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                                  UNITED STATES


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q

(Mark One)
[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended September 30, 1996

                                       OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934


For the transition period from ____________ to ____________

                         Commission file number 0-17651


                            HIGH CASH PARTNERS, L.P.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                                           13-3347257
--------------------------------------------------------------------------------
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                         Identification No.)


411 West Putnam Avenue    Greenwich, CT                       06830
--------------------------------------------------------------------------------
(Address of principal executive offices)                    (Zip Code)


                                 (203) 862-7000
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


              (Former name, former address and former fiscal year,
                          if changed since last report)


Indicate by checkmark  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 [   ]
<PAGE>
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                            HIGH CASH PARTNERS, L.P. 
================================================================================

                         FORM 10-Q - SEPTEMBER 30, 1996 






                                      INDEX



PART I - FINANCIAL INFORMATION

    ITEM 1 - FINANCIAL STATEMENTS

       BALANCE SHEETS - September 30, 1996 and December 31, 1995


       STATEMENTS OF OPERATIONS - For the three months ended  September 30, 1996
       and 1995 and the nine months ended September 30, 1996 and 1995


       STATEMENT OF PARTNERS'  EQUITY - For the nine months ended  September 30,
       1996


       STATEMENTS  OF CASH FLOWS - For the nine months ended  September 30, 1996
       and 1995


       NOTES TO FINANCIAL STATEMENTS 

    ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS 


PART II - OTHER INFORMATION

    ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K 

SIGNATURES
<PAGE>
 PART I - FINANCIAL INFORMATION

 ITEM 1 - FINANCIAL STATEMENTS

<TABLE>
<CAPTION>


                            HIGH CASH PARTNERS, L.P.

                                 BALANCE SHEETS

                                                     September 30,    December 31,
                                                         1996             1995
                                                     ------------    ------------
<S>                                                  <C>             <C>
ASSETS

     Real estate, net of accumulated depreciation
        of $3,353,864 and $3,016,660 .............   $ 22,562,213    $ 22,869,017
     Cash and cash equivalents ...................      1,685,350       1,407,276
     Tenant receivables ..........................        143,596         156,608
     Other assets ................................        104,427         117,583
     Prepaid real estate taxes....................         58,600          59,393
     Prepaid insurance premiums...................         14,357          42,357
                                                     ------------    ------------
                                                     $ 24,568,543    $ 24,652,234
                                                     ============    ============


LIABILITIES AND PARTNERS' EQUITY

Liabilities
     Mortgage loan payable .......................   $  6,500,000    $  6,500,000
     Deferred interest payable ...................      8,752,486       7,530,719
     Distributions payable .......................        305,007         305,007
     Accounts payable and accrued expenses .......        108,551          90,330
     Due to affiliates............................         78,906          80,870
     Tenants' security deposits payable...........         55,259          55,659
                                                     ------------    ------------
        Total liabilities ........................     15,800,209      14,562,585
                                                     ------------    ------------

Commitments and contingencies

Partners' equity
     Limited partners' equity (96,472 units issued
        and outstanding) .........................      8,920,832      10,228,934
     General partners' deficit ...................       (152,498)       (139,285)
                                                     ------------    ------------
        Total partners' equity ...................      8,768,334      10,089,649
                                                     ------------    ------------
                                                     $ 24,568,543    $ 24,652,234
                                                     ============    ============
</TABLE>
                       See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>

                                                   HIGH CASH PARTNERS, L.P.

                                                   STATEMENTS OF OPERATIONS



                                                                 For the three months ended           For the nine months ended
                                                                         September 30,                       September 30,
                                                               ------------------------------        ------------------------------
                                                                   1996               1995               1996               1995
                                                               -----------        -----------        -----------        -----------
<S>                                                            <C>                <C>                <C>                <C>
Revenues
     Rental income .....................................       $   706,731        $   659,432        $ 1,950,817        $ 1,889,360
     Interest income                                                18,909             18,591             46,628             50,990
     Other income                                                       --              1,200              1,641              4,900
                                                               -----------        -----------        -----------        -----------
                                                                   725,640            679,223          1,999,086          1,945,250
                                                               -----------        -----------        -----------        -----------
Costs and expenses
     Mortgage loan interest ............................           415,942            375,680          1,221,767          1,096,294
     Operating expenses ................................           139,332            138,544            434,326            442,688
     Depreciation and amortization .....................           118,480            118,787            355,179            357,212
     Partnership management fees .......................            75,369             75,369            226,107            226,107
     General and administrative expenses ...............            35,210             43,847            109,082            131,544
     Property management fees ..........................            21,202             18,473             58,918             57,480
                                                               -----------        -----------        -----------        -----------
                                                                   805,535            770,700          2,405,379          2,311,325
                                                               -----------        -----------        -----------        -----------
Net loss ...............................................       $   (79,895)       $   (91,477)       $  (406,293)       $  (366,075)
                                                               ===========        ===========        ===========        ===========

