SECURITIES AND EXCHANGE COMMISSION


                             Washington, D.C. 20549

                           ___________________________

                                    FORM 10-Q

                       Quarterly Report Under Section 13 or 15(d)

                         of the Securities Exchange Act of 1934

                           ________________________________

For the Quarter ended  September 30,2002 Commission File Number  1-5447


                        PITTSBURGH & WEST VIRGINIA RAILROAD

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

                             Telephone -(304)926-1124*

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 requirements for the past 90 days.

     Yes   X            No

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.

          1,510,000 shares of beneficial interest, without par value.


                             ___________________________

* Notices and communications from the Securities and Exchange Commission for
the registrant may be sent to Robert A. Hamstead, Secretary and Treasurer, #2
Port Amherst Drive, Charleston, WV 25306.






                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                               FORM 10-Q


          PART I.  FINANCIAL INFORMATION


                                STATEMENT OF INCOME


                    (Dollars  in Thousands Except Per Share Amounts)

                                      Unaudited              Unaudited
                                   3 Months Ended          9 Months Ended
                                    September 30            September 30
                                   2002       2001         2002        2001

INCOME AVAILABLE FOR DISTRIBUTION:

     Cash Rental                   $229       $229         $686         686
     Interest                        -          -            -           -
                                    229        229          686         686

     Less general and
          administrative expenses    21         20           74          67

              NET INCOME           $208       $209         $612        $619



Per Share:
(1,510,000 average shares outstanding)

     Net Income                    $ .14     $ .14        $ .41       $ .41
     Cash Dividends                  .14       .14          .41         .41







                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                               FORM 10-Q

                                   BALANCE SHEET

                                (Dollars in Thousands)

                                                September 30     December 31
                                                    2002             2001

ASSETS

     Rentals receivable under capital lease           $9,150          $9,150
     Cash                                                 37              50

                                                      $9,187          $9,200


LIABILITIES and SHAREHOLDERS' EQUITY

     Liabilities:
          Accounts payable and
            accrued liabilities                       $   17          $   23

     Shareholder's equity:

          Shares of beneficial interest, at
            no par value, 1,510,000 shares
            issued and outstanding                     9,145           9,145
          Income retained in business                     25              32

               Total Shareholders' Equity              9,170           9,177

               Total Liabilities and
                 Shareholders' Equity                 $9,187          $9,200







                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                               FORM 10-Q

                           CHANGES IN FINANCIAL POSITION

                                (Dollars in Thousands)

                                                             Unaudited
                                                         Nine months ended
                                                            September 30

                                                          2002          2001

Source of Cash:
     Net income                                           $612          $619

     Decrease in accounts payable                           (6)           (4)

          Cash provided from operations                    $606         $615


Use of Cash:

     Dividends paid                                         619          619

     Increase (decrease) in cash                           $(13)         $(4)




Notes:

     (1)     The foregoing interim financial statements are unaudited but,
             in the opinion of management, reflect all adjustments
             necessary for a fair presentation of the results of operations
             for the interim periods.

     (2)     Registrant has elected to be treated for tax purposes as a
             real estate investment trust. As such, the Trust is exempt
             from paying federal corporate income tax on any income that

             is distributed to shareholders. It has been Registrant's
             policy to distribute annually all of its ordinary taxable
             income. Consequently, no provision has been made for federal
             income tax.




                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                               FORM 10-Q

                                MANAGEMENT ANALYSIS


          All of Registrant's railroad properties are on long-term lease to
Norfolk and Western Railway Company for the fixed, unvarying amount of
$915,000 cash rental per year. The lease also requires that additional, large
amounts be recorded as non-cash rent income.

          With fixed revenue and expenses relatively constant, there is very
little fluctuation in operating results between periods. In comparing the
third quarter of 2002 with the preceding second quarter 2002 and the third
quarter of 2001, revenues totaled $229,000, $229,000 and $229,000,
respectively. Net income and income available for distribution was $208,000,
$196,000 and $209,000, respectively.


