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                   U.S. SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C.  20549



                                FORM 10-QSB

               QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934


For the Quarter ended  September 30, 1995  Commission File Number   33-14003
                       ------------------                           -------- 


                    SIGNATURE X LTD. LIMITED PARTNERSHIP
------------------------------------------------------------------------------
          (Exact name of registrant as specified in its charter)


          Indiana                            35-1687036
-------------------------------         ------------------------------------
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
incorporation or organization)


250 East 96th Street, Suite 450, Indianapolis, Indiana      46240
------------------------------------------------------      ------------
(Address of principal executive office)                     (Zip Code)

Registrant's telephone number, including area code     (317) 581-1111
                                                       --------------


Check whether the Registrant (1) has filed all reports required to be filed by
Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months, and (2) has been subject to such filing requirements for
the past 90 days.

                              Yes      X          No
                                    -------           -------











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               SIGNATURE X LTD. LIMITED PARTNERSHIP

                              INDEX


Part I - FINANCIAL INFORMATION
------------------------------

     Item 1. Financial Statements (Unaudited)

             Balance Sheets
             September 30, 1995 and December 31, 1994

             Statements of Operations
             Three and nine months ended September 30, 1995 and 1994

             Statement of Partners' Equity
             Nine months ended September 30, 1995 and year ended
             December 31, 1994

             Statements of Cash Flows
             Nine months ended September 30, 1995 and 1994

             Note to Financial Statements

     Item 2. Management's Discussion and Analysis of
             Financial Condition and Results of Operations

Part II - OTHER INFORMATION
---------------------------


<PAGE>
<TABLE>
                     SIGNATURE X LTD. LIMITED PARTNERSHIP
                               Balance Sheets
                                 (Unaudited)

<CAPTION>
                                               September 30,   December 31,
                                                    1995           1994
                                               -------------   -------------
<S>                                            <C>             <C>
          ASSETS

Current assets:
  Cash and short-term cash investments         $    438,170        208,858 
  Investments held by trustee                        98,816          3,148 
                                               -------------  -------------
         Cash and cash equivalents                  536,986        212,006 
  Accounts receivable                                62,226         52,702 
  Other current assets                               76,059         99,944 
                                               -------------  -------------
       Total current assets                         675,271        364,652 
                                               -------------  -------------

Property and equipment:
  Land                                            1,693,614      1,693,614 
  Land improvements                                 384,346        384,347 
  Buildings                                       6,926,421      6,846,694 
  Furniture and equipment                         1,777,248      1,711,625 
                                               -------------  -------------
                                                 10,781,629     10,636,280 
  Less accumulated depreciation                   2,999,864      2,803,658 
                                               -------------  -------------
       Net property and equipment                 7,781,765      7,832,622 

Furniture and equipment reserves                     76,516         90,524 

Deferred costs, net of accumulated
amortization of $292,962 and $281,181               126,614        138,395 
                                               -------------  -------------
                                               $  8,660,166      8,426,193 
                                               =============  =============


  LIABILITIES AND PARTNERS' EQUITY

Current liabilities:
  Current portion of long-term debt                  90,500         89,044 
  Accounts payable                                   52,144         24,554 
  Accrued payroll and related taxes                  21,655         31,456 
  State and local taxes                              96,861         55,591 
  Accrued interest                                   87,696         23,421 
                                                ------------  -------------
       Total current liabilities                    348,856        224,066 

Long-term debt, less current portion              5,245,830      5,283,835 
Note payable to general partner                   2,377,361      2,377,361 
Advances from general partner                       259,065        259,065 
                                                ------------  -------------
       Total liabilities                          8,231,112      8,144,327 

Partners' equity                                    429,054        281,866 
                                                ------------  -------------

                                                $ 8,660,166      8,426,193 
                                                ============  =============

</TABLE>
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<TABLE>

                   SIGNATURE X LTD. LIMITED PARTNERSHIP
                         Statements of Operations
                               (Unaudited)

<CAPTION>
                                         Three Months Ended         Nine Months Ended
                                                        September 30                              September 30
                                           -------------------------------------        --------------------------------
                                               1995                      1994               1995                 1994
                                           ------------              -----------        ------------         -----------
<S>                                          <C>                        <C>               <C>                 <C>
Revenue:
  Room revenue                               $ 989,679                  927,559           2,375,402           2,311,450 
  Other hotel revenue                           14,697                   24,782              67,277              77,682 
  Interest                                       4,055                    2,597               7,941               5,411 
                                           ------------              -----------        ------------         -----------
                                             1,008,431                  954,938           2,450,620           2,394,543 
                                           ------------              -----------        ------------         -----------