Net loss attributable to
     Limited partners ..................................       $   (79,096)       $   (90,562)       $  (402,230)       $  (362,414)
     General partners ..................................              (799)              (915)            (4,063)            (3,661)
                                                               -----------        -----------        -----------        -----------
                                                               $   (79,895)       $   (91,477)       $  (406,293)       $  (366,075)
                                                               ===========        ===========        ===========        ===========

Net loss per unit of limited partnership
     interest (96,472 units outstanding) ...............       $     (0.82)       $     (0.94)       $     (4.17)       $     (3.76)
                                                               ===========        ===========        ===========        ===========


                                              See notes to financial statements. 
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                               High cash partners, l.P.

                             Statement of partners' equity


                                             General        Limited          Total
                                            Partners'      Partners'       Partners'
                                             Deficit        Equity          Equity
                                           -----------   ------------    ------------
<S>                                        <C>           <C>             <C>
Balance, January 1, 1996 .............     $ (139,285)   $ 10,228,934    $ 10,089,649

Net loss for the nine months ended
    September 30, 1996 ...............         (4,063)       (402,230)       (406,293)


Distributions to partners for the nine
    months ended September 30, 1996
   ($9.39 per limited partner unit) ..         (9,150)       (905,872)       (915,022)
                                           ----------    ------------    ------------


Balance, September 30, 1996 ..........     $ (152,498)   $  8,920,832    $  8,768,334
                                           ==========    ============    ============

                          See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                              STATEMENTS OF CASH FLOWS 



                                                        For the nine months ended
                                                               September 30,
                                                        --------------------------
                                                            1996           1995
                                                        -----------    -----------
<S>                                                     <C>            <C>
 INCREASE (DECREASE) IN CASH AND
 CASH EQUIVALENTS

Cash flows from operating activities
     Net loss .......................................   $  (406,293)   $  (366,075)
     Adjustments to reconcile net loss to net cash
        provided by operating activities
            Deferred interest expense ...............     1,221,767      1,096,294
            Depreciation and amortization ...........       355,179        357,212
            Straight-line adjustment for stepped
              lease rentals .........................          --           (9,062)
     Changes in assets and liabilities
        Tenant receivables ..........................        13,012        (49,628)
        Other assets ................................        (4,819)        (8,402)
        Prepaid real estate taxes ...................           793            242
        Prepaid insurance premiums ..................        28,000         34,226
        Accounts payable and accrued expenses .......        18,221         40,900
        Due to affiliates ...........................        (1,964)        (5,948)
        Tenants' security deposits payable ..........          (400)           970
        Unearned escalation revenue .................          --           37,500
                                                        -----------    -----------
            Net cash provided by operating activities     1,223,496      1,128,229
                                                        -----------    -----------

Cash flows from investing activities
     Improvements to real estate ....................       (30,400)       (17,000)
                                                        -----------    -----------
Cash flows from financing activities
     Distributions to partners ......................      (915,022)      (913,072)
                                                        -----------    -----------

Net increase in cash and cash equivalents ...........       278,074        198,157

Cash and cash equivalents, beginning of period ......     1,407,276      1,242,933
                                                        -----------    -----------

Cash and cash equivalents, end of period ............   $ 1,685,350    $ 1,441,090
                                                        ===========    ===========

                         See notes to financial statements.
</TABLE>
<PAGE>


                            HIGH CASH PARTNERS, L.P. 
                          NOTES TO FINANCIAL STATEMENTS 

1        INTERIM FINANCIAL INFORMATION

         The summarized  financial  information  contained  herein is unaudited;
         however, in the opinion of management, all adjustments (consisting only
         of normal recurring accruals) necessary for a fair presentation of such
         financial  information have been included.  The accompanying  financial
         statements, footnotes and discussion should be read in conjunction with
         the financial  statements,  related footnotes and discussions contained
         in the High Cash Partners,  L.P. (the  "Partnership")  annual report on
         Form  10-K for the  year  ended  December  31,  1995.  The  results  of
         operations  for the  nine  months  ended  September  30,  1996  are not
         necessarily indicative of the results to be expected for the full year.

