SECURITIES AND EXCHANGE COMMISSION

                        Washington, D. C. 20549

                               FORM 10-K


Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the fiscal year ended December 31, 2007
Commission File Number 1-5447

                  PITTSBURGH & WEST VIRGINIA RAILROAD
         (Exact name of registrant as specified in its charter)

      Pennsylvania                                      25-6002536
(State of organization)                    (I.R.S. Employer Identification No.)

#2 Port Amherst Drive, Charleston, WV                   25306-6699
(Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code (304) 926-1124

Securities Registered Pursuant to Section 12(b) of the Act:

                                                      Name of each exchange
                Title of each class                    on which registered

           Shares of beneficial interest,            American Stock Exchange
                without par value

Securities Registered Pursuant to Section 12(g) of the Act:   None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes      X       No

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act     Yes             No     X

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirement for the past 90 days:     Yes     X                 No

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K  is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.

Indicate by check mark whether the registrant is a large accelerated filer,
accelerated filer, small reporting company, or a non-accelerated filer. See
definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of
the Exchange Act. (Check one):

Large accelerated filer            Accelerated  filer
Non-accelerated filer       X      Small Reporting Company  _____

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act.     Yes                   No       X

The aggregate market value of the voting stock held by nonaffiliates of the
registrant as of February 29, 2008 was $   14,161,927.

At February 29, 2008, there were 1,510,000 outstanding shares of beneficial
interest.

Notices and communications from the Securities and Exchange Commission for the
registrant may be sent to Robert R. McCoy, Vice President and
Secretary-Treasurer, #2 Port Amherst Drive, Charleston, WV 25306.


The information required by Part III hereof is incorporated by reference from
Registrant's Proxy Statement, which will be filed with the Securities and
Exchange Commission within 120 days after December 31, 2007.



SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


PITTSBURGH & WEST VIRGINIA RAILROAD


By /s/ Robert R. McCoy
Robert R. McCoy
Vice President and Secretary-Treasurer

Date: March 24, 2008


Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.


/s/ Herbert E. Jones, Jr.                        /s/ Herbert E. Jones, III
Herbert E. Jones, Jr.                            Herbert E. Jones, III
Chairman of the Board and Trustee                President and Trustee







Date: March 24, 2008






  Audited Financial Statements


                     Pittsburgh & West Virginia Railroad


                    Years Ended December 31, 2007 and 2006



                              TABLE OF CONTENTS

                                                                       Page

Report of Independent Registered Public Accounting Firm                 F-2

Financial Statements:

    Balance Sheet                                                       F-3

    Statement of Operations                                             F-4

    Statement of Changes in Shareholders' Equity                        F-5

    Statement of Cash Flows                                             F-6

    Notes to Financial Statements                                F-7 - F-9




















                                        F-1







              REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Trustees and Shareholders
Pittsburgh & West Virginia Railroad

    We have audited the accompanying balance sheet of Pittsburgh & West
Virginia Railroad, a Pennsylvania business trust (the Trust), as of
December 31, 2007 and 2006, and the related statements of operations,
changes in shareholders' equity, and cash flows for each of the years in the
three-year period ended December 31, 2007.  These financial statements are
the responsibility of the Trust's management.  Our responsibility is to
express an opinion on these financial statements based on our audits.

    We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. The
company is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting.  Our audit included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
company's internal control over financial reporting.  Accordingly, we express
no such opinion.  An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for our opinion.

    In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Pittsburgh & West
Virginia Railroad as of December 31, 2007 and 2006, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 2007, in conformity with U.S. generally accepted accounting
principles.



s/ Gibbons & Kawash

Charleston, West Virginia
March 24, 2008

                                      F-2

                        PITTSBURGH & WEST VIRGINIA RAILROAD

                                 BALANCE SHEET


                            December 31, 2007 and 2006

ASSETS                                             2007                2006

Cash                                               44,270              49,389
Net investment in capital lease              $  9,150,000        $  9,150,000

                                             $  9,194,270        $  9,199,389


LIABILITIES AND SHAREHOLDERS' EQUITY


Shareholders' equity:
   Shares of beneficial interest, without
   par value:
       Authorized number of shares - unlimited;
       issued and outstanding - 1,510,000
       shares at December 31, 2006 and 2005     9,145,359           9,145,359
   Retained earnings                               48,911              54,030

                                                9,194,270           9,199,389









The accompanying notes are an integral part
   of these financial statements.


                                      F-3


                        PITTSBURGH & WEST VIRGINIA RAILROAD

                              STATEMENT OF OPERATIONS

                      Years Ended December 31, 2007, 2006, 2005

                                         2006         2005         2004

Interest income from capital lease   $  915,000   $  915,000   $  915,000
Less general and administrative
    expenses                            134,919      125,804      134,763

         Net income                  $  780,081   $  789,196   $  780,237

Per share:
    Net income                       $     0.52   $     0.52   $     0.52






















The accompanying notes are an integral part
   of these financial statements.



