SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                   FORM 10-Q


Quarterly report pursuant to Section 12(b) or (g) of the Securities Exchange
                                  Act of 1934

               For the quarterly period ended September 30, 1998

                        Commission File Number 0-17555


                           EVEREST FUTURES FUND, L.P.
           (Exact name of registrant as specified in its charter)


        Iowa                                        42-1318186
   (State or other jurisdiction of               (I.R.S. Employer
    incorporation or organization)                Identification No.)

  508 North Second St., Suite 302, Fairfield, Iowa            52556
 (Address of principal executive offices)                  (Zip Code)


    Registrant's telephone number, including area code:   (515) 472-5500 

                          Not Applicable
        (Former name, former address and former fiscal year,
                   if changed since last report.)

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     




<TABLE>
             Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ending September 30, 1998



                                                        Fiscal Quarter Year to Date   Fiscal Year  Fiscal QuarterYear to Date
                                                        Ended 9/30/98   To 9/30/98   Ended 12/31/97Ended 9/30/97  To 9/30/97
                                                        -------------- -------------------------------------------------------
<S>                                                     <C>            <C>           <C>           <C>           <C>
Statement of
Financial Condition                                           X                            X

Statement of
Operations                                                    X              X                           X             X

Statement of Changes
in Partners' Capital                                                         X

Statement of
Cash Flows                                                                   X                                         X

Notes to Financial
Statements                                                    X


                EVEREST FUTURES FUND, LP
                               COMBINED STATEMENTS OF FINANCIAL CONDITION
                       UNAUDITED

                                                        Sep 30, 1998   Dec 31, 1997
                                                        -------------  -------------
<S>                                                     <C>            <C>
ASSETS
Cash and cash equivalents                                 46,340,190     31,204,067
Equity in commodity trading accounts:
   Net unrealized trading gains on open contracts         13,478,775      1,821,509
   Amount Due from broker                                   (690,551)     6,314,239

Interest receivable                                          175,932        121,916
                                                        -------------  -------------
      Total assets                                        59,304,346     39,461,731
                                                        =============  =============


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                           26,037         29,000
   Commissions payable                                       196,457        161,748
   Advisor's management fee payable                          195,995        128,722
   Advisor's incentive fee payable                           753,071        393,681
   Redemptions payable                                       261,240         64,160
   Deferred Partnership offering proceeds                          0        633,394
   Selling and Offering Expenses Payable                      10,836         11,953
                                                        -------------  -------------
      Total liabilities                                    1,443,636      1,422,658

Minority Interest                                            579,198        389,459


Partners' Capital:
   Limited partners (25,253.66 and 18,064.98 units        56,697,525     37,274,229
     outstanding at 9/30/98 and 12/31/97, respectively)
      (see Note 1)
   General partners (260.11 units and 181.93 units           583,987        375,385
     outstanding at 9/30/98 and 12/31/97, respectively)
      (see Note 1)                                      -------------  -------------
      Total partners' capital                             57,281,512     37,649,614
                                                        -------------  -------------
      Total liabilities, minority interest,
        and partners' capital                            $59,304,346    $39,461,731
                                                        =============  =============

Net asset value per outstanding unit of Partnership
  interest                                                 $2,245.12      $2,063.34
                                                        =============  =============
This Statement of Financial Condition, in the opinion of management, reflects all adjustments necessary
to fairly state the financial condition of Everest Futures Fund. (See Note 6)



                                                                EVEREST FUTURES FUND, L.P.
                      COMBINED STATEMENTS OF OPERATIONS
                                                         For the period January 1, 1998 through September 30, 1998


                                                         Jul 1, 1998    Jan 1, 1998   Jul 1, 1997   Jan 1, 1997
                                                           through        through       through       through
                                                        Sep 30, 1998   Sep 30, 1998  Sep 30, 1997  Sep 30, 1997
                                                        -------------  ------------- ------------- -------------
<S>                                                     <C>            <C>           <C>           <C>
REVENUES

Gains on trading of commodity futures
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions                   264,024     (3,253,535)    1,912,606       292,099
   Change in unrealized gain (loss)
     on open positions                                    15,053,132     11,538,732     1,865,735     2,231,163
   Net foreign currency translation gain (loss)              (15,801)      (170,932)      (71,512)      (71,761)
   Brokerage Commissions                                    (663,098)    (1,870,637)     (416,737)     (949,744)
                                                        -------------  ------------- ------------- -------------
 Total trading income (loss)                              14,638,257      6,243,629     3,290,091     1,501,758

    Interest income, net of cash management fees             639,049      1,693,603       375,043       836,478
                                                        -------------  ------------- ------------- -------------
 Total income (loss)                                      15,277,306      7,937,232     3,665,134     2,338,236

General and administrative expenses
    Advisor's management fees                                492,948      1,273,395       290,814       641,904
    Advisor's incentive fees                                 745,531        745,531       128,518       128,664
    Administrative expenses                                 (129,248)      (148,673)       17,407        46,553
                                                        -------------  ------------- ------------- -------------
  Total general and administrative expenses                1,109,230      1,870,252       436,738       817,121