2        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Leases

         The  Partnership  accounts for its leases under the  operating  method.
         Under this method,  revenue is recognized as rentals become due, except
         for  stepped  leases  where  revenue is  averaged  over the life of the
         lease.

         Depreciation

         Depreciation is computed using the straight-line method over the useful
         life of the  property,  which is estimated to be 40 years.  The cost of
         the  property  represents  the  initial  cost  of the  property  to the
         Partnership plus acquisition and closing costs. Repairs and maintenance
         are charged to operations as incurred.

         Impairment of assets

         In  March  1995,  the  Financial   Accounting  Standards  Board  issued
         Statement #121, "Accounting for the Impairment of Long-Lived Assets and
         for Long-Lived Assets to Be Disposed of" ("SFAS #121"). The adoption of
         the statement was required for fiscal years  beginning  after  December
         15, 1995. The Partnership  implemented  SFAS #121 beginning  January 1,
         1996. The implementation of SFAS #121 did not result in a write-down of
         the Partnership's assets.

         Under SFAS #121 the initial test to determine if an  impairment  exists
         is to compute the recoverability of the asset based on anticipated cash
         flows (net realizable  value) compared to the net carrying value of the
         asset.  If  anticipated  cash  flows  on  an  undiscounted   basis  are
         insufficient  to  recover  the net  carrying  value  of the  asset,  an
         impairment loss should be recognized, and the asset written down to its
         estimated  fair  value.  The fair  value of the asset is the  amount by
         which  the  asset  could be  bought  or sold in a  current  transaction
         between willing parties, that is, other than in a forced or liquidation
         sale.  The net  realizable  value of an asset will generally be greater
         than its fair value because net realizable value does not discount cash
         flows  to  present  value  and   discounting  is  usually  one  of  the
         assumptions  used  in  determining  fair  value.  The  write-downs  for
         impairment  do  not  affect  the  tax  basis  of  the  assets  and  the
         write-downs are not included in the  determination of taxable income or
         loss.
<PAGE>
2        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
         Impairment of assets (continued)

         Because the  determination  of both net realizable value and fair value
         is based upon  projections of future  economic  events such as property
         occupancy  rates,  rental rates,  operating  cost  inflation and market
         capitalization  rates  which are  inherently  subjective,  the  amounts
         ultimately  realized at disposition may differ  materially from the net
         carrying  value  as of  September  30,  1996.  The cash  flows  used to
         determine fair value and net  realizable  value are based on good faith
         estimates  and   assumptions   developed  by  management.   Inevitably,
         unanticipated  events and  circumstances may occur and some assumptions
         may not  materialize;  therefore  actual  results  may  vary  from  our
         estimate and the variances may be material. The Partnership may provide
         additional  losses in  subsequent  years if the real  estate  market or
         local  economic   conditions  change  and  such  write-downs  could  be
         material.

         A write-down for impairment was not required for the three months ended
         September 30, 1996 or 1995.

3        CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES

         The Managing General Partner of the  Partnership,  Resources High Cash,
         Inc.,  was  until  November  3,  1994,  a  wholly-owned  subsidiary  of
         Integrated, at which time, pursuant to the consummation of Integrated's
         Plan of Reorganization, substantially all the assets of Integrated, but
         not the stock of the Managing  General  Partner,  were sold to Presidio
         Capital  Corp.  ("Presidio").  Presidio  is also  the  parent  of other
         corporations  that are, or may be in the future,  engaged in businesses
         that may be in competition with the Partnership. Accordingly, conflicts
         of  interest  may  arise  between  the   Partnership   and  such  other
         businesses.  Wexford Management LLC ("Wexford") performs management and
         administrative  services to Presidio,  XRC Corp. ("XRC") and its direct
         and indirect  subsidiaries as well as the Partnership.  During the nine
         months ended  September 30, 1996,  reimbursable  expenses to Wexford by
         the  Partnership  amounted to $60,000.  During the three  months  ended
         September  30,  1996,  reimbursable  expenses  to Wexford  amounted  to
         $20,000. Wexford performs similar services for other entities which may
         be in competition with the Partnership.