                                      F-4

                        PITTSBURGH & WEST VIRGINIA RAILROAD

                   STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                   Years Ended December 31, 2007, 2006, and 2005


						  Shares of
                                                  Beneficial           Retained
                                                   Interest            Earnings

Balance at December 31, 2004                   $  9,145,359        $    54,997

    Net income                                         -               780,237
    Cash dividends paid ($.52 per share)               -              (785,200)

Balance at December 31, 2005                      9,145,359             50,034

    Net income                                         -               789,196
    Cash dividends paid ($.52 per share)               -              (785,200)

Balance at December 31, 2006                      9,145,359             54,030

    Net income                                         -               780,081
    Cash dividends paid ($.52 per share)               -              (785,200)

Balance at December 31, 2007                   $  9,145,359        $    48,911












The accompanying notes are an integral part
   of these financial statements.



                                      F-5

                        PITTSBURGH & WEST VIRGINIA RAILROAD

                              STATEMENT OF CASH FLOWS

                   Years Ebded December 31, 2007, 2006 and 2005



                                         2007         2006         2005

Cash flows from operating activities:
  Net income                         $  780,081   $  789,196   $   780,237
  Adjustments to reconcile net
    income to net cash provided by
    operating activities:
      Decrease in accounts payable
      and accrued liabilities                -        (8,950)          -

         Net cash provided by
         operating activities           780,081      780,246       780,237

Cash flows used in financing activities
  Dividends paid                       (785,200)    (785,200)     (785,200)

         Net increase (decrease)
         in cash                         (5,119)      (4,954)       (4,963)

Cash, beginning of year                  49,389       54,343        59,306

         Cash, end of year           $   44,270   $   49,389   $    54,343













The accompanying notes are an integral part
   of these financial statements.



                                      F-6

                       PITTSBURGH & WEST VIRGINIA RAILROAD

                          NOTES TO FINANCIAL STATEMENTS



1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Nature of Operations

         Pittsburgh & West Virginia Railroad (the Trust) is a business trust
    organized under the laws of Pennsylvania on February 18, 1967, for the
    purpose of leasing railroad properties to Norfolk Southern Corporation.
    The leased properties consist of a railroad line 112 miles in length,
    extending from Connellsville, Washington, and Allegheny Counties in the
    Commonwealth of Pennsylvania, Brooke County in the State of West Virginia,
    and Jefferson and Harrison Counties in the State of Ohio, to Pittsburgh
    Junction, Harrison County, State of Ohio.  There are also branch lines
    that total 20 miles in length located in Washington County and Allegheny
    County in Pennsylvania and Brooke County, West Virginia.  The lease
    provides the Trust's source of revenue, which is received in quarterly
    installments.

    Revenue Recognition

         Interest on the capital lease is earned based on an implicit rate of
    10% over the life of the lease which is assumed to be perpetual.

    Use of Estimates

         The preparation of financial statements in conformity with U.S.
     generally accepted accounting principles requires management to make
     estimates and assumptions that affect certain reported amounts and
     disclosures.  Accordingly, actual results could differ from those
     estimates.


2 - CAPITAL LEASE

         Under the terms of a lease which became effective October 16, 1964
    (the "lease"), Norfolk Southern Corporation (formerly Norfolk and Western
    Railway Company) (Norfolk Southern) - (the "lessee") leased all of
    Pittsburgh & West Virginia Railroad's (the "Trust") real properties,
    including its railroad lines, for a term of 99 years, renewable by the
    lessee upon the same terms for additional 99-year terms in perpetuity.
    The lease provides for a cash rental of $915,000 per annum for the current
    99 year lease period and all renewal periods.  The leased properties are
    maintained entirely at Norfolk Southern's expense.



                                      F-7

                        PITTSBURGH & WEST VIRGINIA RAILROAD

                           NOTES TO FINANCIAL STATEMENTS
                                   (Continued)


2 - CAPITAL LEASE (Continued)

         Prior to 1983, the lease was accounted for as an operating lease in
    accordance with the Statement of Financial Accounting Standards (SFAS)
    No. 13, "Accounting for Leases," because the railroad assets as accounted
    for under "betterment accounting" were considered similar to land.
    Effective January 1, 1983, the Interstate Commerce Commission (ICC)
    changed the method of accounting for railroad companies from "betterment
    accounting" (which was previously used by the Trust and most railroads) to
    "depreciation accounting."  The leased assets, under "depreciation
    accounting," are no longer similar to land; and, effective January 1, 1983,
    under the provisions of Statement No. 13, the lease is considered a capital
    lease and the property deemed sold in exchange for rentals receivable under
    the lease.  The lease may be terminated by the lessee either by expiration
    of the initial or any renewal term, or by default of Norfolk Southern.  In
    the event of termination, Norfolk Southern is obligated to return to the
    Trust all properties covered by the lease, together with sufficient cash
    and other assets to permit operation of the railroad for a period of one
    year, and to settle the noncash settlement account described in Note 3.