  Minority Interest                                         (143,987)       (59,739)            0             0
                                                        -------------  ------------- ------------- -------------
Net income (loss)                                         14,024,089      6,007,241     3,228,396     1,521,115
                                                        =============  ============= ============= =============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                       $557.71        $181.78       $229.44        $92.39
                                                        =============  ============= ============= =============
                                                        (see Note 1)   (see Note 1)


This Statement of Operations, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of Everest Futures Fund. (See Note 6)



                EVEREST FUTURES FUND, LP
  COMBINED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                     For the period January 1, 1998 through September 30, 1998



                                                                            Limited       General
                                                              Units*       Partners      Partners         Total
                                                        -------------  ------------- ------------- -------------
<S>                                                     <C>            <C>           <C>           <C>
Partners' capital at Jan 1, 1998                           18,064.98    $37,274,229      $375,385   $37,649,614

Net profit (loss)                                                         5,944,311        62,930     6,007,240

Additional Units Sold                                       9,545.00     17,831,428       145,672    17,977,100
(see Note 1)
Redemptions (see Note 1)                                   (2,356.33)    (4,352,444)            0    (4,352,444)
                                                        -------------  ------------- ------------- -------------
Partners' capital at September 30, 1998                    25,253.66    $56,697,525      $583,987   $57,281,512
                                                        =============  ============= ============= =============

Net asset value per unit
   January 1, 1998(see Note 1)                                             2,063.34      2,063.34

Net profit (loss) per unit (see Note 1)                                      181.78        181.78
                                                                       ------------- -------------
Net asset value per unit
   September 30, 1998                                                     $2,245.12     $2,245.12

* Units of Limited Partnership interest.

This Statement of Changes in Partners' Capital, in the opinion of management, reflects all
adjustments necessary to fairly state the financial condition of Everest Futures Fund. (See Note 6)


                                  EVEREST FUTURES FUND, LP
           COMBINED STATEMENTS OF CASH FLOWS
                       UNAUDITED



                                                         Jan 1, 1998    Jan 1, 1997
                                                          through        through 
                                                        Sep 30, 1998   Sep 30, 1997
                                                        -------------  -------------
<S>                                                     <C>            <C>

Net profit (loss)                                          6,007,241      1,521,115
   Adjustments to reconcile net profit
     (loss) to net cash provided by
     (used in) operating activities:
   Change in assets and liabilities:
     Unrealized gain (loss) on open
       futures contracts                                 (11,657,266)    (2,255,004)
     Interest receivable                                     (54,016)       (65,942)
     Decrease (Increase) in equity in commodity trading    7,004,790        211,448
     Accrued liabilities                                     458,409        (35,180)                          0
     Redemptions payable                                     197,080        163,399
     Deferred Offering Proceeds                             (633,394)      (825,703)
     Selling and Offering Expenses Payable                    (1,117)        34,002
     Increase in minority interest                           189,739        224,300
                                                        -------------  -------------
     Net cash provided by (used in)
       operating activities                                1,511,467     (1,027,565)

Cash flows from financing activities:
   Units Sold                                             17,977,100     21,892,209
   Partner redemptions                                    (4,352,444)      (604,060)

                                                        -------------  -------------
   Net cash provided by (used in)
     financing activities                                 13,624,657     21,288,149
                                                        -------------  -------------
Net increase (decrease) in cash                           15,136,123     20,260,584

Cash at beginning of period                               31,204,067      8,832,835
                                                        -------------  -------------
Cash at end of period                                    $46,340,190    $29,093,419
                                                        =============  =============
This Statement of Cash Flows, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of Everest Futures Fund. (See Note 6)

</TABLE>


                        EVEREST FUTURES FUND, L.P.

                      NOTES TO FINANCIAL STATEMENTS

                           SEPTEMBER 30, 1998


(1)  GENERAL INFORMATION AND SUMMARY


Everest Futures Fund, L.P. (the "Partnership") is a limited partnership
organized on June 20, 1988 under the Iowa Uniform Limited Partnership Act.
The business of the Partnership is the speculative trading of commodity
futures contracts and other commodity interests, including forward contracts
on foreign currencies ("Commodity Interests") either directly or through
investing in other, including subsidiary, partnerships, funds or other
limited liability entities.  The Partnership commenced its trading operations
on February 1, 1989 and its general partner is Everest Asset Management, Inc.
(the "General Partner") a Delaware corporation organized in December 1987.
The Partnership was initially organized on June 20, 1988 under the name
Everest Energy Futures Fund, L.P. and its initial business was the
speculative trading of Commodity Interests, with a particular emphasis on
the trading of energy-related commodity interests.  However, effective
September 12, 1991, the Partnership changed its name to "Everest Futures
Fund, L.P." and at the same time eliminated its energy concentration trading
policy.  The Partnership thereafter has traded futures contracts and options
on futures contracts on a diversified portfolio of financial instruments and
precious metals and trades forward contracts on currencies.  