PART II.    OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K

            None



                                SIGNATURES


     Pursuant to the requirements 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


     Date: November 7, 2002     /s/ Herbert E. Jones, Jr.
                                Herbert E. Jones, Jr.
                                Chairman of the Board

     Date: November 7, 2002     /s/ Robert A. Hamstead
                                Robert A. Hamstead
                                Secretary and Treasurer


Date: November 07, 2002




CERTIFICATION:

I, Herbert E. Jones, Jr, Chairman of the Board, certify that;

1. I have reviewed this quarterly report on Form 10-Q of The Pittsburgh & West
   Virginia Railroad;

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all
   material respects the financial condition, results of operations and cash
   flows of the registrant as of, and for, the periods presented in this
   quarterly report;

4. The registrant's other certifying officers and I are responsible for
   establishing and maintaining disclosure controls and procedures ( as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


   a) designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those  entities,
      particularly during the period in which this quarterly report is being
      prepared;

   b) evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      quarterly report (the "Evaluation Date"); and

   c) presented in this quarterly report our conclusions about the
      effectiveness of the disclosure controls and procedures based on our
      evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on
   our most recent evaluation, to the registrant's auditors and the audit
   committee of registrant's board of directors (or persons performing the
   equivalent function):

   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and

   b) any fraud, whether or not material, that involves management or other
      employees who have  a significant role in the registrant's internal
      controls; and

6) The registrant's other certifying officers and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.

Date: November 7, 2002


                                   /s/ Herbert E. Jones, Jr.
                                   Herbert E. Jones, Jr.
                                   Chairman of the Board



CERTIFICATION:

I, Charles T. Jones, President, certify that;

1. I have reviewed this quarterly report on Form 10-Q of The Pittsburgh & West
   Virginia Railroad;

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all
   material respects the financial condition, results of operations and cash
   flows of the registrant as of, and for, the periods presented in this
   quarterly report;

4. The registrant's other certifying officers and I are responsible for
   establishing and maintaining disclosure controls and procedures ( as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


    a) designed such disclosure controls and procedures to ensure that material
       information relating to the registrant, including its consolidated
       subsidiaries, is made known to us by others within those  entities,
       particularly during the period in which this quarterly report is being
       prepared;

    b) evaluated the effectiveness of the registrant's disclosure controls and
       procedures as of a date within 90 days prior to the filing date of this
       quarterly report (the "Evaluation Date"); and

    c) presented in this quarterly report our conclusions about the
       effectiveness of the disclosure controls and procedures based on our
       evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on
   our most recent evaluation, to the registrant's auditors and the audit
   committee of registrant's board of directors (or persons performing the
   equivalent function):

   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and

   b) any fraud, whether or not material, that involves management or other
      employees who have  a significant role in the registrant's internal
      controls; and

6) The registrant's other certifying officers and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.

Date: November 7, 2002


                              /s/ Charles T. Jones
                              Charles T. Jones
                              President



CERTIFICATION:

I, Robert A. Hamstead, Vice President, Secretary and Treasurer, certify that;

1. I have reviewed this quarterly report on Form 10-Q of The Pittsburgh & West
   Virginia Railroad;

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all
   material respects the financial condition, results of operations and cash
   flows of the registrant as of, and for, the periods presented in this
   quarterly report;

4. The registrant's other certifying officers and I are responsible for
   establishing and maintaining disclosure controls and procedures ( as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


   a) designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those  entities,
      particularly during the period in which this quarterly report is being
      prepared;

   b) evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      quarterly report (the "Evaluation Date"); and

   c) presented in this quarterly report our conclusions about the
      effectiveness of the disclosure controls and procedures based on our
      evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on
   our most recent evaluation, to the registrant's auditors and the audit
   committee of registrant's board of directors (or persons performing the
   equivalent function):

   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and

   b) any fraud, whether or not material, that involves management or other
      employees who have  a significant role in the registrant's internal
      controls; and

6) The registrant's other certifying officers and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.

Date: November 7, 2002


                                   /s/ Robert A. Hamstead
                                   Robert A. Hamstead
                                   Vice President, Secretary
                                        And Treasurer