Cost and expenses:
  Hotel operations                             307,657                  301,445             760,343             761,682 
  Salaries and benefits                        227,718                  209,043             599,319             547,467 
  Management and franchise fees                 90,235                   85,375             218,937             213,556 
  Advertising and reservations                  35,091                   33,201              85,142              83,049 
  Interest                                     138,996                  141,533             418,236             424,357 
  Depreciation and amortization                 73,818                   93,705             221,455             281,115 
                                           ------------              -----------        ------------         -----------
                                               873,515                  864,302           2,303,432           2,311,226 
                                           ------------              -----------        ------------         -----------

Income (loss) before extraordinary gain        134,916                   90,636             147,188              83,317 

Extraordinary gain from debt
    restructuring                                 -                        -                   -                660,684 
                                           ------------              -----------        ------------         -----------

    Net income                            $    134,916                   90,636             147,188             744,001 

General partner's interest                      20,237                   13,595              22,078             111,600 
                                           ------------              -----------        ------------         -----------

Limited partner's interest                $    114,679                   77,041             125,110             632,401 
                                           ============              ===========        ============         ===========

Net income per limited
    partner unit                          $        315                      212                 344               1,737 
                                           ============              ===========        ============         ===========

Average number of limited partner
  units outstanding                                364                      364                 364                 364 
                                           ============              ===========        ============         ===========

</TABLE>
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<TABLE>

                        SIGNATURE X LTD. LIMITED PARTNERSHIP
                           Statement of Partners' Equity
                        Nine Months ended September 30, 1995
                                    (Unaudited)
<CAPTION>

                                              General            Limited  
                                              Partner            Partners              Total  
                                            ----------          ----------          ----------
<S>                                        <C>                  <C>                 <C>
Balance at December 31, 1994               $   41,897             239,969             281,866 

  Net income                                   22,078             125,110             147,188 
                                            ----------          ----------          ----------

Balance at September 30, 1995              $   63,975             365,079             429,054 
                                            ==========          ==========          ==========


Accumulated balances:
  Capital contributions                       404,445           3,640,000           4,044,445 
  Offering expenses                               -              (455,000)           (455,000)
  Net loss                                   (340,470)         (2,819,921)         (3,160,391)
                                            ----------         -----------         -----------
Balance at September 30, 1995              $   63,975             365,079             429,054 
                                            ==========         ===========         ===========
</TABLE>
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<TABLE>

                         SIGNATURE X LTD. LIMITED PARTNERSHIP
                              Statements of Cash Flows
                                    (Unaudited)
<CAPTION>
                                                                         Nine Months Ended
                                                                           September 30
                                                                   -----------------------------
                                                                        1995           1994   
                                                                    -----------    -----------
<S>                                                                <C>            <C>
Cash flows from operating activities:
  Net income                                                       $   147,188        744,001 
  Items which do not use (provide) cash:
     Depreciation of property and equipment                            209,674        269,334 
     Amortization of deferred costs                                     11,781         11,781 
     Extraordinary gain from debt restructuring                            -         (660,684)
     Loss on disposal of equipment                                       3,644          1,205 
     Change in accrued interest payable                                 64,275         55,378
     Accrued revenue and other expenses, net                            73,420          7,970 
                                                                    -----------    -----------
            Net cash provided by operating activities                  509,982        428,985 
                                                                    -----------    -----------

Cash flows from investing activities:
  Additions to furniture and equipment reserves, net                  (117,875)       (69,786)
  Other additions to property and equipment                            (30,803)          -    
  Proceeds from sale of assets                                             225           -
                                                                    -----------    -----------
       Net cash used in investing activities                          (148,453)       (69,786)
                                                                    -----------    -----------

Cash flows from financing activities:
  Payments on long-term debt                                           (36,549)       (65,684)
  Advance from general partner                                          30,000         30,000 
  Repayment to general partner                                         (30,000)       (30,000)
                                                                    -----------    -----------
       Net cash used in financing activities                           (36,549)       (65,684)
                                                                    -----------    -----------

Change in cash and cash equivalents                                    324,980        293,515
                                                                    -----------    -----------
Cash and cash equivalents at beginning of period                       212,006        105,034 
                                                                    -----------    -----------
Cash and cash equivalents at end of period                         $   536,986        398,549 
                                                                    ===========    ===========

Additional disclosures:

  Interest paid                                                    $   418,236        424,357
                                                                    ===========    ===========
  Additions to property and equipment from
       furniture and equipment reserves                            $   131,883         49,725 
                                                                    ===========    ===========
</TABLE>
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SIGNATURE X LTD. LIMITED PARTNERSHIP
NOTE TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1995






NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information.  Accordingly, the financial statements do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements.  In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.  Operating results for the interim
period are not necessarily indicative of the results that may be expected for
the year ended December 31, 1995.  For further information, refer to the
financial statements included in the Partnership's annual report on Form 
10-KSB for the year ended December 31, 1994.