         Subject  to the  rights  of the  Limited  Partners  under  the  Limited
         Partnership  Agreement,  XRC will control the  Partnership  through its
         ownership  of the shares of the  Managing  General  Partner  and, as of
         February 28, 1995,  the Associate  General  Partner.  XRC is managed by
         Presidio Management  Company,  LLC ("Presidio  Management"),  a company
         controlled  by a director of Presidio and XRC.  Presidio  Management is
         responsible  for the  day-to-day  management  of XRC and,  among  other
         things,  has authority to designate  directors of the Managing  General
         Partner.  In March 1996, Presidio Management assigned its agreement for
         the day-to-day management of XRC to Wexford.

         As a result of the consummation of Integrated's Plan of Reorganization,
         XRC  elected  new  directors  for  the  Managing  General  Partner  and
         Resources  Supervisory  Management  Corp.  ("Resources   Supervisory").
         However, certain executives remain the same and certain of Integrated's
         former  employees who performed  services for the  Partnership  are now
         employees of Wexford, which provides administrative services to XRC and
         the Partnership.
<PAGE>
3        CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES (continued)

         Affiliates  of the  General  Partners  are also  engaged in  businesses
         related to the acquisition and operation of real estate.  An affiliated
         partnership,  Resources  Accrued  Mortgage  Investors 2 L.P. ("RAM 2"),
         whose managing  general partner is also owned by Presidio,  made a zero
         coupon first mortgage loan to the Partnership and conflicts of interest
         could arise with respect to such loan.

         The  Partnership  has entered into a supervisory  management  agreement
         with  Resources  Supervisory,  an  affiliate  of the  Managing  General
         Partner,  to perform certain functions related to the management of the
         property.  A  portion  of  the  property  management  fees  payable  to
         Resources  Supervisory was paid to an unaffiliated  management  company
         which  was  engaged  for  the  purpose  of  performing  the  management
         functions for the property.  For the quarters ended  September 30, 1996
         and 1995,  Resources  Supervisory  was entitled to receive  $21,202 and
         $18,473,  respectively, of which $17,663 and $13,295, respectively, was
         paid  to the  unaffiliated  management  company.  No  leasing  activity
         compensation  was paid to Resources  Supervisory  for the quarter ended
         September  30, 1996 or 1995.  Current  fees of $3,537  were  payable to
         Resources  Supervisory  at September  30, 1996,  which were paid in the
         subsequent quarter.

         For  managing  the affairs of the  Partnership,  the  Managing  General
         Partner is  entitled  to  receive a  partnership  management  fee in an
         annual amount equal to 1.25% of the gross  offering  proceeds.  For the
         quarters  ended  September  30,  1996 and 1995,  the  Managing  General
         Partner  was  entitled  to a  partnership  management  fee of  $75,369.
         Current fees of $75,369 were payable to the Managing General Partner at
         September 30, 1996, which were paid in the subsequent quarter.

         The General  Partners  are  allocated 1% of the net income or losses of
         the Partnership. The general partners were allocated losses of $799 and
         $915 for the quarters ended September 30, 1996 and 1995,  respectively.
         They are also entitled to receive 1% of distributions which amounted to
         $3,050 for the quarters ended September 30, 1996 and 1995.

         Effective  April  1,  1991,  Integrated  purchased,  in an  arms-length
         transaction from an unaffiliated third party, 8,361 limited partnership
         units.  Effective  January  1, 1995  pursuant  to the  consummation  of
         Integrated's  Plan of  Reorganization,  these units were transferred to
         XRC.
<PAGE>
4        DISTRIBUTIONS PAYABLE

         Distributions payable are as follows:
<TABLE>
<CAPTION>
                                                  September 30,     December 31,
                                                      1996              1995
                                                      ----              ----
<S>                                                 <C>               <C>
Limited partners .......................            $301,957          $301,957
General partners .......................               3,050             3,050
                                                    --------          --------
                                                    $305,007          $305,007
                                                    ========          ========
</TABLE>
         Such  distributions  were  paid in  November  1996 and  February  1996,
respectively.