The public offering of the Partnership's units of limited partnership
interest ("Units") commenced on or about December 6, 1988.  On February 1,
1989, the initial offering period for the Partnership was terminated, by
which time the Net Asset Value of the Partnership was $2,140,315.74.
Beginning February 2, 1989, an extended offering period commenced which
terminated on July 31, 1989, by which time a total of 5,065.681 Units of
Limited Partnership Interest were sold.  Effective May, 1995 the Partnership
ceased to report as a public offering.  On July 1, 1995 the Partnership
recommended the offering of its Units as a Regulation D, Rule 506 private
placement, which continues to the present with a total of $50,789,373 for
28,690 Units sold July 1, 1995 through September 30, 1998. 

On February 29, 1996, the Partnership amended its Agreement of Limited
Partnership permitting the Partnership to conduct its trading business by
investing in other partnerships and funds and in subsidiary partnerships or
other limited liability entities.  Effective the close of business on
March 29, 1996, the Partnership invested all of its assets in another limited
partnership, Everest Futures Fund II L.P. ("Everest II" or the "Trading
Partnership"), a Delaware limited partnership in which the Partnership is
the sole limited partner.  As a result, the Partnership does not currently
invest directly in Commodity Interests.  Instead, the Partnership transferred
all of its assets to Everest II in return for its Everest II limited
partnership interest.  Everest II invests directly in Commodity Interests
through John W. Henry & Company, Inc. ("JWH"), an independent commodity
trading advisor which had hitherto been the advisor to the Partnership. 

Everest II has two general partners, Everest Asset Management, Inc., the
current General Partner of the Partnership and CIS Investments, Inc.
("CISI"), which is a wholly-owned subsidiary of Cargill Investor Services,
Inc., the former clearing broker of the Partnership and now the clearing
broker for Everest II (the "Clearing Broker").  CIS Financial Services, Inc.,
an affiliate of the Clearing Broker, acts as the Partnership's currency
dealer.  CISI and the General Partner are both registered with the CFTC as
commodity pool operators and are members of the NFA in such capacity. 

On September 13, 1996 the Securities and Exchange Commission accepted for
filing a Form 10 -- Registration of Securities for the Partnership.  Public
reporting of Units of the Partnership sold as a private placement commenced
at that time and has continued to the present. 


(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    
Basis of Presentation
         
The accompanying financial statements are prepared on a combined basis and
include the accounts of Everest Futures Fund, L.P. and Everest Futures Fund
II, L.P.  All significant intercompany transactions and balances have been
eliminated in the accompanying combined financial statements


Cash Equivalents
        
Cash equivalents represent short-term highly liquid investments with
maturities of three months or less at time of purchase and include money
market accounts, securities purchased under agreements to resell, commercial
paper, and U.S. government and agency obligations with variable rate and
demand features, that qualify them as cash equivalents.  Securities purchased
under agreements to resell, with overnight maturity, are collateralized by
U.S. government and agency obligations and are carried at the amounts at
which the securities will subsequently be resold plus accrued interest.


Revenue Recognition
        
Realized and unrealized trading gains and losses on commodity and forward
contracts, which represent the difference between cost and selling price or
quoted market value, are recognized currently.  All trading activities are
accounted for on a trade-date basis.

            

Deferred Partnership Offering Proceeds
                
Proceeds received during the month from the continuing offering
of the Partnership's units of limited partnership interest are
deferred pending investment on the first day of the following
month.
        

Foreign Currency Translation
        
Effective March 29, 1996, assets and liabilities denominated in
foreign currencies are translated at the prevailing exchange
rates as of the valuation date.  Gains and losses on investment
activity are translated at the prevailing exchange rate on the
date of each respective transaction while year-end balances are
translated at the year-end currency rates.  Prior to March 29,
1996, assets and liabilities denominated in foreign currencies,
and gains and losses on investment activity were translated at
the respective month-end exchange rates as of the valuation
date.  Realized and unrealized foreign exchange gains or losses
are included in "Trading income and (expense)" in the combined
statements of operations.
        

Income Taxes
        
Income taxes are not provided for by the Partnership because
taxable income of the Partnership is includable in the income
tax returns of the partners.
        

Use of Estimates
        
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of increase and decrease in net assets from
operations during the period.  Actual results could differ from
those estimates.
        

Reclassifications
        
Certain reclassifications of prior year amounts have been made
to conform with the current year presentation.
        

Minority Interest
        
Minority interest represents CISI's interest in the Trading
Partnership.

        

(3)    THE LIMITED PARTNERSHIP AGREEMENT
        
The Limited Partners and General Partner share in the profits
and losses of the Partnership in proportion to the number of
Units or Unit equivalents held by each.  However, no Limited
Partner is liable for obligations of the Partnership in excess
of his or her capital contribution and profits, if any, and such
other amounts as he may be liable for pursuant to the Iowa
Uniform Limited Partnership Act.  Distributions of profits are
made solely at the discretion of the General Partner.
        
Responsibility for managing the Partnership is vested solely in
the General Partner; however, the General Partner has delegated
complete trading authority to an unrelated party (note 4).
        
