UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C. 20549

                       ___________________________

                               FORM 10-Q

              Quarterly Report Pursuant to Section 13 or 15(d)

                   of the Securities Exchange Act of 1934

                      ________________________________

For the Quarterly Period ended September 30, 2005   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 by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

     Yes      No   X

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.
                                       1

                     PITTSBURGH & WEST VIRGINIA RAILROAD
                                                             FORM 10-Q

          PART I.  FINANCIAL INFORMATION

Item 1. Financial Statements

                               STATEMENT OF INCOME


                 (Dollars  in Thousands Except Per Share Amounts)

                                   (Unaudited)
                                         Three Months Ended Nine Months Ended
                                         September 30,      September 30
                                         2005         2004   2005      2004

INCOME AVAILABLE FOR DISTRIBUTION:

     Lease Revenues                      $229          $229   $686      $686
     Interest                              -             -      -         -
                                          229           229    686       686

     Less general and
          administrative expenses          23            15    114        92

               NET INCOME                $206          $214   $572      $594



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

     Net Income                          $.14          $.14   $.38      $.39
     Cash Dividends                      $.13          $.12   $.39      $.38








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

                                       2

                       PITTSBURGH & WEST VIRGINIA RAILROAD
                                                            FORM 10-Q

                                 BALANCE SHEET

                            (Dollars in Thousands)
                                   (Unaudited)

                                               September 30     December 31
                                                   2005             2004

ASSETS

     Rentals receivable under capital lease          $9,150          $9,150
     Cash                                                42              59

                                                     $9,192          $9,209


LIABILITIES and SHAREHOLDERS' EQUITY

     Liabilities:
          Accounts payable and
            accrued liabilities                      $    9          $    9

     Shareholder's equity:

          Shares of beneficial interest,
           without par value, 1,510,000 shares
           issued and outstanding                     9,145           9,145
          Retained Earnings                              38              55

               Total Shareholders' Equity             9,183           9,200

               Total Liabilities and
                 Shareholders' Equity                $9,192          $9,209







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

                                       3

                       PITTSBURGH & WEST VIRGINIA RAILROAD
                                                            FORM 10-Q

                           STATEMENT OF CASH FLOWS

                            (Dollars in Thousands)
                                  (Unaudited)

                                                     Nine months ended
                                                        September 30

                                                     2005             2004

Cash flows from operating activities:
     Net income                                       572             $594
     Adjustment to reconcile net income to net
      cash provided by operating activities:
        Increase (decrease) in accounts payable
          And accrued liabilities                      -               (16)

     Net cash provided by operating activities        $572           $ 578

Cash flows used in financing activities:

     Dividends paid                                    589             573

     Net increase (decrease) in cash                   (17)              5

     Cash, beginning of period                          59              40

          Cash, end of period                         $ 42          $   45

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

Notes to financial statements:
    (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 presented. All adjustments are of a  normal recurring nature.

    (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.
                                       4
                       PITTSBURGH & WEST VIRGINIA RAILROAD
                                                            FORM 10-Q

Notes to financial statements:(Continued)

    (3)  Under the terms of the lease, Norfolk Southern Corporation leased all
         of Pittsburgh & West Virginia Railroad's 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. The rentals
         receivable, recognizing renewal options to perpetuity, were estimated
         to have a present value of $9,150,000 assuming an implicit interest
         rate of 10% at January 1, 1983.

    (4)  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 September 30, 2005, 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.

Item 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS

           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. Because this noncash income will
not be settled until the expiration of the lease, no values have been reported
in the accompanying interim financial statements for the balance of the
account or the transactions affecting the balance.

          With fixed revenue and expenses relatively constant, there is very
little fluctuation in operating results between periods. In comparing the
third quarter of 2005 with the preceding second quarter of 2005 and the third
quarter of 2004, revenues totaled $229,000, $229,000 and $229,000,
respectively. Net income and income available for distribution was $206,000,
$202,000 and $214,000, respectively.

Item 4. CONTROLS AND PROCEDURES

     Within 90 days prior to the date of this report, the Registrant carried
out an evaluation under the supervision and with the
                                       5
Item 4. CONTROLS AND PROCEDURES (Continued)


participation of the Registrant's management, including the Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the design and
operation of the disclosure controls and procedures pursuant to Rule 13a-14
under the Securities Exchange Act of 1934, as amended. Based on that
evaluation, the Chief Executive Officer and Chief
Financial Officer have concluded that the Registrant's disclosure controls and
procedures are adequate and effective in timely alerting them to material
information relating to the Registrant required to be included in the
Registrant's periodic filings with the SEC.

     There have been no significant changes in the Registrant's internal
controls or in other factors that could significantly affect internal controls
subsequent to the date the Registrant carried out its evaluation.

PART II.      OTHER INFORMATION

Item 6.     Exhibits

          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


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


                              /s/ Robert A. Hamstead
                              Robert A. Hamstead
                              Secretary and Treasurer
Date: November 14, 2005




                                       6


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-15 and 15d-15) 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 14, 2005



                                      /s/ Herbert E. Jones, Jr.
                                        (Signature)
                                       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-15 and 15d-15) 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 14, 2005



                                    /s/ Charles T. Jones
                                        (Signature)
                                         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-15 and 15d-15) 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 14, 2005



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

CERTIFICATION:


     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
       (Subsections (a) and (b) of Section 1350, Chapter 63
               of Title 18, United States Code)

     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections
(a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each
of the undersigned officers of Pittsburgh & West Virginia Railroad, does
hereby certify that:

     The Quarterly Report on Form 10-Q for the quarter ended September 30,
2005 (the Form 10-Q) of the Pittsburgh & West Virginia Railroad fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 and information contained in the Form 10-Q fairly represents in all
material respects, the financial condition and results of operations of the
Pittsburgh & West Virginia Railroad.




Dated: November 14, 2005             /s/ Herbert E. Jones, Jr.
                                     Herbert E. Jones, Jr.
                                     Chairman of the Board



Dated: November 14, 2005             /s/ Charles T. Jones
                                     Charles T. Jones
                                     President


Dated: November 14, 2005             /s/ Robert A. Hamstead
                                     Robert A. Hamstead
                                     Vice President, Secretary and
                                     Treasurer