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 30,2003 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              Unaudited
                                   3 Months Ended          9 Months Ended
                                    September 30            September 30
                                   2003       2002         2003       2002

INCOME AVAILABLE FOR DISTRIBUTION:

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

     Less general and
       administrative expenses       27         21           91         74

               NET INCOME          $202       $208         $595       $612



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

     Net Income                    $.13       $.14         $.39        $.41
     Cash Dividends                 .13        .14          .40         .41







                        PITTSBURGH & WEST VIRGINIA RAILROAD

                                                              FORM 10-Q

                                    BALANCE SHEET

                                (Dollars in Thousands)

                                             September 30     December 31
                                                 2003             2002

ASSETS

     Rentals receivable under capital lease        $9,150          $9,150
     Cash                                              25              40

                                                   $9,175          $9,190


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                  13              22

               Total Shareholders' Equity           9,158           9,167

               Total Liabilities and
                 Shareholders' Equity              $9,175          $9,190





                         PITTSBURGH & WEST VIRGINIA RAILROAD

                                                               FORM 10-Q

                           CHANGES IN FINANCIAL POSITION

                               (Dollars in Thousands)

                                                           Unaudited
                                                       Nine months ended
                                                          September 30

                                                      2003          2002

Source of Cash:
     Net income                                       $595          $612

     Decrease in accounts payable                       (6)           (6)

          Cash provided from operations               $589          $606


Use of Cash:

     Dividends paid                                    604           619

     Increase (decrease) in cash                      $(15)         $(13)




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 2003 with the preceding second quarter 2003 and the third
quarter of 2002, revenues totaled $229,000, $229,000 and $229,000,
respectively. Net income and income available for distribution was $202,000,
$187,000 and $208,000, 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



                              /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 07, 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: November 7, 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: November 7, 2003

                                   /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 7,2003


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