The Trading Partnership bears all expenses incurred in
connection with its trading activities, including commodity
brokerage commissions and fees payable to the trading advisor,
as well as legal, accounting, auditing, printing, mailing and
extraordinary expenses.  The Partnership bears all of its
administrative expenses.
        
Limited Partners may cause any or all of their Units to be
redeemed as of the end of any month at net asset value on ten
days' prior written notice.  The Partnership will be dissolved
at December 31, 2020, or upon the occurrence of certain events,
as specified in the Limited Partnership Agreement.

        
(4)  OTHER AGREEMENTS
        
JWH receives from the Trading Partnership a monthly management
fee equal to 0.33% (4% annually) of the Trading Partnership's
month-end net asset value, as defined, and a quarterly incentive
fee of 15% (20% prior to April 1, 1995) of the Trading
Partnership's new net trading profits, as defined.  The
incentive fee is retained by JWH even though trading losses may
occur in subsequent quarters; however, no further incentive fees
are payable until any such trading losses (other than losses
attributable to redeemed units and losses attributable to assets
reallocated to another advisor) are recouped by the Trading
Partnership.
        
The Clearing Broker charges the Trading Partnership monthly
brokerage commissions equal to 0.50% (1.0833% prior to April 1,
1995) of the Trading Partnership's beginning-of-month net asset
value, as defined.  Effective November 1, 1995, the General
Partner receives a management fee from the Clearing Broker of
approximately 83% of the brokerage commission charged by the
Clearing Broker.  Prior to November 1, 1995, no management fee
was received by the General Partner.  From this management fee,
CISI receives a co-general partner fee from the General Partner
equal to 1/12 of .40% of the month-end net asset value, as
defined.
        
A portion of assets are deposited with a commercial bank and
invested under the direction of Horizon Cash Management, Inc.
("Horizon").  Horizon will receive a monthly cash management fee
equal to 1/12 of .25% (.25% annually) of the average daily
assets under management if the accrued monthly interest income
earned on the Partnership's assets managed by Horizon exceeds
the 91-day U.S. Treasury bill rate.
        


(5)    FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
        
The Partnership was formed to speculatively trade commodity
interests.  The Partnership's commodity interest transactions
and related cash balances are on deposit with the Clearing
Broker or CIS Financial Services, Inc. ("CISFS" or "Forwards
Currency Broker" and collectively, the "Brokers") at all times. 
In the event that volatility of trading of other customers of
the Brokers impaired the ability of the Brokers to satisfy the
obligations to the Partnership, the Partnership would be exposed
to off-balance sheet risk.  Such risk is defined in Statement of
Financial Accounting Standards No. 105 (SFAS 105) as a credit
risk.  To mitigate this risk, the Clearing Broker, pursuant to
the mandates of the Commodity Exchange Act, is required to
maintain funds deposited by customers, relating to futures
contracts in regulated commodities, in separate bank accounts
which are designated as segregated customers' accounts.  In
addition, the Clearing Broker has set aside funds deposited by
customers relating to foreign futures and options in separate
bank accounts which are designated as customer secured accounts.
Lastly, the Clearing Broker is subject to the Securities and
Exchange Commission's Uniform Net Capital Rule which requires
the maintenance of minimum net capital at least equal to 4% of
the funds required to be segregated pursuant to the Commodity
Exchange Act.  The Clearing Broker and Forwards Currency Broker
both have controls in place to make certain that all customers
maintain adequate margin deposits for the positions which they
maintain at each Broker.  Such procedures should protect the
Partnership from the off-balance sheet risk as mentioned
earlier.  Neither the Clearing Broker or the Forwards Currency
Broker engage in proprietary trading and thus have no direct
market exposure.
        
The counterparty of the Partnership for futures contracts traded
in the United States and most non-U.S. exchanges on which the
fund trades is the Clearing House associated with the exchange. 
In general, Clearing Houses are backed by the membership and
will act in the event of nonperformance by one of its members or
one of the members' customers and as such should significantly
reduce this credit risk.  In the cases where the Partnership
trades on exchanges on which the Clearing House is not backed by
the membership, the sole recourse of the Partnership for
nonperformance will be the Clearing House.  The Forwards
Currency Broker is the counterparty for the Partnership's
forwards transactions.  CISFS policies require that they execute
transactions only with top rated financial institutions with
assets in excess of $100,000,000.
        
The Partnership holds futures and futures options positions on
the various exchanges throughout the world and forwards
positions with CISFS which transacts with various top rated
banks throughout the world.  As defined by SFAS 105, futures and
foreign currency contracts are classified as financial
instruments.  SFAS 105 requires that the Partnership disclose
the market risk of loss from all of its financial instruments. 
Market risk is defined as the possibility that future changes in
market prices may make a financial instrument less valuable or
more onerous.  If the markets should move against all of the
futures positions held by the Partnership at the same time, and
if the markets moved such that the trading advisor was unable to
offset the futures positions of the Partnership, the Partnership
could lose all of its assets and the partners would realize a
100% loss.  The Partnership has a contract with one trading
advisor who makes the trading decisions on behalf of the
Partnership.  That trading advisor trades a program which is
diversified among the various futures contracts in the
financials and metals group on exchanges both in the U.S. and
outside the U.S.  Such diversification should greatly reduce
this market risk.  Cash was on deposit with the Clearing Broker
in each time period of the financial statements which exceeded
the cash requirements of the Commodity Interests of the
Partnership.
           
