of the Northern Pacific) of a precursor Land Grant
Corporation which has yet to complete its Land Grant.

The surviving Corporation must pay an Administrative Fee equal to the
distance in hexes between the closest Station Markers of the precursors
(measured before any are removed) multiplied by $20.  If the Corporation
treasury is insufficient, the President must make up the difference and
may not sell stock in order to do so.

The disappearing precursor Corporation's company mat, share
certificates, and share price, par price, and earnings markers are all
discarded.  

A Corporation which has merged may not be merged further, and its Train
limit is increased by one over the normal value.  The price it pays for
further Station Marker placements lower - see section ??, Station
Markers, below.  It behaves otherwise as a normal Corporation.  Merged
Corporations inherit the rights and responsibilities of its
predecessors.  If one of the predecessors had an incomplete Land Grant,
it must continue to lay one track tile in the Grant each turn, though
its other lays or upgrades may be elsewhere.  If both precursors had
incomplete Land Grants, the survivor must lay one track tile in each, if
possible.  

HOSTILE TAKE-OVERS

The active player may attempt a hostile take-over of another player's
unclosed charter.  To do this, he must have sufficient cash (and/or
Bonds) as outlined below, and must own fewer share certificates than the
limit.  The active player ("the attacker") bids any multiple of $5, at
least $100, for the charter, marking this by taking a 10% share of the
charter's associated Corporation (but does not pay for it immediately)
and placing it in front of him but not in his portfolio of shares.  (The
easiest way to mark this is to turn the certificate sideways.)  The
attacker must have at least $30 left over after deducting the amount
bid.  No further action takes place until the next stock turn of the
owner of the charter ("the defender").  Intervening players may also
launch hostile take-overs of the same charter, bidding any multiple of
$5 over the highest bid on the charter; such players simply take,
without immediate payment, a 10% share but do not place it in their
portfolio, and must also have at least $30 left over.

If, on his turn of the Stock Round, one of a player's charters is
subject to a hostile take-over, he must either sell it to one of the
attackers or convert it.  If there is more than one attacker, they bid
amongst themselves, in stock round order starting with the original
attacker, in multiples of $5.  Once the highest bidder is established,
the defender may accept or refuse that high bid.  The winning attacker
may continue to raise his bid (in multiples of $5) if the defender
chooses not to sell at the old bid.  If the defender accepts the bid,
the attacker takes the charter in exchange for the agreed bid, and must,
in his next turn, convert the charter unless it is the subject of a
further successful hostile take-over.  (This is why the attacker must
have at least $30 left over after each bid.)  The defender then takes
his turn normally.

If the defender refuses to accept the attacker's high bid, he must
convert the charter in the current turn (possibly after selling shares),
using the procedure outlined above under Conversion of Charters.  All of
the unsuccessful attackers of the charter must pay the current par price
for their 10% shares and move them into their portfolios at this time. 

If the defender has more than one charter subject to a hostile
take-over, he deals with them in any order he chooses.  Any which he
does not sell must be converted in that turn; this is the only
circumstance when he may convert more than one..

ENDING THE STOCK ROUND

The Stock Round ends when all players pass consecutively.  At the end of
the Stock Round, if 100% of any Corporation is in players' hands (i.e.
there is no stock in the Bank Pool, Initial Offering, or Corporation
Treasury) the Stock Market Token for each such Corporation rises one
space vertically on the Stock Market, if possible.  If the price is
already on the top row, it moves one space diagonally down and right, if
possible.  All affected Stock Market Tokens move simultaneously, and do
not change relative order.  If a Corporation's token moves to a square
which is already occupied, it goes to the bottom of the pile.

The Round Marker is moved to the green Operating Round space to indicate
that there will be two Operating Rounds before the next Stock Round.

OPERATING ROUNDS

In each Operating Round, every Land Grant Charter, Private Company,
Subsidiary Company, and floated Corporation operates once.  The Private
Companies, Land Grant Charters, and Subsidiary Companies owned by
players, operate first, by simply paying their fixed incomes to their
owners.  The Corporation whose stock value is highest operates next,
then the highest unoperated Corporation, and so on.  If the stock values
of two or more Corporations are equal, then the one whose Stock Market
Token is furthest to the right operates first.  If two or more Stock
Market Tokens are on the same square on the Stock Market, the one on top
operates first.  The decision about which Corporation is to run next is
deferred until the end of the previous Corporation's operations; sales
of stock during an Operating Round (which in practice rarely occur) may
affect this order.  When a Corporation operates, it performs the
following activities.  Most are optional, but if done they must occur in
this order:

