UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549

                        _____________________________

                                  FORM 10-Q

X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE ACT OF 1934

For the Quarter ended      March 31, 2006

Commission File Number    1-5447

                      PITTSBURGH & WEST VIRGINIA RAILROAD

             Pennsylvania		                        25-6002536

      (State of Organization)              (I.R.S. Employer Identification No.)


                 (Address of principal executive offices)

                        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 a large accelerated filer,
an accelerated filer, or a non-accelerated filer.

 Large accelerated filer _____ Accelerated filer _____ Non-accelerated filer_X_

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).

	Yes _____	No __X__


                      PITTSBURGH & WEST VIRGINIA RAILROAD
                                                          FORM 10-Q

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.

                         PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                               STATEMENT OF INCOME
                  (Dollars in Thousands except Per Share Amounts)
                                   (Unaudited)
                                                          Three Months Ended
                                                               March 31,
                                                          2006           2005
INCOME AVAILABLE FOR DISTRIBUTION:

    Interest income from capital lease                 $   229        $   229
    Less: general and administrative expenses               56             65

         NET INCOME                                    $   173        $   164

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

    Net Income                                         $   .11        $   .11
    Cash Dividends                                     $   .13        $   .14






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



                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                             FORM 10-Q

                                   BALANCE SHEET
                               (Dollars in Thousands)
                                    (Unaudited)

                                                   March 31       December 31
                                                     2006             2005
ASSETS

    Net investment in capital lease              $    9,150      $      9,150
    Cash                                                 47                54
                                                 $    9,197      $      9,204

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
    Accounts payable and accrued liabilities     $       25      $          9

Shareholders' equity:
    Shares of beneficial interest, at no par
      value , 1,510,000 shares issued
      outstanding                                     9,145             9,145
    Retained earnings                                    27                50
         Total shareholders' equity                   9,172             9,195

         Total liabilities and shareholders'
           equity                                $    9,197      $      9,204






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



                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                              FORM 10-Q

                               STATEMENT OF CASH FLOWS
                                (Dollars in Thousands)
                                     (Unaudited)

                                                            Three Months Ended
                                                                 March 31,
                                                           2006           2005
Cash flows from operating activities:
    Net income                                          $   173        $   164
    Changes in operating assets and liabilities:
         Increase (decrease) in accounts payable             16              -

              Cash provided by operating activities     $   189        $   164

Cash flows from financing activities:
    Dividends paid                                          196            212
         Net increase (decrease) in cash                     (7)           (48)

         Cash, beginning of period                           54             59

              Cash, end of period                       $    47        $    11









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



                        PITTSBURGH & WEST VIRGINIA RAILROAD
                                                              FORM 10-Q

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.

    (3)  Under the terms of the lease, Norfolk Southern Corporation has 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 year
         for the current lease period and all renewal periods.  The net
         investment in capital lease, recognizing renewal options in
         perpetuity, was estimated to have a current value of $9,150,000
         assuming an implicit interest rate of 10%.

    (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 March 31, 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

         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
    amounts be accounted for as noncash rent income to be settled or paid at
    lease termination.  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
    first quarter of 2006 with the preceding fourth quarter of 2005 and the
    first quarter of 2005, revenues totaled $229,000, $229,000, and $229,000,
    respectively.  Net income and income available for distribution was
    $173,000, $209,000, and $164,000, respectively.


         Since cash revenue is fixed in amount and outlays for general and
    administrative expenses are relatively modest, inflation has had no
    material impact on Registrant's reported net income for the past three
    years.  Although recent inflationary trends have been relatively low,
    annual rental income is a fixed amount for the current lease term and any
    renewal periods, and inflation could affect the real dollar value of the
    rental income over time.  Changes in inflationary trends could also affect
    the general and administration expenses.

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 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 that could significantly affect
    internal controls subsequent to the date the Registrant carried out its
    evaluation.


PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

         None

Item 1A. Risk Factors

         None

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 & WV 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 10, 2006

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 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 10, 2006

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

CERTIFICATION:

I, Herbert E. Jones, III, 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 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 10, 2006


                                                 /s/ Herbert E. Jones, III
                                                 Herbert E. Jones, III
                                                 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 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 10, 2006


                                               /s/ Robert A. HAmstead
                                               Robert A. Hamstead
                                               VP, 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 March 31, 2006
(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 Pittsburg & West Virginia Railroad.


Dated: May 10, 2006                         /s/ Herbert E. Jones, Jr.
                                            Herbert E. Jones, Jr.
                                            Chairman of the Board



Dated: May 10, 2006                         /s/ Herbert E. Jones, III
                                            Herbert E. Jones, III
                                            President



Dated: May 10, 2006                         /s/ Robert A. Hamstead
                                            Robert A. Hamstead
                                            Vice President, Secretary
                                            and Treasurer