The following chart discloses the dollar amount of the
unrealized gain or loss on open contracts related to Commodity
Interests for the Partnership as of September 30, 1998:


COMMODITY GROUP              UNREALIZED GAIN/(LOSS)


FOREIGN CURRENCIES                 2,692,122
                  
STOCK INDICES                        773,032
                        
METALS                                  0
                        
INTEREST RATE INSTRUMENTS         10,013,621
                         

TOTAL                             13,478,775



The range of maturity dates of these exchange traded open
contracts is October of 1998 to September of 1999.  The average
open trade equity for the period of January 1, 1998 to September
30, 1998 was $2,184,155.
                                                            

The margin requirement at September 30, 1998 was $7,831,470.  To
meet this requirement, the Partnership had on deposit with the
Clearing Broker $2,480,067 in segregated funds, $7,903,141 in
secured funds and $2,405,016 in non-regulated funds.      
                                            

(6) FINANCIAL STATEMENT PREPARATION
                                                             
The interim financial statements are unaudited but reflect all
adjustments that are, in the opinion of management, necessary
for a fair statement of the results for the interim periods
presented.  These adjustments consist primarily of normal
recurring accruals.  These interim financial statements should
be read in conjunction with the audited financial statements of
the Partnership for the year ended December 31, 1997, as filed
with the Securities and Exchange Commission on March 27, 1998,
as part of its Annual Report on Form 10-K.
                                                             
The results of operations for interim periods are not
necessarily indicative of the operating results to be expected
for the fiscal year.

                                

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


               Fiscal Quarter ended September 30, 1998
           
The Partnership recorded a gain of $14,024,089 or $557.71 per
Unit for the third quarter of 1998.  This compares to a gain of
$3,228,396 or $229.44 per Unit for the third quarter of 1997.  
           
The Partnership suffered losses during the first month of the
quarter largely as a result of losses in interest rates and
stock indices.  During the second and third months of the
quarter, the Partnership experienced solid gains in interest
rates and smaller gains in currencies and stock indices.  At
September 30, 1998, John W. Henry & Company, Inc. was managing
100% of the Partnership's assets using its Financial and Metals
Portfolio.
           
In July, the Partnership incurred losses as unprofitable
positions in interest rates and stock indices offset moderate
gains in metals.  The price of gold declined at month end along
with the Japanese yen's fall in world markets; gold and the
Japanese yen have moved in lockstep since early June, reflecting
the diminishing demand for gold as the region's economies
retract.  Gains in long-term European bond markets failed to
offset losses in other long-term interest rates traded.   The
Partnership recorded a loss of $587,513 or $23.68 per Unit in
July.
           
In August the Partnership posted solid gains, led by profitable
positions in global interest rates.  Leading gains in the bond
market were positions in German and U.S. bonds, which benefited
from investors' flight to quality during the month, and the
Japanese Government bond, where the yield on the benchmark
10-year bond dropped to 1.105%, a historic low.  The U.S. dollar
made little progress against the Japanese yen as Japanese
officials renewed their threats of intervention in the currency
markets.  The Partnership recorded a gain of $7,082,890 or
$286.39 per Unit in August.
           
In September, the Partnership recorded gains as profitable
positions in interest rates and smaller gains in currencies and
stock indices offset losses in metals.   Except for Australian
bonds, which reflected the uncertainty of an upcoming election
in that country, positions in all interest rates traded were
profitable.  Gains were strongest in German, U.S. and Japanese
government bonds; in all three markets, yields declined to
historic levels.  Profitable positions in the German mark and
Swiss franc and smaller gains in the British pound offset losses
in other currencies traded.  Positions in gold and silver
resulted in losses as prices of both metals rose.  The
Partnership recorded a gain of $7,528,712 or $295.00 per Unit in
September.

During the quarter, additional Units sold consisted of 1,195.09
limited partnership units; and 7.89 general partnership units. 
Additional Units sold during the quarter represented a total of
$2,362,087.  Investors redeemed a total of 493.11 Units during
the quarter.  At the end of the quarter there were 25,513.77
Units outstanding (including 260.11 Units owned by the General
Partner).

During the fiscal quarter ended September 30, 1998, the
Partnership had no credit exposure to a counterparty which is a
foreign commodities exchange or to any counterparty dealing in
over the counter contracts which was material.

See Footnote 5 of the Financial Statements for procedures
established by the General Partner to monitor and minimize
market and credit risks for the Partnership.  In addition to the
procedures set out in Footnote 5, the General Partner reviews on
a daily basis reports of the Partnership's performance,
including monitoring of the daily net asset value of the
Partnership.  The General Partner also reviews the financial
situation of the Partnership's Clearing Broker on a monthly
basis.  The General Partner relies on the policies of the
Clearing Broker to monitor specific credit risks.  The Clearing
Broker does not engage in proprietary trading and thus has no
direct market exposure which provides the General Partner
assurance that the Partnership will not suffer trading losses
through the Clearing Broker.   


