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          FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
          OF THE SECURITIES EXCHANGE ACT OF 1934


                              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 period ended September 30, 1999

                                          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: 33-18089-A


                          HICKORY LENDERS, LTD.
         (Exact name of Registrant as specified in its charter)


 Tennessee                               62-1336905
 (State or other jurisdiction of         (I.R.S. Employer
  incorporation or organization)         Identification)


        4400 Harding Road, Suite 500, Nashville, Tennessee 37205
 (Address of principal executive office) (Zip Code)

                              (615)  292-1040
           (Registrant's telephone number, including area code)


       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 at least the past 90 days.
                                  YES    X     NO  ___

  
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                       PART I. FINANCIAL INFORMATION

 Item 1. FINANCIAL STATEMENTS


                            HICKORY LENDERS, LTD.
                     (A Tennessee Limited Partnership)


                           FINANCIAL STATEMENTS
          For The Three and Nine Months Ended September 30,
                             1999 and 1998


                                   INDEX



         Financial Statements:

               Balance Sheets                                3
               Statements of Operations                      4
               Statements of Cash Flows                      5
               Notes to Financial Statements                 6




  
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 <TABLE>

                          HICKORY LENDERS, LTD.
                         (A Limited Partnership)

                             BALANCE SHEETS
                               (Unaudited)

<CAPTION>
                         September 30, 1999    December 31, 1998

                            -------------        -------------
<S>                              <C>                 <C>


                                  ASSETS

CASH                         $    42,480        $    192,414

RESTRICTED CASH                  183,838                -

LAND IMPROVEMENTS HELD FOR
INVESTMENTS                    1,312,304           1,308,601

        Total Assets         $ 1,538,622        $  1,501,015
                              ==========          ==========



                  LIABILITIES &  PARTNERS' EQUITY

LIABILITIES:

Accounts Payable             $    84,280        $      -

PARTNERS' EQUITY:

   Limited partners (4,200
      units outstanding)       1,454,342           1,501,015

   General partner                  -                   -

   Total Partners' equity      1,454,342           1,501,015

   Total Liabilities &
   Partners' Equity          $ 1,538,622         $ 1,501,015
                              ==========          ==========

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


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<TABLE>


                         HICKORY LENDERS, LTD.
                        (A Limited Partnership)

                        STATEMENTS OF OPERATIONS
                             (Unaudited)


<CAPTION>

                      Three Months Ended   Nine Months Ended
                                  SEPTEMBER 30,
                                _________________

                       1999      1998       1999      1998
                       ____      ____       ____      ____

<S>                    <C>        <C>       <C>        <C>
REVENUE:

     Interest       $         $      -   $     -   $  2,880

EXPENSES:

 Property Taxes        25,280        -     25,280         -
  Legal &
  Accounting Fees       3,822      400     16,047    11,872
 General &
  Admin. Expenses          96        -         96         -
  Mortgage
  Servicing Fee         1,750    1,750      5,250     5,250

 Total Expenses        30,948    2,150     46,673    17,122

NET LOSS            $ (30,948) $(2,150)   (46,673) $(14,242)

Net Loss per limited
   partner unit      $  (7.37)   (0.51)    (11.11)    (3.39)





<FN>
                       See notes to financial statements

</TABLE>

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<TABLE>

                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)

                          STATEMENTS OF CASH FLOWS
                               (Unaudited)

<CAPTION>

                                          Year-to-date
                                          SEPTEMBER 30,
                                     __________________________
                                      1999           1998
                                      ____           ____
<S>                                   <C>            <C>
Cash Flows from Operating Activities:

  Net Loss                        $  (46,673)     $(14,242)
  Adjustments to reconcile Net
  Loss to Net Cash used in Operating
  Activities:
  Increase in Land Held for
    Investment                        (3,703)           -
  Increase in Accounts Payable        84,280
  Increase in Restricted Cash       (183,838)           -

  Net Cash used in
     Operating Activities           (149,934)     (14,242)

Cash Flows from Financing Activities:

Distribution to Partners                -        (636,237)
Payments Received on Notes
  Receivable applied to Principal       -         375,000

Net Cash used in Financing Activities   -        (261,237)

Net Decrease in Cash                (149,934)    (275,479)

CASH AT JANUARY 1,                   192,414      322,741

CASH AT SEPTEMBER 30,            $    42,480    $  47,262
                                   =========     ========
<FN>
                      See notes to financial statements.