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<TABLE>



               SIGNATURE X LTD. LIMITED PARTNERSHIP
               ------------------------------------
     MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
     ---------------------------------------------------------
                    AND RESULTS OF OPERATIONS
                    -------------------------

RESULTS OF OPERATIONS
---------------------
<CAPTION>
                             Occupancy                   Average Daily Rate
                      YTD       YTD       Change      YTD       YTD       Change
                    9/30/95   9/30/94               9/30/95   9/30/94   
<S>                 <C>       <C>         <C>       <C>       <C>         <C>
Florence            70.1%     69.9%        0.2%     $52.02    $48.83      $3.19
Chester
Road                58.3%     60.6%       (2.3)%    $55.02    $53.57      $1.45

                     QTD         QTD       Percent     YTD         YTD       Percent
                   9/30/95     9/30/94     Change    9/30/95     9/30/94     Change
<S>                <C>         <C>         <C>       <C>         <C>         <C>
Room & Other
Hotel
Revenues           $1,004,376  $952,341       5.5%   $2,442,679  $2,389,132    2.2%

Interest
Income                 $4,055    $2,597      56.1%       $7,941      $5,411   46.8%

Hotel Operations
and Salaries and
Benefits             $535,375  $510,488       4.9%   $1,359,662  $1,309,149    3.9%

Management and
Franchise
Fees                  $90,235   $85,375       5.7%     $218,937    $213,556    2.5%

Advertising and
Reserv                $35,091   $33,201       5.7%      $85,142     $83,049    2.5%

Interest
Expense              $138,996  $141,533      (1.8)%    $418,236    $424,357   (1.4)%

Depreciation and
Amort                 $73,818   $93,705     (21.2)%    $221,455    $281,115   (21.2)%

Income (loss)
before
extraordinary
gain                 $134,916   $90,636      48.9%     $147,188     $83,317    76.7%

</TABLE>

Room and other hotel revenues of the two hotels were relatively unchanged for
both the three and nine month periods ended September 30, 1995 compared to the 
same period in 1994 due to the combined effect of a decrease in occupancy and 
increases in average room rates.

Hotel operations and salaries and benefits represent all of the operational
and administrative costs of operating the hotels, including all payroll,
supply, utilities, maintenance and miscellaneous expenses.  Hotel operations
and salaries and benefits increased primarily due to increased employment
advertising, guest transportation and supply costs in 1995 compared to 1994.
<PAGE>
Management and franchise fees changed slightly due to the corresponding change
in room and other hotel revenues for the same periods of 1995 and 1994.  These
fees represent amounts paid to Signature Inns, Inc., the general partner of
the Partnership, for property management, accounting services and franchise
fees.  

The Partnership contributes to a cooperative advertising and reservation fund
administered by the general partner.  Contributions changed slightly due to
the corresponding change in room and other hotel revenues for the periods of
1995 and 1994.

Interest expense represents interest on hotel mortgage loans, general partner
advances and capitalized equipment lease obligations.  Interest expense
decreased due to the scheduled amortization reduction of the notes. 

A partnership obligation was restructured in June 1994.  The note had a
balance of $3,038,045; the balance was reduced to $2,377,361 resulting in an
extraordinary gain from the restructuring of $660,684.


LIQUIDITY AND CAPITAL RESOURCES

The general partner believes that cash generated from the operation of the two
hotels, along with existing cash balances, will provide adequate liquidity for
the Partnership to meet its operating needs during the next twelve months.

<PAGE>

PART II - OTHER INFORMATION
---------------------------

     Item 1. Legal Proceedings
             See note below

     Item 2. Changes in Securities
             See note below

     Item 3. Default upon Senior Securities
             See note below

     Item 4. Submission of matters to a Vote of Security Holders
             See note below

     Item 5. Other Information
             See note below

     Item 6. Exhibits and Reports on Form 8-K
             See note below

     NOTE:     The response to each of the above items is not
               applicable or is in the negative and does not
               require a response pursuant to the instructions.



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                         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.



                                SIGNATURE INNS, INC., General Partner
                                of Signature X Ltd. Limited Partnership




Date November 10, 1995       By
     -----------------          ---------------------------------------
                                John D. Bontreger, President and C.E.O.
                                Signature Inns, Inc.




Date November 10, 1995       By
     -----------------          ---------------------------------------
                                Mark D. Carney, Vice President
                                Finance and C.F.O.
                                Signature Inns, Inc.




Date November 10, 1995       By
     -----------------          ---------------------------------------
                                Martin D. Brew, Treasurer/Controller
                                Signature Inns, Inc.