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, 2007

Commission File Number    1-5447

                   PITTSBURGH & WEST VIRGINIA RAILROAD

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

2 Port Amherst Drive, Charleston, WV  25306
(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,
                                                   2007                    2006
INCOME AVAILABLE FOR DISTRIBUTION:

        Interest income from capital lease      $   229                 $   229
	Less: general and administrative
        expenses                                     58                      56

                            NET INCOME          $   171                 $   173

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

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







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

                   PITTSBURGH & WEST VIRGINIA RAILROAD
				FORM 10-Q

                              BALANCE SHEET
                         (Dollars in Thousands)


                                           (Unaudited)             (Audited)
                                             March 31             December 31
                                               2007                   2006
ASSETS

        Net investment in capital lease    $   9,150              $   9,150
        Cash                                      24                     49
                                           $   9,174              $   9,199

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
	Accounts payable and accrued
         liabilities                       $      -               $       -

Shareholders' equity:
	Shares of beneficial interest,
         at no par value , 1,510,000
         shares issued  outstanding            9,145                  9,145
        Retained earnings                         29                     54

          Total shareholders' equity           9,174                  9,199

          Total liabilities and
          shareholders' equity             $   9,174              $   9,199





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,
                                                      2007                 2006
Cash flows from operating activities:
        Net income                                 $   171              $   173
	Changes in operating assets
        and liabilities:
            Increase (decrease) in
            accounts payable                             -                   16

        Cash provided by operating activities      $   171              $   189

Cash flows used in financing activities:

Dividends paid                                         196                  196

        Net increase (decrease) in cash               (25)                  (7)

        Cash, beginning of period                       49                   54

        Cash, end of period                        $    24              $    47









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, 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.

Item 2.  MANAGEMENTS' DISCUSSION AND ANALYSIS

              All of Registrant's railroad properties are on long-term lease to
         Norfolk Southern Corporation 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 2007 with the preceding fourth quarter
         of 2006 and the first quarter of 2006, revenues totaled $229,000,
         $229,000, and $229,000, respectively.  Net income and income available
         for distribution was $171,000, $211,000, and $173,000, 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

              Management is responsible for establishing and maintaining
         effective internal controls over financial reporting.  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

(a) Exhibits
Exhibit 31.1  Section 302 Certification for Herbert E. Jones, Jr.
Exhibit 31.2  Section 302 Certification for Herbert E. Jones, III
Exhibit 31.3  Section 302 Certification for Robert A. Hamstead
Exhibit 99    Section 906 Certification for Herbert E. Jones, Jr.,
              Herbert E. Jones, III, and Robert A. Hamstead



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 10, 2007