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 Quarter Ended September 30, 1994    Commission File Number 0-
9881



              SHENANDOAH TELECOMMUNICATIONS COMPANY
     (Exact name of registrant as specified in its charter)



       Virginia                                   54-1162807      

(State or other jurisdiction                (I.R.S. Employer
of incorporation or                   Identification
organization)                                Number)



             P. O. Box 459, Edinburg, Virginia 22824
      (Address of principal executive office and zip code)



Registrant's telephone number, including area code:   (703)
984-4141  

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.


         Class                         Outstanding at October 1,
1994
Common Stock, No Par Value                     1,880,380 Shares 

PAGE

<PAGE>





<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               SEP-30-1994
<CASH>                                       6,306,702
<SECURITIES>                                     6,600
<RECEIVABLES>                                2,564,809
<ALLOWANCES>                                         0
<INVENTORY>                                  1,622,412
<CURRENT-ASSETS>                            14,946,469
<PP&E>                                      49,580,140
<DEPRECIATION>                              17,726,746
<TOTAL-ASSETS>                              51,554,197
<CURRENT-LIABILITIES>                        2,422,010
<BONDS>                                              0
<COMMON>                                     4,700,950
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                  30,034,537
<TOTAL-LIABILITY-AND-EQUITY>                51,554,197
<SALES>                                      1,183,839
<TOTAL-REVENUES>                            15,026,335
<CGS>                                          535,175
<TOTAL-COSTS>                                8,952,902
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                49,072
<INTEREST-EXPENSE>                             493,520
<INCOME-PRETAX>                              5,698,812
<INCOME-TAX>                                 1,867,540
<INCOME-CONTINUING>                          3,559,480
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 3,559,480
<EPS-PRIMARY>                                     1.89
<EPS-DILUTED>                                     1.89
        

</TABLE>