Year 2000 Issue

The Partnership does not have any anticipated costs, problems or
uncertainties associated with the Year 2000 issue.  The
Partnership relies on CISI to provide the Partnership with
certain calculations and reports, so if the Year 2000 issue is
material to CISI, then it may impact the Partnership.  However,
the Year 2000 issue is not material for CISI since the
administration software has recently been replaced and will be
in compliance with Y2000 prior to the end of 1998.  In addition,
the Clearing Broker is undergoing an intensive review to
determine what areas (if any) are not in compliance with Y2000,
and expects to be in compliance by the end of 1998.  Neither the
software replacement nor the compliance review are expected to
be material or to yield noncompliance issues that are material. 


Fiscal Quarter ended September 30, 1997

The Partnership recorded a gain of $3,228,396 or $229.44 per
Unit for the third quarter of 1997.  

The Partnership experienced gains during the first and third
months of the quarter as a result of strong profits in global
interest rate positions, metals and some currencies.  During the
second month of the quarter, the Partnership suffered losses in
U.S and European interest rates, currencies and metals. 
Overall, the third quarter of fiscal 1997 ended positively for
the Partnership's accounts managed by John W. Henry & Company,
Inc.  At September 30, 1997, John W. Henry & Company, Inc. was
managing 100% of the Partnership's assets.

In July, positions in U.S. Treasuries resulted in strong gains
as did positions in Japanese Government bonds.  In the currency
markets, investors traded German marks and Swiss francs for U.S.
dollars, pushing the dollar to new highs against both
currencies.  Silver and gold prices fell reflecting the sale by
the Australian central bank of 60% of its gold reserves; the
positions held by the Partnership in both metals were
profitable.  The Partnership recorded a gain of $3,501,485 or
$255.43 per Unit in July.

In August, trading volatility accounted for losses in the global
interest rate sector and metals.  Price reversals in the U.S.
30-year bond and U.S. and Australian 10-year notes resulted in
losses for the Partnership.  While losses occurred in the
Deutsche mark and Swiss franc, gains were made in the Japanese
yen and the Nikkei stock index. However, the Partnership
recorded a loss of $975,395 or $67.07 per Unit in August.

In September, moderate gains were recorded for the Partnership,
reflecting profitable positions in global interest rate markets
and the Japanese Nikkei.  The largest gains were derived from
positions in the British gilt and Japanese Government bond. 
Except for the Australian dollar, positions in all other
currencies traded resulted in losses.  Positions in silver and
copper resulted in gains, offsetting losses in gold.  The
Partnership recorded a gain of $702,306 or $41.08 per Unit in
September.

During the quarter there were 4,091.83 additional Units sold,
including 39.45 Units sold to the General Partner.  Additional
Units sold during the quarter represented a total of
$7,755,886.35.  Investors redeemed a total of 107.50 Units
during the quarter.  At the end of the quarter there were
17,693.04 Units outstanding (including 175.83 Units owned by the
General Partner).

During the fiscal quarter ended September 30, 1997, the
Partnership had no credit exposure to a counterparty which is a
foreign commodities exchange or to any counterparty dealing in
over the counter contracts which was material.


Fiscal Quarter ended June 30, 1998

The Partnership recorded a loss of $4,450,695 or $193.22 per
Unit for the second quarter of 1998.  This compares to a loss of
$1,677,066 or $145.22 per Unit for the second quarter of 1997.   

During the first and third months of the quarter, the
Partnership experienced losses primarily as a result of
unprofitable positions in currencies, interest rates and metals,
while during the second month gains were recorded primarily due
to gains in the currency, interest rate and metals markets.  At
June 30, 1998, John W. Henry & Company, Inc. was managing 100%
of the Partnership's assets using its Financial and Metals
Portfolio.

In April, positions in nearly all markets traded were
unprofitable.  Positions in the U.S. 30-year bond and Euro
dollar markets resulted in losses for interest rate futures. 
Unprofitable positions in the German mark and Swiss franc offset
gains in other currencies traded.  Silver prices fell following
reports that a major investment company had sold a third of its
holdings.  Losses in silver and copper offset profits in gold. 
The Partnership recorded a loss of $3,302,362 or $153.41 per
Unit in April.

In May gains were recorded reflecting profitable positions in
interest rates, metals and currencies.  The strongest gains
overall came from positions in the Japanese yen, Japanese
Government bond and silver.  Silver prices slumped as investors
who bought on hopes of rising value lost patience and took
profits.  Gains were also recorded in positions in the
Australian dollar as a nervous market dealt with rumors of
further currency devaluations in Asia; the Australian currency
fell to a 12-year low against the U.S. dollar.  The Partnership
recorded a gain of $979,024 or $44.64 per Unit in May. 

