PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
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<CAPTION>
CHANGES IN FINANCIAL POSITION
(Dollars in Thousands)
Unaudited
Nine months ended
September 30
2000 1999
<S> <C> <C>
Source of Cash:
Net income $625 $623
Decrease in accounts payable (-) (-)
Cash provided from operations $625 $623
Use of Cash:
Dividends paid 619 619
Increase (decrease) in cash $ 6 $ 4
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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.