         The Trust has determined that the lease term is perpetual based on
    these substantial penalties to the lessee upon nonrenewal.  Accordingly,
    as of January 1, 1983, the rentals receivable of $915,000 per annum,
    recognizing renewal options by the lessee in perpetuity, were estimated
    to have a present value of $9,150,000, assuming an implicit interest rate
    of 10%.


3 - NONCASH RENTAL SETTLEMENT

         Under the terms of the lease, a noncash settlement account is
    maintained to record amounts due to or due from Norfolk Southern upon
    termination of the lease.  The amount is credited with noncash rent
    equivalent to: (a) the deductions allowable to the Trust, for tax
    purposes for depreciation, amortization or retirements of the leased
    properties and amortization of debt discount and expense; and (b) all
    other expenses of the Trust, except those incurred for the benefit of
    the shareholders.  The settlement account is charged with the cost of
    capital asset acquisitions and expenses of the Trust paid for by Norfolk
    Southern on behalf of the Trust.

         At December 31, 2007 and 2006, the noncash settlement account had a
    balance of $14,933,273 and $14,229,640, respectively, receivable from
    Norfolk Southern.  The account will not be settled until the expiration of
    the lease, whether by default or nonrenewal.  Because of the indeterminate
    settlement date of the account, no values have been reported in the
    accompanying financial statements for the balance of the account or the
    transactions affecting the balance.

                                      F-8


                         PITTSBURGH & WEST VIRGINIA RAILROAD

                            NOTES TO FINANCIAL STATEMENTS
                                      (Continued)

4 - INCOME TAXES

         The Trust was organized as a Pennsylvania business trust and has
    elected to be treated under the Internal Revenue Code as a real estate
    investment trust.  As such, the Trust is exempt from Federal taxes on
    taxable income and capital gains to the extent that they are distributed
    to shareholders.  In order to maintain qualified status, at least 90% of
    ordinary taxable income must be distributed; it is the intention of the
    Trustees to continue to make sufficient distributions of ordinary taxable
    income.  Dividends distributed for the years ended December 31, 2007,
    2006, and 2005, were comprised entirely of ordinary income.


5 - RELATED PARTY TRANSACTIONS

         A Trustee of the Trust serves as Chairman and CEO of Wheeling &
    Lake Erie Railway Company which subleases from Norfolk Southern
    Corporation the right of way and real estate owned by the Trust.  The
    Sublease is substantially similar by virtue of assignment and assumption
    of rights and obligations as the Lease between the Trust and Norfolk
    Southern Corporation.  As Chairman and CEO of Wheeling & Lake Erie
    Railway, the Trustee exercises the rights and obligations under the
    Sublease to maintain the property, to operate the property, and to sell
    or dispose of the property not needed for ongoing operations in
    accordance with the provisions of the Lease and Sublease.

         The Trust leases office space and equipment from a company related
    to its Chairman.  Rent is paid on a month to month basis in the amount of
    $1,500 per month.


6 - CONTINGENCY

         Under the provisions of the lease, the Trust may not issue, without
    the prior written consent of Norfolk Southern, any shares or options to
    purchase shares or declare any dividends on its shares of beneficial
    interest in an amount exceeding the value of the assets not covered by
    the lease plus the annual cash rent of $915,000 to be received under the
    lease, less any expenses incurred for the benefit of shareholders.  At
    December 31, 2007, all net assets are covered by the lease.

         The Trust may not borrow any money or assume any guarantees except
    with the prior written consent of Norfolk Southern.

                                      F-9

                        PITTSBURGH & WEST VIRGINIA RAILROAD

                           NOTES TO FINANCIAL STATEMENTS
                                    (Continued)


7 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED)

         The following presents a summary of the unaudited quarterly financial
    information for the years ended December 31, 2007 and 2006.


                          1st Quarter   2nd Quarter   3rd Quarter   4th Quarter


Year Ended
    December 31, 2007

         Revenue         $    228,750  $    228,750  $    228,750  $    228,750

         Net income      $    170,873  $    187,638  $    209,792  $    211,777

         Net income
           per share     $       0.11  $       0.12  $       0.14  $       0.14

Year Ended
    December 31, 2006

         Revenue         $    228,750  $    228,750  $    228,750  $    228,750

         Net income      $    172,884  $    195,426  $    210,115  $    210,771

         Net income
           per share     $       0.11  $       0.13  $       0.14  $       0.14















                                      F-10