</TABLE>

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                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)
                        NOTES TO FINANCIAL STATEMENTS
   For the Three and Nine Months Ended September 30, 1999 and 1998
                               (Unaudited)

  A.ACCOUNTING POLICIES

    The  unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-Q and do
not include all of the information and note disclosures required by
generally accepted accounting principles.  These statements should
be read in conjunction with the financial statements and notes
thereto included in the Partnership's Form  10-K for the year ended
December 31, 1998.  In the opinion of management,  such financial
statements include all adjustments, consisting only of normal
recurring adjustments, necessary to summarize fairly the
Partnership's  financial position and results of operations.
  The results of operations for the nine month period ended
September 30, 1999 may not be indicative of the results that may be
expected for the year ending December 31, 1999.

  B.RELATED PARTY TRANSACTIONS

    The General Partner and its affiliates have been actively
involved in managing the Partnership's operations.  Compensation
earned for these services in the first nine months were as follows:

                                           1999       1998
Mortgage Servicing Fee                  $ 5,250     $ 5,250
Accounting Fees                         $ 2,200     $ 2,100

 C. COMPREHENSIVE INCOME

    During the three and nine month periods ended September 1999
and 1998, the Partnership had no components of other comprehensive
income.  Accordingly, comprehensive income for each of the periods
was the same as net loss.


 
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 Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1999.

The  Partnership's  primary business was to lend monies to Hickory
Hills, Ltd.  On December 31, 1998, the Partnership began the
process of foreclosing on the debt to Hickory Hills, Ltd. after
the note matured and payment was not made.  The General Partner
determined that the value of the underlying collateral could not
result in full payment of the principal and accrued interest.  The
Financial Statements included herein, as of December 31, 1998,
reflect the transfer of property to the Lender.  Foreclosure
proceedings were completed on June 29, 1999.

The Registrant's primary business is now to develop and dispose of
certain undeveloped real properties located in Nashville, Davidson
County, Tennessee and Hendersonville, Sumner County, Tennessee (the
"Properties").

The general partner and its affiliates have been actively involved
in managing the Partnership, and the Property.  Although
comparative amounts for property expenses are not included for the
nine months ended September 30, 1998, the General Partner has
compared the current Hickory Lenders, Ltd. property expenses to the
prior years Hickory Hills, Ltd. property expenses.  Overall
operations of the Property have not fluctuated significantly from
the prior years.

FINANCIAL CONDITION

LIQUIDITY

At October 31, 1999, the Registrant had approximately $ 40,260 in
cash reserves.  The Registrant also has $180,386 in escrowed funds
reserved for development.  These funds are expected to be
sufficient to fund operations through 1999.

Year 2000

In 1998, the Partnership initiated a plan ("Plan") to identify, and
remediate "Year 2000" issues within each of its significant
computer programs and certain equipment which contain
microprocessors.  The Plan is addressing the issue of computer
programs and embedded computer chips being unable to distinguish
between the year 1900 and the year 2000, if a program or chip uses
only two digits rather than four to define the applicable year.
The Partnership has divided the Plan into five major phases-
assessment, planning, conversion, implementation and testing.
After completing the assessment and planning phases earlier year,
the Partnership is currently in the conversion, implementation, and
testing phases.  Systems which have been determined not to be Year
2000 compliant are being either replaced or reprogrammed, and
thereafter tested for Year 2000 compliance.  Contingency plans are
being developed in the event that any system is not compliant.

The failure to correct a material Year 2000 problem could result in
an interruption in, or failure of, certain normal business
activities or operations.  Such failures could materially and
adversely affect the Partnership's operations, liquidity and
financial condition.  Due to the general uncertainty inherent in
the Year 2000 problem, resulting in part from the uncertainty of
the Year 2000 readiness of third-party suppliers and customers, the
Partnership is unable to determine at this time whether the
consequences of Year 2000 failures will have a material impact on
the Partnership's operations, liquidity or financial condition.


 
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                        PART II. OTHER INFORMATION



 Item 6. EXHIBITS AND REPORTS ON FORM 8-K


   (a)  Exhibits
        Exhibit 27 - Financial Data Schedule

   (b)  No 8-K's have been filed during this quarter.





  
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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.


                             HICKORY LENDERS, LTD.

                             By:  222 HICKORY, LTD.
                                  General Partner


                                  By:  222 PARTNERS, INC.
                                       General Partner



 Date: November 11, 1999          By:/s/ Steven D. Ezell
                                       President



 Date: November 11, 1999          By:/s/ Michael A. Hartley
                                       Secretary/Treasurer