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 March 30, 1995    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 March 1, 1995
Common Stock, No Par Value               3,760,760 Shares 
PAGE

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<TABLE>
<S>                             <C>                     <C>
[PERIOD-TYPE]                   QTR-1                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1995             DEC-31-1994
[PERIOD-END]                               MAR-31-1995             DEC-31-1994
[CASH]                                         6772797                 6270849
[SECURITIES]                                   1571977                    6600
[RECEIVABLES]                                  2288021                 2880428
[ALLOWANCES]                                         0                       0
[INVENTORY]                                    1444217                 1511006
[CURRENT-ASSETS]                              15196694                15164985
[PP&E]                                        49535272                49102832
[DEPRECIATION]                                17298556                17455344
[TOTAL-ASSETS]                                55500209                52464150
[CURRENT-LIABILITIES]                          3173578                 2386243
[BONDS]                                        9414369                 9517880
[COMMON]                                       4740677                 4740677
[PREFERRED-MANDATORY]                                0                       0
[PREFERRED]                                          0                       0
[OTHER-SE]                                    31810497                29876064
[TOTAL-LIABILITY-AND-EQUITY]                  55500209                52464150
[SALES]                                         241167                  890675
[TOTAL-REVENUES]                               5318986                20229178
[CGS]                                           211960                  802904
[TOTAL-COSTS]                                  3026176                12050713
[OTHER-EXPENSES]                                109836                  452090
[LOSS-PROVISION]                                  3703                   47796
[INTEREST-EXPENSE]                              179033                  658908
[INCOME-PRETAX]                                3062878                 7428660
[INCOME-TAX]                                   1128444                 2577641
[INCOME-CONTINUING]                            1934434                 4851019
[DISCONTINUED]                                       0                       0
[EXTRAORDINARY]                                      0                       0
[CHANGES]                                            0                       0
[NET-INCOME]                                   1934434                 4851019
[EPS-PRIMARY]                                      .51                    1.29
[EPS-DILUTED]                                      .51                    1.29
</TABLE>