* Place its home Station Marker (compulsory on the first turn of operation)
* Operate any owned Subsidiary Companies (compulsory)
* Lay or upgrade track
* Place one Station Marker or buy Track or Mining Rights
* Run Train(s), if any, to establish earnings (compulsory)
* Pay, split, or withhold dividends
* Buy rolling stock (usually optional but sometimes compulsory)
* Puff stock
* Issue or redeem Corporate stock

These activities are described in the next paragraphs.  In addition, in
Phases 3 and 4 the Corporation my buy any Private Company from any
consenting player.  All decisions made on behalf of the Corporation are
made solely by its President.

At the end of each Operating Round the Round Marker is moved, following
the arrows, to the next space.

ROUTES

Many of the activities of Corporations revolve around routes, an
important concept which deserves its own section.  A route of a
Corporation is a continuous unbranched length of track, including on it
at least one city or classification yard with a Station Marker on it
belonging to the Corporation.

A route may not reach or pass through any city or classification yard
more than once.  Note that the two cities on yellow, green, and brown
"YY" tiles are separate, and a route may pass from one to or through the
other.  The same applies to the San Francisco green tile.

A route may not pass through or terminate in any station completely
filled with Station Markers belonging to other Corporations, although it
may use a track segment leading up to such a city.  Station Markers in
brown and grey classification yards do not block routes.  A route may
not enter Chicago or St Louis unless the corporation has Track Rights in
the city (see section ??, Track Rights).  A route may not enter a Mining
District unless the corporation has Mining Rights in the district.

A route may not use any segment of track more than once.  It may use the
junction in the centre of plain track tiles multiple times, although the
track segments leading to the edges of such tiles may be used only once
each.

PLACE HOME STATION MARKER

In its first turn of operation, each Corporation must place its free
Station Marker on its home city, marked on the map.  NP has two home
cities (Tacoma and Minneapolis/St Paul) and must place one free Station
Marker in each.

OPERATE SUBSIDIARY COMPANIES

If the Corporation owns any Subsidiary Companies, it operates them.
Each Subsidiary Company may, optionally, lay one track tile or upgrade
one yellow track tile to green.  If the Company does so, the earnings of
the parent Corporation are increased by $20 provided that they are
otherwise non-zero.  The parent Corporation (and its President, if the
parent Corporation has insufficient funds) is responsible for any
terrain costs.

The rules for laying or upgrading track are as outlined in the next
section, except that the track laid must form part of a route of the
Subsidiary, not of the parent Corporation.  The Company may not lay
track in hexes reserved to other Companies or Corporations, not even
those of its parent.

LAY OR UPGRADE TRACK

In Phase 2, a Corporation may lay a single yellow track tile per
Operating Round.  Thereafter, it may:

* lay three yellow track tiles, at most one of which may be in a mountain hex
* lay one yellow and one green track tile
* lay one yellow track tile and upgrade one yellow track tile to green
* lay one yellow track tile and upgrade one green track tile to brown, if brown track is available
* lay one yellow track tile and upgrade one brown track tile to grey, if grey track is available
* lay two green track tiles, if brown track is available
* lay one green track tile and upgrade one yellow track tile to green, if brown track is available
* upgrade two yellow track tiles to green, if brown track is available
* upgrade one yellow track tile to green and one green track tile to brown (in either order) if grey track 
is available
* upgrade two green track tiles to green, if grey track is available.

Brown track tiles are available from Phase 5, and grey track tiles are
available from Phase 7.  All tiles laid or upgraded in a single turn
(including those by Subsidiary Companies) must be in different hexes.
Corporations may build less than their full allowance.  As a special
case, NP may build the normal allowance from each of its railheads,
either until a route connects the railheads along the line of NP's Land
Grant or NP merges.  Corporations with incomplete Land Grants must lay
at least one track tile in their Land Grants each turn, and the last
three options are therefore unavailable to them. 

Yellow tiles are placed on and aligned with one of the pale green hexes
on the map.  Similarly, green tiles are placed on and aligned with
yellow-edged hexes.  While there is no track in the Corporation's home
hex, the Corporation may lay any suitable city tile there, and may not
lay a tile anywhere else.  Otherwise, some of the track on the tile must
form part a route of the Corporation.  Tiles may not be placed so that
track runs off the hex grid or into the blank side of a grey hex.  If
the map hex has yellow or green triangles on one or more of its edges,
the first track laid in that hex must connect to such edges. 

