PITTSBURGH & WEST VIRGINIA RAILROAD
10-Q, EX-20, 2000-11-09
REAL ESTATE INVESTMENT TRUSTS
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                  PITTSBURGH & WEST VIRGINIA RAILROAD
                              FORM 10-Q

PART I.  FINANCIAL INFORMATION

[CAPTION]
STATEMENT OF INCOME


(Dollars  in Thousands Except Per Share Amounts)

                                      Unaudited          Unaudited
                                   3 Months Ended      9 Months Ended
                                    September 30        September 30
                                   2000      1999      2000      1999
<TABLE>
INCOME AVAILABLE FOR DISTRIBUTION:
     <S>                           <C>       <C>       <C>       <C>
     Cash Rental                   $229      $229      $686      $686
     Interest                         -         -         -         -
                                    229       229       686       686

     Less general and
          administrative expenses    20        24        61        63

               NET INCOME          $209      $205      $625      $623



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

     Net Income                    $ .14     $ .14     $ .41     $ .41
     Cash Dividends                  .14       .14       .41       .41

</TABLE>


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