In June losses were recorded due largely to unprofitable
positions in global interest rates and metals.  Unprofitable
positions in the Japanese Government bond led losses in global
interest rates as the yield rose from record lows following
intervention to support the yen.  A marginal gain in the
Japanese yen failed to offset losses in the British pound and
Swiss franc.  Positions in gold and silver also resulted in
losses as the prices of both metals remained coupled to
movements in the Japanese yen.  The Partnership recorded a loss
of $2,127,357 or $84.45 per Unit in June. 

During the quarter, additional Units sold consisted of 4,221.68
limited partnership units; and 36.93 general partnership units. 
Additional Units sold during the quarter represented a total of
$7,496,559.  Investors redeemed a total of 980.24 Units during
the quarter.  At the end of the quarter there were 24,803.90
Units outstanding (including 252.22 Units owned by the General
Partner).

During the fiscal quarter ended June 30, 1998, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange or to any counterparty dealing in over the
counter contracts which was material.


Fiscal Quarter ended June 30, 1997

The Partnership recorded a loss of $1,677,066 or $145.22 per
Unit for the second quarter of 1997.  

During the first two months of the quarter the Partnership
experienced losses primarily as a result of losses in precious
metals and foreign exchange.  The third month experienced gains
due to profitable positions in metals, interest rates and stock
indices.  Overall, the second quarter of fiscal 1997 ended
negatively for the Partnership's accounts managed by John W.
Henry & Company, Inc.   At June 30, 1997, John W. Henry &
Company, Inc. was managing 100% of the Partnership's assets.

In April, yields on the U.S. Treasury 30-year bond soared to a
nine-month high, only to fall by month end resulting in losses
in interest rates.  The U.S. dollar continued its rise in the
weeks leading up to the meeting of the G-7 finance ministers,
reaching new highs against the Japanese yen and the German mark.
 In precious metals, both gold and silver prices declined as
investors' concerns over U.S. inflation subsided.  However, the
Partnership recorded a loss of $564,694.80 or $51.83 per Unit in
April.

Worldwide political events upset currency markets in May.  The
British pound rallied sharply, but briefly, hitting its highest
intraday level since August 1992 after a surprise decision by
Britain's newly elected Labour Government to give the Bank of
England more autonomy in setting interest rates.  In Japan,
official warnings of intervention to cap the U.S. dollar's rise
against the Japanese yen and a report that the Bank of Japan
might raise a key interest rate pushed the dollar to a 4 1/2
month low against the Japanese currency.  Surprising strength in
the polls by French socialists and sharp disagreement in Germany
over the use of gold reserves to meet criteria for European
union membership threw the future of that monetary union in
doubt.  Trading in stock indices generated gains, while trading
in metals was mixed.  The Partnership recorded a loss of
$2,033,600.89 or $161.18 per Unit in May.

In June, gold prices fell to a four-year low as the U.S. dollar
strengthened and inflation indicators remained favorable. 
Positions in both gold and silver were profitable.  Continued
uncertainty surrounding the European currency union benefited
bond markets outside the EMU circle of nations.  In the currency
markets, the Swiss monetary authority's determination to keep
the franc from appreciating against major currencies succeeded
in pushing the price of that currency down.  The Partnership
recorded a gain of $921,229.59 or $67.79 per Unit in June.

During the quarter there were 2,980.95 additional Units sold,
including 27.86 Units sold to the General Partner.  Additional
Units sold during the quarter represented a total of
$5,119,517.05.  Investors redeemed a total of 166.75 Units
during the quarter.  At the end of the quarter there were
13,708.72 Units outstanding (including 136.38 Units owned by the
General Partner).

During the fiscal quarter ended June 30, 1997, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange or to any counterparty dealing in over the
counter contracts which was material.


Fiscal Quarter ended March 31, 1998

The Partnership recorded a loss of $3,566,153 or $182.71 per
Unit for the first quarter of 1998.  This compares to a loss of
$30,215 but a gain of $8.17 per Unit for the first quarter of
1997 (see discussion for the fiscal quarter ended March 31, 1997
for further explanation).  

During the first two months of the quarter, the Partnership
experienced losses primarily as a result of unprofitable
positions in currencies and interest rates, while during the
third month losses were recorded primarily due to losses in
metals positions and in the global interest rate market.  At
March 31, 1998, John W. Henry & Company, Inc. was managing 100%
of the Partnership's assets using its Financial and Metals
Portfolio.

In January, performance was negatively impacted by sharp
reversals in Japanese financial markets and in gold.  Investor
optimism over efforts to revive ailing Asian economies boosted
the Japanese yen against the U.S. dollar and gave support to the
Nikkei; positions in both resulted in losses for the
Partnership.  Benign inflation news in Europe and the U.S.
boosted bond markets in both regions, resulting in gains for the
Partnership.  These gains were offset by losses in stock indices
and in gold prices.  Overall, the Partnership recorded a loss of
$1,416,522 or $76.35 per Unit in January.

In February, losses were incurred in nearly all currencies
traded.  Trading was also unprofitable in U.S. Treasury bonds,
interest rates and gold.  The purchase of large quantities of
silver by a major investor caused the prices of the precious
metal to soar in world markets, before succumbing to some profit
taking at month end; positions in silver resulted in gains for
the Partnership.  Profitable positions in most European bonds
failed to offset losses in other long- and short-term interest
rates.  The Partnership recorded a loss of $1,566,571 or $79.17
per Unit in February.  