If the hex is labelled with a sum of money, representing difficult
terrain, the Corporation must immediately pay that sum to the Bank.  If
the Corporation has insufficient funds, its President may make up the
shortfall from his own funds, but may not sell stock in order to raise
the required amount.  This prohibition of stock sales overrides the
usual requirement for Corporations with incomplete Land Grants to lay
track tiles in their Land Grants.)

The type of tile laid must match the type of hex.  If the map hex is
marked with a black diamond or large open circle, representing a city,
then the tile must have a corresponding symbol.  Labels (one of LA, O,
SF, T, W, YY, or blank) on the map and tile must match.  Map hexes
marked with neither diamond nor a circle must have plain track laid on
them.

Yellow, green, and brown track tiles upgrade to green, brown, and grey
track tiles respectively when available.  Green and brown track tiles,
when available, may be laid directly on pre-printed yellow and green
hexes respectively, and these actions are also upgrades.  Track tile
upgrades in yellow, or green hexes may require a payment for difficult
terrain.

When upgrading track, the old tile, if any, is removed and is available
for reuse.  All track on the old tile or the preprinted map hex must be
represented, in the same orientation, on the new.  Some of the track on
the new tile (not necessarily track which is not present on the old
tile) must form part a route of the Corporation.  Tiles may not be
upgraded so that track runs off the hex grid or into the blank side of a
grey hex.  If the map hex has triangles on one or more of its edges
which match the colour of the new track tile, track placed in that hex
must connect to such edges.  Plain track and city tiles must be replaced
with corresponding tiles, and in the case of large cities the labels
must also match.

If two or more tiles are being laid or upgraded, the route extended by
later tiles may include track on earlier ones, but need not.

Plain grey track tiles are available in 5- and 6-segment forms.  When
brown plain track tiles are upgraded to grey, a 6-segment form must be
used unless that is illegal for the hex or none are left.

The supplied quantity of yellow track is intended to be sufficient for
most games; if it runs out more should be constructed.  The tile mix of
all other track is intended to limit play.  If a vital tile is in play,
then it must first be upgraded in order to free it.

PLACE STATION MARKER

A Corporation may place one of its Station Markers per Operating Round
on a vacant city or classification yard space which is on a route of the
Corporation.  Station Markers may not be placed on the track of an
uncompleted Land Grant if that would block the Land Grant Corporation
from its Land Grant.  A Land Grant Corporation which has not yet
completed its Land Grant or laid its second free Station Marker, as
appropriate, may not place a Station Marker.  Corporations may place no
more than one Station Marker per turn (in addition to its home
station(s)).

One space on each Corporation's home hex is reserved to that
Corporation; other Corporations must leave a space free if that
Corporation has not yet had its first Operating turn.  (Note that there
must really be space there; it is not sufficient to claim that the track
tile might be upgraded to create a space.)  NP has two reserved hexes,
and both must be left clear until its first turn.  ATSF, Katy and SP
have two reserved hexes; the additional ones must have a space left
vacant until the Corporation concerned has laid there.  No more than one
Station Marker of any Corporation may be placed in any hex.  Once
placed, Station Markers may not be moved, although Station Markers can
be lost in mergers.  Each unmerged Corporation has between two and five
Station Markers, one of which is placed on its home hex.  Merged
Corporations inherit the Station Markers of their predecessors, to a
maximum of eight.

Station Marker placements must be paid for.  The cost for Corporations
which have not merged is $20 multiplied by the distance in hexes between
its home station and the new Station Marker.  NP, ATSF, Katy, and SP,
which have two home stations, use the distance from the nearer home
station.  The cost for Corporations which have merged is $20 multiplied
by the distance in hexes between the new Station Marker and its nearest
existing Station Marker.  If the Corporation has insufficient cash in
its treasury, its President may make up the shortfall but may not sell
stock in order to do so.

ATSF, Katy, and SP must place a Station Marker in their secondary home
stations as soon as they can.  These Station Markers are free.  If these
Corporations merge before they place these Markers, the obligation
passes to their successors.

If a Corporation can establish a route to the edge of Chicago or St
Louis, it may purchase Track Rights in that city unless all have been
sold or the Corporation already has Track Rights there.  The cost is the
next available Station Marker token, which must be paid for as usual.
Land Grant Corporations which have not completed their Land Grants may
not purchase Track Rights.  Corporations may buy only one set of Track
Rights per turn, and may not place a Station Marker or buy Mining Rights
in the same turn.

