Time, temperature clock returns to Palmerton, Donerds to offer treats, coffee at second location in Bethlehem, Cosmetology students keeping busy at CCTI, State trooper, Seuss book hits at library, Lansford man charged with hiding explosive in luggage at LVIA, FBI catches wanted person in Lansford raid, Three people killed in 5-vehicle Monroe County crash, Palmerton considers plans to curb vandalism. The P&R was constructed initially to haul anthracite coal from mines in northeastern Pennsylvania's Coal Region to Philadelphia. This is ten times the rate in Japan and . "We are investing in our future and the future of the communities we serve," Reading & Northern founder and owner. Other trains in the fleet included the Harrisburg Special (between Jersey City and Harrisburg), King Coal (between Philadelphia and Shamokin, Pennsylvania), North Penn (between Philadelphia and Bethlehem), Queen of the Valley (between Jersey City and Harrisburg), Schuylkill (between Philadelphia and Pottsville), and Wall Street (between Philadelphia and Jersey City). Big freight haulers were the massive K-1 2-10-2 locomotives; some were built in Reading, Pennsylvania from the Mallets, others were built by Baldwin. RBMN was now entirely an EMD powered railroad. Wheat prices are expected to be down 50 cents . Reading Blue Mountain and Northern Railroad President Andrew M. Muller Jr. said Monday that he bought out former C&S; Railroad partner Betsy Ahner in November. In order to have better control over the supply of empty hopper-cars for coal shipments, in 1995 RBMN began to purchase a fleet of cars, starting with 265 cars dedicated to Quebec Iron & Titanium Service. In August of 1996, RBMN acquired a portion of Conrails Lehigh Division. The name was changed to Philadelphia and Atlantic City Railroad on December 4, 1883. This allowed direct delivery of coal to industries in the Port of New York and New Jersey in northeastern New Jersey and New York City by rail and barge instead of the longer trip by ships from Port Richmond around Cape May. On April 1, 1976, the Reading Company sold its railroad assets to the newly formed Consolidated Railroad Corporation (Conrail), leaving it with 650 real estate assets, some coal properties, and 52 abandoned rights-of-way. Thanks for your interest and your support. The partnership between the RBMN and Reading Company Technical and Historical Society had more or less ended by this point, but the group still leased track space in Leesport until 2008 when they moved to the Hamburg yard and opened the Reading Railroad Heritage Museum.[4]. Reading and Northern Railroad) is a regional railroad operating in eastern Pennsylvania. C&S; Railroad gets new partner ** Reading &, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window). Streaming On Demand: https://vimeo.com/pletsexpress/vod_pagesBlu-ray or DVD: https://www.pletsexpress.com/fnimall/Plets/%20126RBMN1/vid_trains.phtmlThe Readi. The Reading Blue Mountain and Northern Railroad ( reporting mark RBMN ), sometimes shortened to Reading and Northern Railroad, is a regional railroad in eastern Pennsylvania. However, on July 12, 1878, the P&AC Railway slipped into bankruptcy; on September 20, 1883, it was jointly acquired by the Central Railroad of New Jersey (CNJ) and the Philadelphia and Reading Railway for $1 million. On May 17, 1842, a freight branch from West Falls to Port Richmond on the Delaware River north of downtown Philadelphia opened. Today, the railroad (now known as Reading Blue Mountain & Northern Railroad) runs about 320 miles from Reading PA to Mehoopany PA and operates a 7 mile rail line from Towanda to Monroeton in Marcellus Shale territory. ATLAS HO 20005857, 50' SD POSTWAR BOX CAR, READING [XMZ . [21], Camden-Atlantic City speed: On July 20, 1904, regularly-scheduled train no. [2][17], In Bridgeport, a new bridge was constructed over the Schuylkill River in 1903. Our focus will be on jobs and economic development, Muller said. Reading Blue Mountain and Northern Railroad President Andrew M. Muller Jr. said Monday that he bought out former C&S; Railroad partner Betsy Ahner in November. AAR Railroad Reporting Marks (2021) - RailServe.com Railroad Directory Reading & Northern acquires 11 ex-San Luis & Rio Grande cars During 1875, four members of the Camden and Atlantic Railroad board of directors resigned to build a second railroad from Camden, New Jersey, to Atlantic City by way of Clementon. Instead of broadening its rail network, the Reading invested its vast wealth in anthracite and its transport in the mid-19th century. The Lebanon Valley Railroad was chartered in 1836 to build from Reading west to Harrisburg. 