5        DUE TO AFFILIATES

         Due to affiliates are as follows:

<TABLE>
<CAPTION>
                                                    September 30,   December 31,
                                                       1996             1995
                                                       ----             ----
<S>                                                  <C>              <C>
Partnership Management Fee ...................       $75,369          $75,369
Supervisory Management Fee ...................         3,537            5,501
                                                     -------          -------
                                                     $78,906          $80,870
                                                     =======          =======
</TABLE>
         Such amounts were paid in November 1996 and May 1996, respectively.
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS


         Liquidity and Capital Resources

         The Partnership's  sole property is a community shopping center located
         in Reno,  Nevada  containing  approximately  233,000 square feet of net
         rentable area. The Partnership's  public offering commenced on June 29,
         1988  and,  as of its  termination  on  June  29,  1990,  had  accepted
         subscriptions  for 77,901  Units  (including  Units held by the initial
         limited partner) for aggregate  proceeds of $17,284,285 (gross proceeds
         of  $19,475,250  less   organization  and  offering  costs  aggregating
         $2,190,965).  The  Partnership  committed  100%  of  its  net  proceeds
         available for  investment  to the Sierra  Marketplace  acquisition.  In
         addition,  pursuant to a settlement agreement, on December 19, 1990 the
         Partnership settled all claims with respect to its Short-Term Loans. As
         a part of this  transaction,  the Partnership sold 18,571  unregistered
         units to Integrated  for  aggregate  net proceeds of $4,120,441  (gross
         proceeds of $4,642,750 less organization and offering costs aggregating
         $522,309) who in turn, sold these units to the Partnership's three bank
         creditors.  On February 4, 1991,  Integrated purchased all of the 8,361
         units owned by one of the banks.  This  transfer  became  effective  on
         April 1, 1991.  Effective January 1, 1995, pursuant to the consummation
         of Integrated's bankruptcy, these units were transferred to XRC.

         The Partnership  uses working  capital  reserves set aside from the net
         proceeds  of its  public  offering  and  undistributed  cash  flow from
         operations  as its  primary  measure of  liquidity.  The  Partnership's
         working  capital  reserves  initially  consisted  of  5% of  the  gross
         proceeds from its public  offering.  As of September 30, 1996,  working
         capital  reserves  amounted  to  $1,438,831,  which may be used to fund
         capital expenditures,  insurance,  real estate taxes, and distributions
         to partners.  All expenditures  made during the quarter ended September
         30, 1996 were funded from cash flow from operations.

         For the quarter ended  September 30, 1996, the  Partnership  declared a
         distribution  of cash  flow  from  operations  to  Partners  which  was
         consistent with the prior year's quarterly distributions representing a
         5% annualized return on the Limited Partners' original investment.  The
         distribution  was  paid  subsequent  to  September  30,  1996.   Future
         distributions will depend upon results from operations.  Although there
         are three  tenants that each  accounted  for more than 10% of the total
         rental revenues of Sierra Marketplace,  none of their leases are due to
         expire  before  the year 2003 and the  Partnership  is not aware of any
         significant   problems  with  respect  to  these  three  tenants.   The
         Partnership  intends in the future to  distribute  less than all of its
         cash flow from  operations,  when  appropriate,  to  maintain  adequate
         reserves for capital  improvements  and capitalized  lease  procurement
         costs.  Thus,  cash  distributions  might be reduced even if operations
         continue at the current level.

         To the extent that annual adjusted cash from operations exceeds 11% per
         annum,  noncumulative,  of original contributions of the offering, such
         excess  may be  retained  in a  separate  reserve  account  to prepay a
         portion  of  RAM 2  loan  obligations.  However,  it is  unlikely  that
         adjusted cash flow will exceed such a threshold in the near future.
<PAGE>
         The  Partnership  expects to  continue to utilize a portion of its cash
         flow from operations to pay for various capital and tenant improvements
         to the property and leasing  commissions (the amount of which cannot be
         predicted  with  certainty).  The  Partnership  believes  that existing
         working capital reserves will be sufficient for the foreseeable future.
         However,  if the real estate market conditions  deteriorate in the area
         where the Partnership's  property is located, there is substantial risk
         that this would have an adverse effect on cash flow  distributions  and
         working capital  reserves.  Additionally,  the Partnership may not have
         sufficient  liquidity to make payments  which may be required under the
         terms of the RAM 2 loan in certain circumstances.

         Real estate market

         The real  estate  market  continues  to suffer  from the effects of the
         recent  recession  which  included a substantial  decline in the market
         value  of  existing  properties.   Furthermore,   the  competition  for
         non-anchor  tenants  is strong  among  existing  centers  in the Sierra
         Marketplace vicinity.  This has hindered the lease up of difficult back
         space in Sierra  Market  Place.  These  factors may  continue to reduce
         rental rates. As a result,  the  Partnership's  potential for realizing
         the full value of its investment in its property is at increased risk.