A Corporation which can establish a route to the edge of a Mining
District and the Mining District Private Company is either closed or
owned by a Corporation may buy Mining Rights in that District unless it
already has them or all have been sold.  The cost is $40, paid to the
Corporation which owns the Company or to the Bank if the Company is
closed.  A Corporation may buy only one set of Mining Rights in a turn,
and may not place a Station Marker (other than its home station(s)) or
buy Track Rights in the same turn. 

RUN TRAIN(S)

If the Corporation has one or more Trains, it runs them to establish
earnings.  The route used by each Train must include at least two
stations but no more stations than the number of the Train.
Intermediate cities may not be skipped.  If a Corporation owns more than
one Train, each must be run on a separate route. 

The value of a route is equal to the sum of the values of the stations,
classification yards, and Mining Districts it passes through or reaches.
The value of a station etc. is the number printed in the small circle,
for constant values, or the rectangle, for values dependent on the
current Phase (see section ??, Phases).  If the Corporation owns a
Palace Car, the value of one station or classification yard is doubled
for one of its Trains.

If the route reaches or passes through a classification yard which has
on it a Station Marker of the Corporation, the Corporation may run a
Bonus Train, of type 2 if the classification yard is brown or of type 3
if it is grey, for each such classification yard.  The Bonus Train must
include, as one of its stations, the classification yard from which it
was earned, and the route on which it runs must be separate from those
of all other Trains.  A Palace Car may not be attached to a Bonus Train.

A Corporation's earnings are the sum of the values of the route run by
its trains, plus $20 for each of its Subsidiary Companies which laid or
upgraded track provided that its earnings from running trains are
non-zero.  The highest legal earnings announced by any player must be
declared, but players are not obliged to announce earnings higher than
those declared by the President.

The Earnings Marker should be placed on the dividends track to reflect
the amount earned.  This step can be omitted, but it serves to remind
players later what each Corporation's earnings were and hence speed up
the game.  

PAY DIVIDENDS

The Corporation may keep all of its earnings, pay its earnings as
dividends, or pay half (rounded up to the next multiple of $10) and keep
the rest.  10% of the dividend is paid to the holder of each share.
Payments for shares in the Initial Offering or Corporation treasury go
to the Corporation, while payments for shares in the Bank Pool are lost.

If the Corporation keeps all of its earnings, or if the earnings are
zero, its price marker is moved one square to the left on the Stock
Market, or one square down if the current square is marked with a
downwards-pointing arrow.  Note that a Corporation's price must fall in
this manner during its first turn of operation, since it necessarily has
no train.  If the price marker is already at the bottom left, it does
not move.  If the Corporation pays all its earnings as a dividend, the
price marker is moved one square to the right, or up if the current
square is marked with an upwards-pointing arrow.  If the price marker is
already at the top right, it does not move.  If the Corporation retains
half of its earnings and pays the rest, the price marker does not move.
In any case, if the price marker moves to a square which is already
occupied, the marker goes to the bottom of the pile, and retains its
position in a pile if it does not move.

PURCHASE ROLLING STOCK

If the Corporation has fewer Trains than the current limit, then it may
purchase a Train.  Except in Phase 2, the Train may be from another
Corporation with the consent of its President; the price is any amount,
at least $1 and not exceeding the active Corporation's treasury.  (Bonds
may be exchanged for cash at the current rate to raise funds for the
purchase, but unexchanged Bonds may not be part of the purchase price.)
The Train may be any from the Bank Pool, or the cheapest new Train in
the Bank; the price paid must be the face value.  (Trains only get into
the Bank Pool through Corporations discarding excess Trains when the
Train limit falls or on mergers, and because this does not happen often
in practice, there are usually no Trains there.)  The Corporation may
buy multiple Trains each Operating Round if it has the room and
resources, but the effects of each Train purchase apply immediately
after each is bought.  A Corporation currently below its Train limit may
purchase a Train even if this triggers a phase change which causes the
Corporation to be over the limit.  A Corporation may discard a Palace
Car if by doing so it would make room for a Train and it then buys a
Train.