25, running from Kaighn's Point in Camden, New Jersey to Atlantic City with Philadelphia and Reading Railway class P-4c 4-4-2 (Atlantic class cab over boiler) locomotive No.334 and 5 passenger cars, set a speed record. We followed that up in 2004 when we were awarded a Marketing Award from the NS Agriculture Products Group for our outstanding business development. 8 hour shift. Port Richmond later became a very large coal terminal. We were gaining a reputation for customer service and attention to detail. The railroad spent $100,000 to update an outdated and lightly used Pittston Yard between Scranton and Wilkes-Barre. [2], In 194547 the company took 30 class I-10 2-8-0 locomotives and rebuilt them at the 6th Street facility into the modern T1 class 4-8-4 locomotives at a cost of 6 million dollars. Find many great new & used options and get the best deals for MTH 30-1602-1 Railking Imperial Union Pacific FEF Northern 4-8-4 #837 w/PS3 at the best online prices at eBay! On July 7, 1877, the final spike was driven and the 54.67 miles (87.98km) line was opened in time for summer tourism season. Primarily handling carloads of anthracite coal, the Reading and Northern Railroad also services customers in the transportation of freight that ranges in merchandise from metals and construction materials, to lumber, paper, and plastics, mineral and chemical products, and even canned food and wines. This was a move to offset the fact that EMD FT diesel locomotives (first choice of Reading management) were very hard to obtain, and in order to have faster, up-to-date modern power. The cars were built by the former Budd Company of Philadelphia in the 1950's for commuter use by various railroads. This included triple and quadruple tracking many of its major routes, improving signaling and track quality, as well as expanding system capacity and station facilities. In 2017, the county moved on, getting the rail line, which runs between Packerton Yards and Haucks Junction in Schuylkill County, appraised by Stone Consulting of Warren. The appraisal, at a cost of $27,000, included the track and rights of way adjacent to the track, as well as Packerton Yards. Zurn said an agreement that runs through 2038 between the commission, railroad and county gives C&S; the power to name a tour operator. The following suburban lines were electrified during the onset of the Great Depression: The notable exception was the Fox Chase/Newtown branch. The Reading also relinquished control of the Central New England Railroad and the Boston and Maine Railroad. When RBMN was formed in 1990, he transitioned to Coal Traffic Manager and Real Estate Manager. The Blue Mountain and Reading Railroad was founded in 1983 to provide freight service on the former Pennsylvania Railroad Schuylkill Division between Hamburg and Temple. Completed the Nesquehoning Bridge Phase II project to provide for progressive train movements across the Lehigh River. Includes personnel records (1873-1879) and payroll records (1869, 1871, 1876-1878). In the 1920s, the Reading operated a dense network of commuter lines branching off of the Ninth Street Branch mostly powered by small 4-4-0s, 4-4-2s and 4-6-0 camelbacks. The Philadelphia and Reading Railroad (P&R) was one of the first railroads in the United States. PASSENGER CAR PHOTO INDEX - READING BLUE MOUNTAIN & NORTHERN - RyPN Passenger excursions also run on RBMN tracks. "We are delighted that Jim has chosen to return to Reading & Northern," President Wayne Michel said. Here at the Reading & Northern, we are not much into buzzwords or the latest trends like "re-engineering" or "TQM" or fancy mission statements. The Lehigh Valley Railroad was leased on December 1, 1891, under the presidency of Archibald A. McLeod, but that lease was canceled on August 8, 1893, when the Reading went into receivership, an event associated with the Panic of 1893. Munger also gave some more solemn words regarding his future. The portion from Reading to Norristown opened July 16, 1838 and the full line opened December 9, 1839. [14], On April 21, 2022, railroad officials announced their purchase of the property of the former KME Fire Apparatus plant in Nesquehoning for $2 million.