1849 is set on Sicily. It's entirely hypothetical; the railway only
arrived in 1863.

Companies come out in a random order, except in your first game the
IFT is not amongst the first three. The corporations seem to have more
differences than normal - eg already I find one selects a home city
while the others are fixed (albeit the home cities may have multiple
spots), and they have different token prices.

Two-dimensional stock market, price cap before phase 16 (it's hex
trains, so phases go 2/4/6/8/10/12/16 a bit like Ireland), can't buy
more than 60%. Down on any player selling or issuance, down for
certificates in the bank pool at the end of an SR, move left or right
on withhold or pay out, no double jumps.

There's 5 privates (with the normal sort of special powers and an
auction). They can be bought in from phase 6 and vanish in phase 12.

You sell shares then buy one or start the next major (no choice as to
which). In the latter case there's one phase-2 par price, another one
from phase 4, another from phase 6 etc so I think at the start of the
game there's no choice in par price. If you start one, you can buy up
to two shares immediately. You pay for tokens up front, and it's
partial capitalisation.

Companies have a 20% "last certificate". It can only be bought if
there are no other certificates to buy in whichever of the treasury or
the bank pool is being bought from, it can't be bought by trading in a
10% certificate, it can't be "half sold" for a 10% certificate and
cash, and it can only be issued if that empties the treasury.

A Director who's selling may take the "last certificate" from the
incoming Director when swapping the Director's certificate for
ordinary certificates. They might have to (incoming Director doesn't
have 2 10% certificates) and if the outgoing Director only held 20%
they'd have to sell to 0% (because you can't half-sell a "last
certificate"). 

There's narrow gauge track, and dual gauge in brown tiles. It's
cheaper to lay narrow gauge in mountains, but each narrow gauge hex
counts as two when running your trains. Routes (ie, for trains to run
and to determine where you can lay new track) can only change gauge at
stations, but there's no inherent rule against placing track to create
a break of gauge elsewhere. Upgrades are "use some new track or
upgrade a city".

Terrain costs apply on upgrades, not just initial lays. You pay the
lower narrow gauge cost if you're only adding narrow gauge, even to a
mixed-gauge tile.

Trains _can_ change gauge at stations, making the way they're not
literally individual locomotives more clear than normal. (I think it
may be easier to think of (say) an 8H train as able to cross 8
hexsides, with narrow gauge counting double). There's a funky "R6H"
train which counts narrow gauge as single and standard gauge at dual
cost.

You must buy a train if you have a route, but not otherwise. The
Director is liable if the company has insufficient cash, and sells
shares subject only to not causing the Directorship of the operating
company to change. If that's not enough the corporation closes and you
are bankrupt.

However, you're allowed to take a L. 500 loan if you have no stock and
continue the game, being charged L. 750 at the end of the game. If you
have some stock (because it could not legally be sold) you keep that
stock and L. 0. I gather it's not impossible to win the game after
taking a loan, but you are allowed to throw in the towel.

Companies can issue stock, but they can't do it during Emergency Money
Raising. They can redeem one certificate.

When phase 12 starts the 1908 Messina earthquake happens. It destroys
any tile or tokens on Messina, which also closes the Garibaldi
corporation if that is its only token. Apparently the 12Hs are really
very dangerous.

Game ends on maximum stock value, bank breaking, or only one player
remaining.