If the Corporation has a route on which it could legally run a Train,
but it has no Train, it must buy one even if it has insufficient
resources.  If it does have the resources, it may arrange to buy a Train
from another Corporation, or it may buy any Train from the Bank Pool or
the cheapest new Train from the Bank.  Otherwise, it must buy the
cheapest Train from the Bank (or, at its option, any train from the Bank
Pool) and the President must make up the shortfall.  A Corporation is
not compelled to buy a Train from another Corporation even if its price
is lower than one from the Bank or Bank Pool.  The Corporation first
uses its own money; stock in the Corporation Treasury is useless at this
time.  Then the President uses his own cash (and Bonds, if he has them).
If this is insufficient, he must sell stock.  These stock sales are done
immediately.  The normal constraints on stock sales apply; additionally,
the President must retain the President's Certificate of the active
Corporation.  The sales may be done in any order, and must stop as soon
as the necessary cash is raised.  As with sales in a Stock Round, the
President receives the full value of each share sold (i.e. its value at
the start of the Train-buying action), even if the price drops as a
result of those sales.  If the President is unable to raise the purchase
price of the Train, he is bankrupt and the game is over.

If the purchase of a Train lowers the Train limit, Corporations with
more rolling stock than the new limit must discard the excess without
compensation. Discarded Trains go into the Bank Pool, and Palace Cars
are returned to the Bank.  If more than one Corporation has excess
rolling stock, they decide which to discard in descending order of
price.  Of Corporations having the same price, those whose price is
furthest right on the Stock Market discard first.  Of Corporations with
prices on the same square on the Stock Market, those whose tokens are on
top discard first.  A Corporation currently at the Train limit may not
buy one, even if the purchase would trigger a phase change and eliminate
enough rolling stock to make room,

If the purchase of a Train from the Bank uncovers a Bond Marker, place
it in the Bank Pool covering the one already there.  The new exchange
rate for Bonds is effective immediately.

PHASES

[The Phases table gets inserted here.]

The game starts in Phase 2.  At the start of the second pair of
Operating Rounds, any remaining Trains of type 2 are discarded and
replaced with the same number of Trains of type 3.  Phase 3 starts at
this point.  Phases 4, 5, 6, 7, and 8 start with the purchase of the
first Train of types 4, 5, 6, 7, and 8 respectively.

PUFF STOCK

A Corporation may "puff" its stock, by moving its share price token one
space to the right, or one space upwards if the share price token is at
the end of a track.  If the new space is occupied, the token is placed
at the bottom of the pile.  The Corporation must pay, to the bank, ten
times the difference in stock price between the old and new locations.
The money paid must come from the Corporation treasury; the President
may not contribute his own funds.

When the Corporation puffs its stock, its President must place a Puff
Marker on his shares of the Corporation.  While the Puff Marker remains,
the player may not sell shares in the Corporation though he is not
thereby prohibited from selling odd shares in mergers.  The Puff Marker
will be discarded at the end of its holder's next turn in a Stock Round.

If the Corporation merges, its Puff Marker (or Markers, if there is more
than one) is (or are) transferred to shares of the successor Corporation
held by the same player.  If the Corporation changes President other
than by merging (i.e., some other player purchases more shares to make
his holding exceed that of the President) then the Puff Marker held by
the outgoing President is discarded.

ISSUE OR REDEEM STOCK

The Corporation may either issue or redeem its own stock, but not both
in one turn.  Issued stock is transferred from the Corporation treasury
to the Bank Pool, and the Corporation receives from the Bank the current
price for each 10% sold.  Issuing stock may not cause more than 50% of
the stock to be in the Bank Pool.  As with sales, issuing stock normally
causes the Corporation's price to drop.  This is done by moving the
Corporation's Stock Market token vertically down by a number of squares
equal to the number of 10% shares issued or to the bottom of the chart
if there is insufficient room for the full drop.  If the token is
already on the ledge it does not move.  If the token moves to a square
on the Stock Market which is already occupied, it is placed at the
bottom of the pile; if the token remains on its original square it
retains its relative position in a pile.

Redeemed stock is transferred from the Bank Pool to the Corporation; the
current price must be paid from the Corporation treasury to the Bank.
More than one certificate can be redeemed in a single Operating turn,
but no more than 50% of the stock may be in the Corporation treasury as
a result of redemptions.  Redeeming stock does not cause the
Corporation's price to change.

ENDING THE GAME

The game ends immediately if any player goes bankrupt or if the First
Railroad Convention ends with nothing sold.  Otherwise, the game ends at
the next end of a set of Operating Rounds after the Bank runs out of
money.  The game still ends at that point even if the Bank subsequently
becomes solvent.  The Bank continues to pay demands due of it even when
broken; players should record these (on paper or some more modern
equivalent), or each lend the Bank some money.

Each player's total wealth is the value of his stock, at current prices,
plus his cash on hand.  Subsidiary Companies, Charters, and Credit
Mobilier, if they are still open and held by players, count face value.
Corporation assets, including treasury and Trains, count for nothing.
The richest player wins.  It is possible, though unlikely, for a player
to go bankrupt and still win.