[15]. By 1871, the Reading was the largest company in the world, with $170,000,000 in market capitalization (equal to $3,845,305,556 today),[4] and may have been the first conglomerate in the world. Within a few years, the BM&R took on the operations of three more state-owned branch lines, to provide reliable freight service to many eastern Pennsylvania Industries. On the passenger side, we eclipsed 250,000 riders for the first time in our history. The Reading Railroad Heritage Museum, located in Hamburg, PA, is owned and operated by the Reading Company Technical & Historical Society ,a non-profit corporation dedicated to preserving the history and heritage of the Reading Railroad. Greenberg, Jr., William T. "The Interstate Express", Camden-Atlantic City Line speed: (Howden,_Boys'_Book_of_Locomotives,_1907).jp, Philadelphia and Reading Coal and Iron Company, Philadelphia, Germantown and Norristown Railroad, Philadelphia, Wilmington and Baltimore Railroad, United New Jersey Railroad and Canal Company, Camden, Gloucester and Mt. 209 talking about this. Safety regulators say Ohio toxic train derailment '100% preventable All of our awards are in recognition of our strong and effective development efforts in attracting new business and customers to the Reading and Northern Railroad. Schuykill County-based railroad expands passenger service On December 1, 1870, the Reading leased the Philadelphia, Germantown and Norristown Railroad, thereby gaining that company's route along the east bank of the Schuylkill from Philadelphia to Norristown, as well as its branch to Chestnut Hill. Reading Blue Mountain & Northern Railroad. - Take a ride on the Reading", "Reading Outer Station, Port Clinton to Jim Thorpe RDC Train Schedule", Pittsburgh, Allegheny & McKees Rocks Railroad, List of United States railroads by political division, https://en.wikipedia.org/w/index.php?title=Reading_Blue_Mountain_and_Northern_Railroad&oldid=1134680203, Tourist attractions in Berks County, Pennsylvania, Tourist attractions in Schuylkill County, Pennsylvania, Transportation in Berks County, Pennsylvania, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, The line runs from Reading to Packerton along former, Lehigh Valley Rail Management: Bethlehem Division, This page was last edited on 20 January 2023, at 00:05. The Bike train is a 25-mile (40km), 1-hour one-way trip from Jim Thorpe to White Haven and it allows passengers to ride their bicycles for the 25-mile (40km) journey along the Lehigh Gorge Trail from White Haven back to Jim Thorpe. Morlok, Edward K., University of Pennsylvania (2005). [5] In December 2016, the RBMN announced that it spent $2 million to build a train station at Pennsylvania Route 61 and Bellevue Avenue in Muhlenberg Township outside Reading, called Reading Outer Station, with plans to operate passenger excursions from there to Jim Thorpe. [2][3] The original Reading mainline was double track from its very beginning in 1843. The Reading Blue Mountain and Northern Railroad (reporting mark RBMN) (a.k.a. On this Wikipedia the language links are at the top of the page across from the article title. Last year, Muller said, he spent $1 million $400,000 in state grants and $600,000 in Reading Blue Mountain and Northern money to improve C&S; tracks and bridges. An extension northwest from Reading to Mount Carbon, also on the Schuylkill River, opened on January 13, 1842, allowing the railroad to compete with the Schuylkill Canal. With Muller on board, some changes are coming to C&S; Railroad. [10] The segment included 4.9 miles of double track and 16.7 miles of single track, including sidings and turnouts.[11]. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. A total of nine steam locomotives that once served the company are still preserved. thereafter"[10] for a term of 999 years with the stipulation that no passenger trains would use it. 425, https://www.trains.com/trn/railroads/profiles/regionals/reading-and-northern-profile/, "A Brief History - Reading Railroad Heritage Museum - Reading Company Technical & Historical Society - 500 S 3rd St, Hamburg, PA 19526 - 610-562-5513", "Railroad building train station in Muhlenberg", "Train makes inaugural round trip: Reading Outer Station to Jim Thorpe", "Lehigh Gorge Scenic Railway to close in late November after tax dispute", "Legal argument over taxes threatens to derail popular Carbon County tourist attraction", "Carbon sells railroad to Reading and Northern for $4.7 million | Times News Online", "Railroad buys KME campus | Times News Online", "What's going on here? The bridge connected the P&R main line on the west (south) bank of the river with the Manayunk/Norristown Line on the opposite side, allowing passenger service to Norristown and a bypass of the old main line, known as the West Side Freight line. Total cost of the project was $14 million dollars, a combination of state and private funding. to Oneida and the line to Delano from Schuylkill County. Starting in 1985, the BM&R began operating passenger excursions over the line using two steam locomotives: ex-Gulf, Mobile and Northern Railroad 4-6-2 No. Restored locomotive returning to rails in Scranton eyed for passenger 4442 Parker Dr #223, Williams, AZ 86046 | MLS# 6525729 | Redfin No. [3] The Reading had taken great strides to wean itself of anthracite dependency but it still relied heavily on coal revenue, and Pennsylvania anthracite production had peaked in 1917 with 99.7 million tons produced.