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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, 1997
 
                                          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 Nine Months Ended September 30, 1997
 
 
                                   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, 1997    December 31, 1996

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

                                  ASSETS

CASH                            $ 25,290          $  374,088

NOTE RECEIVABLE FROM AFFILIATE 2,133,601           2,478,601

LOAN COSTS                         4,479              17,919

        Total Assets         $ 2,163,370         $ 2,870,608
                              ==========          ==========



                     LIABILITIES AND PARTNERS' EQUITY



PARTNERS' EQUITY:

   Limited partners (4,200
      units outstanding)       2,163,370           2,870,608
   General partner                  -                   -   

   Total partners' equity      2,163,370           2,870,608

                              ==========          ==========










<FN>
                    See notes to financial statements.



/TABLE
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<TABLE>


                         HICKORY LENDERS, LTD.
                        (A Limited Partnership)

                 CONSOLIDATED STATEMENTS OF OPERATIONS
                             (Unaudited)


<CAPTION>

                       Quarter Ending      Year to Date Ending
                                  SEPTEMBER 30,
                                _________________

                       1997      1996        1997      1996
                       ____      ____        ____      ____

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

     Interest           -         -         5,269     2,578 

EXPENSES:

 State Income Tax       -         -        2,968      1,121      
 Legal &
  Accounting Fees       -        300      11,172     12,567 
 General &  
  Admin. Expenses       -        352         889        664 
 Mortgage 
  Servicing Fee      1,750     1,750       5,250      5,250 
 Amortization        4,480     4,480      13,440     13,440 

 Total Expenses      6,230     6,882      33,719     33,042 


NET LOSS           $(6,230)   (6,882)    (28,450)   (30,464)









<FN>
                       See notes to financial statements

</TABLE>
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<TABLE>

                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)

<CAPTION>

                                            Year-to-date
                                            SEPTEMBER 30,
                                     __________________________
                                      1997                1996
                                      ____                ____
<S>                                <C>                  <C>     
Cash Flows from Operating Activities:

  Net Loss                        $(28,450)       (30,464)
  Adjustments to reconcile Net 
  Income to Net Cash used in 
  Operating Activities:
  Amortization                      13,440         13,440 
                                           
  Net Cash used in 
     Operating Activities          (15,010)       (17,024)

Cash Flows from Financing Activities:

Payment received on 
   Note Receivable                 345,000        400,000 
Distribution to Partners          (678,788)      (509,091)
Net Cash (used in)/provided
    by Financing Activities       (333,788)      (109,091)

Net Increase/(Decrease) in Cash
   and Cash Equivalents           (348,798)      (126,115)

        
CASH AT JANUARY 1,                 374,088        150,582 

CASH AT SEPTEMBER 30,               25,290      $  24,467 
                                  =========      ======== 


<FN>
                      See notes to financial statements.

</TABLE>
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                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)
  
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  
               For the Nine Months Ended September 30, 1997
                               (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, 1996.  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,
  1997 may not be indicative of the results that may be expected for the
  year ending December 31, 1997.
  
  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:
  
  <TABLE>
  <CAPTION>
                                       1997           1996
                                   ________       ________
  <S>                            <C>            <C>       
          Management Fees          $  5,250          5,250
          Accounting Fees             1,600          1,500
  
  
  </TABLE>
  
  
  
  
  
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 Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
             FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 
 RESULTS OF OPERATIONS 
 
 The  Partnership's  primary business is to lend monies to Hickory Hills, Ltd. 
 Due to the nature of the Registrant, all activity is a result of transactions
 in Hickory Hills, Ltd., the loan holder.  The Registrant  continues its
 policy begun in 1991 of not recognizing  interest income for financial
 reporting purposes on the  Lender Financing.  This policy was accepted upon
 the recommendation of the Registrant's principal accountants because there
 had not been any payments made on the Lender Financing since inception and
 there  has been no independent verification of the value of  the land held
 as collateral.  Interest income will be recognized for tax and loan payment
 purposes.
 
 The Note receivable to Affiliate comes due on December 31, 1997.  The General
 Partner plans to negotiate an extension of the loan term.  The General
 Partner does not expect the Borrower to have the liquidity to retire the debt
 in full on December 31, 1997.  Because the Borrower and the Registrant share
 the same general partner, it may be necessary to appoint an independent party
 to represent the general partner for the Registrant, the Borrower or both
 during the loan negotiations.  However, if the loan term is not extended, the
 lack of payment would constitute a default on the loan agreement.  In such
 an event the Registrant is required to foreclose the loan.  Currently, the
 Partnership has not foreclosed or accelerated the amounts due under the loan
 agreement.  
 
 Overall operations of the Registrant have not fluctuated significantly from
 previous quarters.
   
 During the first six months of 1997, the Borrower sold 16 lots at the
 Hendersonville Property for $23,500 per lot and one lakefront lot for
 $60,000.  From these proceeds, $345,000 in interest was paid to the Lender. 
 The remaining proceeds were retained to cover operating expenses.  There were
 no sales during the third quarter 1997.
 
 LIQUIDITY
 
  At October 31, 1997 the Registrant had approximately $25,290 in cash
 reserves.  Due to the minimal expenses of the Registrant, these funds are
 expected to be sufficient through 1997.
 
 
 
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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 21, 1997          By:/s/ Steven D. Ezell
                                       President
 
 
 
 Date: November 21, 1997          By:/s/ Michael A. Hartley
                                       Secretary/Treasurer