ETIQUETTE

Players should attempt to speed play as much as possible.  Determining
what share to buy, and which tile(s) to lay should preferably be done in
other players' turns.  The Banker(s) especially should remain awake at
all times.  All personal and corporate assets are public knowledge, and
must be disclosed to any player on request.  Assets should be kept
neatly so that the need for explicit requests is minimised.

Players may negotiate with other and strike deals.  Such deals are not
binding.

GLOSSARY

City - type of map hex or track tile which has a population centre.
Cities can be developed as stations or classification yards.

Classification yard - a type of city which allows Corporations to run
bonus trains.

Lay Track - place a yellow tile on a pale green, or place a green tile
on a yellow-edged hex.

Palace Car - a type of rolling stock which increases the value of one
station when attached to a train.

Rolling stock - either a Train or a Palace Car.

Station - a city or classification yard which counts as a stop for a
train running through it, and which contributes towards earnings.

Train - a type of rolling stock which can be run on a route to earn
money.

Upgrade Track - replace a yellow, green, or brown tile with a green,
brown, or grey tile respectively, or place a green or brown tile on a
preprinted yellow or green hex.

DESIGN NOTES

1848's most immediate ancestor is 1869: The Golden Spike, by Colin
Barnhorst and Kris Marquardt.  That game, while interesting, was clearly
unbalanced, and many of its rules were overly complex.  The map wasn't
true to the geography of the region, nor was likely track development
true to history.  Also, the later stages of the game bogged down through
the over-generous provision of classification yards and the ease of
building track.  So we (Chris Lawson and Steve Thomas) modified the game
extensively.  Bonds were reduced in value, track building was curtailed,
the unwieldy margin, growth share, and reorganisation rules dropped, and
many other small changes were made.  The result was a more balanced
game, but imbalances remained, the opening was very stylised, and there
were many rough edges to the game.  These didn't seem to bother the
playtesters much, but they did bother the developers.  1848 was born
early in 2000 as a major redesign, mostly done by Chris.  Four more
companies were added, together with the charter rules and hostile
take-overs.  The old first, second, and third railroad conventions
disappeared.  The map changed completely, though some minor liberties
with the geography of the region are still taken.

Early versions were troubled by excessive revenues at all stages of the
game.  After flirting with trains which only earned half revenues, we
fixed matters at source by reducing the values of the cities.
Compulsory double-heading was aimed mainly at cutting revenues, but,
crucially, it also reduced the difficulty of running trains in the late
game and speeded play.  (It is moderately difficult to run a 15-Train
efficiently through a complex network of track.  It is almost impossible
to do so for two or even three such trains.)  Making brown and grey
classification yards not block and not count as stations led to a very
open network of routes which should  have speeded up play but in
practice didn't, so double-heading was dropped and classification yards
trimmed back.   

A lack of development in critical areas of the board led to the
introduction of the Subsidiary Companies.  By serendipity, the cost (to
the players) of these solved some of the problems of an early rush into
the Land Grant Corporations, and hence a rush through the trains so
severe that even the first 4-train purchased often rusted before its
owner could operate it.

CREDITS

1848 was developed by Chris Lawson and Steve Thomas from an idea by
Colin Barnhorst and Kris Marquardt.  Steve Thomas wrote these rules.
Playtesters include Richard Appleton, Mark Ashfield, Simon Cutforth,
"Young" Jeff Edmunds, Mark Farbus, Mark Geary, "Old" Geoff Hardingham,
Peter Hawkins, Paul Heald, David G D Hecht, Chris Lawson, Tom Lehmann,
Keith Loveys, Dane Maslen, David Nash, Ken Simpson, David Smith, Don
Smith, Steve Thomas, Dave Thorby, Peter Vogelzung, and Ian D Wilson.

Many of the rules of 1848 are freely adapted from those of other games.
The basic concepts of stock ownership, track laying, trains, and much
more are taken from 1829 and its many successors.  Classification yards,
Bonds, Land Grants, Palace Cars, merging, Puffing, and Golden Spikes are
taken, in more or less modified form, from 1869: The Golden Spike.  The
rules covering redeeming and issuing stock are taken, ultimately, from
Federico Vellani's 1849.  But there are still plenty of original rules
in here!

TABLE 1 - CERTIFICATE LIMITS

Number of players: 2: 3: 4: 5: 6
Certificate limit: 42: 28: 21: 17: 14