[26]. 425 was present at the grand opening of Steamtown National Historic Site in Scranton. The line from Elsmere Junction to Modena is being operated by East Penn Railways, Modena to Coatesville by the Brandywine Valley Railway, and a few miles at the north end by Haines & Kibblehouse. Railroad Tycoons In America (1800s) - American-Rails.com At that time, he offered $1.3 million for both the rail line and the former Packerton Yards property. Through terms of an agreement negotiated decades ago as part of the purchase of the line, Lansford will receive 25% of the sale. Job Status*: Full Time *Schedule*: Varies. Duke Energy installs, operates, owns and maintains the system, while customers receive kilowatt-hour and solar renewable energy credit output, up to an initial limit of 1 megawatt. Employees of the Reading and Northern Railroad work in a family oriented team environment. These classes were an important break of tradition of the Reading's motive power fleet. The railroad runs about 400 miles from Reading PA to Mehoopany PA and it also operates the 7-mile rail line from Towanda to Monroeton in Bradford County. This is the third time we have won the award which recognized our rapid establishment of our railroad operated transload and storage warehouse in Old Forge PA. [29], The successor company was renamed Reading International Inc. with two classes of stock: Non-Voting Class A shares (NASDAQ: RDI) and Voting Class B shares (NASDAQ: RDIB).[30]. [20], Reading also offered through passenger car service with the Lehigh Valley Railroad via their connection at Bethlehem. By the time RBMN celebrated its twentieth anniversary in the fall of 2003, we were a very successful short line. The Corporate Controller works in collaboration with the CFO and department leaders on improving financial success of. Amid the turmoil of the Panic of 1893, Joseph Smith Harris was elected president. The Reading and Northern 425 passes along the Panther Valley rail line in the Hauto Valley Estates portion of Nesquehoning during a fall excursion in 2017. The company is an indirect, wholly owned subsidiary of Berkshire Hathaway, which is controlled by investor Warren Buffett. RBMN interchanges with these railroads: The Lehigh Gorge Scenic Railway (LGSR) is a tourist railroad that operates passenger excursions along RBMN trackage from the former Central Railroad of New Jersey station in Jim Thorpe to Old Penn Haven, following the Lehigh River through Lehigh Gorge State Park. In addition, RBMN operates the Lehigh Gorge Scenic Railway, a heritage railway based in Jim Thorpe. Corporate records, 1862-1962. Find out what works well at Reading and Northern Railroad from the people who know best. Reading & Northern got its start as the Blue Mountain & Reading in 1983 with a 13-mile former Pennsylvania Railroad branch between Temple and Hamburg. 319-888-7070 ahoman@iowanorthern.com Iowa Northern Railway Company is headquartered in Waterloo, Iowa including a repair and maintenance shop with yard facilities in Manly and Waterloo. The early Philadelphia and Reading Railroad named all of its locomotives with names such as Winona or Jefferson, as did most American railroads following in the British precedent, but in December 1871 the P&R replaced all the names with numbers. At least 36 killed in Greece train collision. But now that he owns a share of the shortline, it guarantees that his cars, which carry commodities including coal, bird feed and plastic, can cross. In the mid-1990s, the RBMN discontinued the regularly scheduled passenger operations between Hamburg and Temple and instead focused on occasional excursions throughout the rest of its system. Some people love New York, I love Jim Thorpe, he said. Despite an off year for the North American railroad industry with traffic down, we enjoyed a 15% growth in business fueled by our new sand terminal and increased demand for Pennsylvania anthracite following the Russian invasion of Ukraine. On May 29 the Reading leased the Central Railroad of New Jersey. The purchase occurred because the line had been in jeopardy since 1976 after Conrail formed from the seven bankrupt railroads; and allowed businesses that utilize