In March, the U.S. dollar rose against most of its major
counterparts, gaining strength from the flight of international
capital from a deteriorating Japanese economy and the purchase
of dollars to buy U.S. Treasury bonds as yields in key European
bond markets hit post-war lows.  Positions in the Swiss franc
and the German mark resulted in gains for the Partnership. 
Positions in the U.S. 30-year bond led losses in the global
interest rate market.  Inflation concerns, fueled by rising oil
prices, propelled gold prices sharply higher.  Positions in gold
were unprofitable, as were positions in silver, which became
more volatile during the month.  The Partnership recorded a loss
of $583,060 or $27.19 per Unit in March.

During the quarter, additional Units sold consisted of 4,128.21
limited partnership units; and 33.34 general partnership units. 
Additional Units sold during the quarter represented a total of
$8,118,453.  Investors redeemed a total of 882.95 Units during
the quarter.  At the end of the quarter there were 21,525.53
Units outstanding (including 215.29 Units owned by the General
Partner).
                
During the fiscal quarter ended March 31, 1998, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange or to any counterparty dealing in over the
counter contracts which was material.
                

Fiscal Quarter ended March 31, 1997

The Partnership recorded a loss of $30,215 but a gain of $8.17
per Unit for the first quarter of 1997.    

During the first month of the quarter, the Partnership
experienced gains primarily as a result of profits in foreign
exchange rates, while during the next two months losses were
recorded due in part to the direction of U.S interest rates. 
Overall, the first quarter of fiscal 1997 ended negatively for
the Partnership's accounts managed by John W. Henry & Company,
Inc., although investors who held Units for the entire quarter
did make a profit in the quarter.

In January, the U.S. dollar continued to dominate world
currencies, reflecting both sound economic fundamentals and a
policy, shared by both the U.S. central bank and Treasury
administration officials, in support of a strong dollar.  The
Japanese yen suffered from problems in the Japanese banking
sector.  Rising unemployment and weak economic numbers in
Germany once again drove the German mark down against the U.S.
dollar.  Trading in the British pound grew increasingly volatile
as prospects for an interest rate increase in Britain weakened. 
Gold prices reached a three year low at mid-month.  The
Partnership recorded a profit of $462,923 or $70.99 per Unit in
January.

In February, the U.S. dollar reached new highs against the
German mark, Japanese yen and Swiss franc.  The Federal Reserve
chairman hinted of a possible hike in interest rates which sent
the dollar soaring. Volatility in global interest rate markets
continued to be fueled by speculation on the direction of
interest rates.  Early in the month, central banks in Germany,
England and the U.S announced their decisions to keep rates
stable.  In commodity markets, gold prices rose as demand was
rekindled by the lowest spot prices since 1993.  The Partnership
recorded a loss of $334,934 or $44.81 per Unit in February.

In March, speculation over the direction of U.S. interest rates
unsettled financial markets around the world.  Rising U.S.
interest rates, unease over first quarter corporate earnings and
lofty stock evaluations resulted in turmoil in U.S equity
markets.  In Europe, renewed speculation about a delay in the
European Union's plans for economic and monetary union pushed
the German mark higher against the U.S. dollar.  The Partnership
recorded a loss of $158,204 or $18.01 per Unit in March.

During the quarter, additional units sold consisted of 4,831.23
limited partnership units and 47.67 general partner units. 
Additional units sold during the quarter represented a total of
$9,016,805.  Investors redeemed a total of 63.99 Units during
the quarter.  At the end of the quarter there were 10,894.50
Units outstanding (including 108.52 Units owned by the General
Partner).

During the fiscal quarter ended March 31, 1997, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange  or to any counterparty dealing in over the
counter contracts which was material.



Item 3.  Quantitative and Qualitative Disclosures
         About Market Risk
          
          Not Applicable.



Part II.  OTHER INFORMATION



Item 1.	Legal Proceedings

The Partnership and its affiliates are from time to time parties to
various legal actions arising in the normal course of business.
The General Partner believes that there is no proceedings threatened
or pending against the Partnership or any of its affiliates which,
if determined adversely, would have a material adverse effect on
the financial condition or results of operations of the
Partnership.     

         

Item 2.	Changes in Securities

        None
     

Item 3.	Defaults Upon Senior Securities
                 
        None


Item 4.	Submission of Matters to a Vote of Security Holders

        None



Item 5. Other Information

        None
            

Item 6. Exhibits and Reports on Form 8-K

        a)      Exhibits

                None



        b)      Reports on Form 8-K

                None 

                     

                                  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 and thereunto duly authorized.

                                            

                                        EVEREST FUTURES FUND, L.P.
                                                        
Date: November 12, 1998              By:     Everest Asset Management, Inc.,
                                             its General Partner





                                     By:     /s/ Peter Lamoureux
                                                 Peter Lamoureux
                                                 President