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  March 31, 2003   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
                                                      Three Months Ended
                                                            March 31,
                                                       2003          2002

INCOME AVAILABLE FOR DISTRIBUTION:

     Cash Rental                                       $229          $229
     Interest                                             -             -
                                                        229           229

     Less general and
          administrative expenses                        23            21

               NET INCOME                              $206          $208



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

     Net Income                                       $ .14         $ .14
     Cash Dividends                                   $ .13         $ .13










                       PITTSBURGH & WEST VIRGINIA RAILROAD
                                                          FORM 10-Q

                                   BALANCE SHEET

                               (Dollars in Thousands)

                                               March 31          December 31
                                                 2003                2002

ASSETS

     Rentals receivable under capital lease      $9,150               $9,150
     Cash                                            36                   40

                                                 $9,186               $9,190


LIABILITIES and SHAREHOLDERS' EQUITY

     Liabilities:
          Accounts payable and
            accrued liabilities                  $    9               $   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                 32                  22

               Total Shareholders' Equity          9,177               9,167

               Total Liabilities and
                 Shareholders' Equity             $9,186              $9,190









                            PITTSBURGH & WEST VIRGINIA RAILROAD
                                                               FORM 10-Q

                               CHANGES IN FINANCIAL POSITION

                                  (Dollars in Thousands)

                                                            Unaudited
                                                       Three months ended
                                                             March 31

                                                      2003             2002

Source of Cash:
     Net income                                       $206             $208

     Increase (Decrease) in accounts payable           (14)             (14)

          Cash provided from operations               $192              194


Use of Cash:

     Dividends paid                                    196              196

     Increase (decrease) in cash                      $ (4)             $(2)




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
first quarter of 2003 with the preceding fourth quarter of 2002 and the first
quarter of 2002, revenues totaled $229,000, $229,000 and $229,000,
respectively. Net income and income available for distribution was $206,000,
$209,000 and $208,000, respectively.


PART II.      OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K

          Form 8-K was filed on March 17, 2003, reporting that the current
auditing firm, Gibbons and Kawash, declined to stand for re-election.



                                  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



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


                              /s/ Robert A. Hamstead
                              Robert A. Hamstead
                              Secretary and Treasurer
Date: May 12, 2003

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: May 12, 2003

                           /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: May 12, 2003



                              /s/ Charles T. Jpones
                              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: May 12, 2003


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