         Impairment of assets

         In  March  1995,  the  Financial   Accounting  Standards  Board  issued
         Statement #121, "Accounting for the Impairment of Long-Lived Assets and
         for Long-Lived Assets to Be Disposed of" ("SFAS #121"). The adoption of
         the statement was required for fiscal years  beginning  after  December
         15, 1995. The Partnership  implemented  SFAS #121 beginning  January 1,
         1996. The implementation of SFAS #121 did not result in a write-down of
         the Partnership's assets.

         Under SFAS #121 the initial test to determine if an  impairment  exists
         is to compute the recoverability of the asset based on anticipated cash
         flows (net realizable  value) compared to the net carrying value of the
         asset.  If  anticipated  cash  flows  on  an  undiscounted   basis  are
         insufficient  to  recover  the net  carrying  value  of the  asset,  an
         impairment loss should be recognized, and the asset written down to its
         estimated  fair  value.  The fair  value of the asset is the  amount by
         which  the  asset  could be  bought  or sold in a  current  transaction
         between willing parties, that is, other than in a forced or liquidation
         sale.  The net  realizable  value of an asset will generally be greater
         than its fair value because net realizable value does not discount cash
         flows  to  present  value  and   discounting  is  usually  one  of  the
         assumptions  used  in  determining  fair  value.  The  write-downs  for
         impairment  do  not  affect  the  tax  basis  of  the  assets  and  the
         write-downs are not included in the  determination of taxable income or
         loss.
<PAGE>
         Because the  determination  of both net realizable value and fair value
         is based upon  projections of future  economic  events such as property
         occupancy  rates,  rental rates,  operating  cost  inflation and market
         capitalization  rates  which are  inherently  subjective,  the  amounts
         ultimately  realized at disposition may differ  materially from the net
         carrying  value  as of  September  30,  1996.  The cash  flows  used to
         determine fair value and net  realizable  value are based on good faith
         estimates  and   assumptions   developed  by  management.   Inevitably,
         unanticipated  events and  circumstances may occur and some assumptions
         may not  materialize;  therefore  actual  results  may  vary  from  our
         estimate and the variances may be material. The Partnership may provide
         additional  losses in  subsequent  years if the real  estate  market or
         local  economic   conditions  change  and  such  write-downs  could  be
         material.

         A write-down for impairment was not required for the three months ended
         September 30, 1996 or 1995.

         Results of operations

         The net loss increased for the nine months ended September 30, 1996 and
         decreased  for the three months ended  September 30, 1996 when compared
         to the same periods in the prior year. The increase for the nine months
         was a result  of a greater  increase  in costs  and  expenses  than the
         increase in  revenues.  The  decrease for the three months was due to a
         greater increase in revenues than the increase in costs and expenses.

         Revenues  increased for both the nine and three months ended  September
         30, 1996 compared  with the same periods the prior year,  primarily due
         to  increases  in rental  income.  Rental  revenue  increased  for both
         periods due to an increase in insurance escalations at the property.

         Costs and expenses  increased  for both the nine and three months ended
         September  30,  1996  compared  with the same  periods  the prior year,
         primarily due to increases in mortgage loan interest expense  partially
         offset by decreases in general and  administrative  expenses.  Mortgage
         loan interest  expense  increased in each period due to the compounding
         effect  from the  deferral  of  interest  expense  on the  zero  coupon
         mortgage.  General and administrative expenses decreased primarily as a
         result of a decrease in payroll costs.

         Inflation has not had a material impact on the Partnership's operations
         or financial condition during the last two years and is not expected to
         have a material impact in the future.
<PAGE>


PART II - OTHER INFORMATION

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K




              (a)  Exhibits:                None

              (b)  Reports on Form 8-K:     None


<PAGE>
                                   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.



                                              HIGH CASH PARTNERS, L.P.

                                        By:   Resources High Cash, Inc.
                                              Managing General Partner




Dated:   November 14, 1996       By:   /s/ Frederick Simon
                                              -------------------
                                                  Frederick Simon
                                                  President
                                                  (Duly Authorized Officer)



Dated:   November 14, 1996       By:   /s/ Jay L. Maymudes
                                              -------------------
                                                  Jay L. Maymudes
                                                  Vice President
                                                  (Principal Financial and
                                                   Accounting Officer)