the line to remain operational, which is still true today. There trains connected with the Western Maryland Railroad to continue westward. These popular excursions became legendary and became a fondly remembered part of Reading's history. Includes Blue Mountain & Reading, Lehigh Gorge Scenic RR and Reading & Northern listings, and cars owned by the Reading Company Technical & Historical Society that are located on line. On December 31, 2001, both Reading Entertainment and Craig Corporation merged into and with Citadel Holding Corporation, another Cotter company. The event began in 1959 when the railroad kept four of its powerful 4-8-4's (#2100, #2101, #2102, and #2124) to host excursions. Reading Railroad Heritage Museum - Reading Company Technical Posted 30+ days ago. This facility was set up and running in record time to meet our customer's stringent requirements. The Reading and Columbia Railroad was chartered in 1857 to build from Reading southwest to Columbia on the Susquehanna River. who owns reading and northern railroad It currently resides at Steamtown National Historic Site in Scranton. [23], After the first World War, and the return of the Reading from government control, the Reading decided to streamline its corporate structure. Route Proposal: Reading Blue Mountain & Northern Railroad | Reading, Pa The railroad started life in 1983 after Conrail began the abandonment process of about 13 miles of Ex-Pennsylvania Railroad trackage from Hamburg, PA to Temple, PA. A.C.Muller Enterprises 425 double-headed with Canadian Pacific #2317. BNSF, as the railroad is called, operates more than. The US has one of the highest rates of obesity in the advanced world, a rate that has increased from 15% in 1980 to 30.5% in 2000 to 41.9% in 2020. A 3-foot-6-inch narrow gauge was selected because it would lower track laying and operating costs. During the short segment between Egg Harbor and Brigantine Junction, the train was reported to have reached 115mph. The Reading and Northern Railroad owns and operates three self-propelled Rail Diesel Cars #9166, #9167, and #9168. March 2, 2023, 12:14 PM. Reading Blue Mountain & Northern Railroad 27 Reviews #1 of 2 Transportation in Reading Transportation, Railways 3501 Pottsville Pike, corner of Bellevue Avenue and Route 61, Reading, PA 19605-1717 Save TFopinion Pennsylvania 588 271 Almost Perfect Review of Reading Blue Mountain & Northern Railroad Reviewed May 22, 2022 Warren Buffett has made bets on railroads before, but now he's all in. . [2], The Ninth Street Branchthe main thoroughfare into Reading Terminalwas also improved. Listing provided courtesy of Arizona Regional Multiple Listing Service, Inc. (ARMLS) Now is your chance to own a parcel of land in beautiful Northern AZ. The presidents of the Reading Company were: Rail lines of the Reading Railroad, including the, Philadelphia and Reading Rail Road: 18331893, Philadelphia and Reading Railway: 18961923. [19] LGSR trains are usually diesel-powered and consist of an open-air car, standard coaches, a gondola car that allows passengers to transport the bicycles aboard the train and ride their bicycles back to Jim Thorpe, and a caboose. With the aid of public funding from the city of Philadelphia, the line was electrified as far as Fox Chase (the last station within city limits) in September 1966.[28]. At Mount Carbon, it connected with the earlier Mount Carbon Railroad, continuing through Pottsville to several mines, and would eventually be extended to Williamsport.[6][7][when?] The return trip leaves Jim Thorpe in the late afternoon and returns to Port Clinton and Reading in the evening. Reading and Northern takes over service within Humboldt Industrial Park and its 11 new customers on Jan 1, 2016. Lionel O gauge # 18639 Reading 4-6-2 Steam Locomotive USED in original box. Working with NS we were able to provide P&G with an excellent service and rate package, which ensured that inbound raw material continued to move by rail. Reading and Northern Railroad Careers and Employment, US Along with the Little Schuylkill, a horse-drawn railroad in the Schuylkill River Valley, it formed the earliest components of what became the Reading Company. By the end of 2013, RBMN has purchased over 1000 freight cars. Reading & Northern- TS12 - JointedRail.com The Reading almost achieved its goal of becoming a trunk road, but the deal was scuttled by J. P. Morgan and other rail barons, who did not want more competition in the northeastern railroad business. The Reading eventually bought a majority of the CNJ's stock in 1901. Dentons > Los Angeles, United States > Firm Profile. The company sold one of its last railroad-related assets, the Reading Terminal Headhouse, in 1991. Reading & Northern Railroad, headquarted in Port Clinton, is a privately held railroad company serving over 70 customers in nine eastern Pennsylvania counties (Berks, Bradford, Carbon, Columbia, Lackawanna, Luzerne, Northumberland, Schuylkill and Wyoming). The Reading built or bought numerous smaller 4-4-0s, 2-8-0s and switchers for its fleet.[19]. This route became known as the Crossline, and the Reading started to pool locomotive power between its connecting railroads to provide a more seamless transfer of freight and passengers. Comprised of over one hundred miles of mostly ex-Lehigh Valley Railroad trackage, the Lehigh rail line stretches from the southern foot of the Pocono Mountains at Lehighton through Wilkes-Barre and Scranton and onward to Wyoming County. The cabooses are still there at Pocopson, but the Reading FP-7s are on loan to the RR Museum of Pennsylvania. 11.7K members Join group About Discussion More About Discussion About this group A group dedicate to sharing their photos of the Reading and Northern Railroad in Pennsylvania If I approved your membership, But i want to te See more Private [3] In 1901, the Reading gained a controlling interest in the Central Railroad of New Jersey, allowing the Reading to offer seamless, one-seat rides from Reading Terminal in Philadelphia to the Central New Jersey's Jersey City Communipaw Terminal by way of Bound Brook onto the Central New Jersey mainline. It opened in 1864, using the Lebanon Valley Railroad from Sinking Spring east to Reading. With this agreement in place, we were able to guarantee good long-term rail service to the many customers located there. On a system 8,316 miles in length, its trains carry freight, passengers, mail and express in the area between the Great Lakes and the Pacific Ocean. Highlights from Warren Buffett's Annual Letter for 2022 The Reading Company did not operate extensive long-distance passenger train service, but it did field a number of named trains, most famous of which was the streamlined Crusader, which connected Philadelphia and Jersey City. Greek train tragedy sheds light on chronic state failures Introducing Wilkes-Barre/Scranton Regional Railroad Station Reading Land Rights and Expropriation in Ethiopia - academia.edu Even though moving and mining of coal was its primary business, the P&R eventually became more diversified through the development of many on-line industries, averaging almost five industries per mile of main line at one point, and the expanding role of the Reading as a bridge route. Our philosophy is really pretty simple. 'You can learn a lot from dead people.' Charlie Munger, Warren Buffett At that time, Carbon County became the first county in Pennsylvania to own a railroad. In 1995, No. As the U.S. honors Black History Month, Florida Gov . They still stand today in non-RR use.[2]. Ephraim Railway, and the Kaighn's Point Terminal Railroad in southern New Jersey into The Atlantic City Railroad. There are several special excursions that are operated by the LGSR. By the early 1990s, the Reading and Northern Railroad expanded its lines into Schuylkill, Luzerne, Carbon, and Columbia counties after building a stellar reputation with their growing clientele. Whether you love good food, great shopping, hiking or beautiful scenery, we have just the ticket for you when you ride with us! The Haslam family owns 20%. Atlas Model Railroad 20005861 HO New York Central 50' SD Postwar Box Car #4516 . Burlington Northern's profits were down 13% in the last quarter to $1.5 billion due to higher fuel costs and lower volumes in 2022. Raffa began his career in 1989 as a trackman with RBMN predecessor Blue Mountain & Reading Railroad. In addition to freight service, the Reading and Northern Railroad offers Passenger Service annually throughout its servicing counties and in Jim Thorpe, Pennsylvania with the Lehigh Gorge Scenic Railway, a subsidiary of the Reading and Northern Railroad. Last modified on Fri 24 Feb 2023 17.25 EST. To simplify corporate structure, the P&R ceased operation in 1924 and the Reading Company took over operating the railroad. The Reading Company (/rd/ RED-ing) was a Philadelphia-headquartered railroad that provided passenger and commercial rail transport in eastern Pennsylvania and neighboring states that operated from 1924 until its acquisition by Conrail in 1976. It is a Spanish multinational clothing company that is . On July 1, 1873, the PW&B agreed to lease the freight rights to the P&R for "$350,000 payable at the time the lease was made and $1 a year