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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 June 30, 1998
      
                              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)
      
      One Belle Meade Place, 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  ___  
      
            <PAGE>
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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 Six Months Ended June 30, 1998 and 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>
                            June 30, 1998      December 31, 1997

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

                                  ASSETS

CASH                            $ 49,412          $  322,741

NOTE RECEIVABLE FROM AFFILIATE 1,458,601           1,833,601


        Total Assets         $ 1,508,013         $ 2,156,342
                              ==========          ==========



                        PARTNERS' EQUITY



PARTNERS' EQUITY:

   Limited partners (4,200
      units outstanding)     $ 1,508,013         $ 2,156,342
   General partner                  -                   -   

   Total partners' equity    $ 1,508,013         $ 2,156,342

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



<FN>
                    See notes to financial statements.



/TABLE
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<TABLE>


                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)

                         STATEMENTS OF OPERATIONS
                                (Unaudited)


<CAPTION>

                              Quarter to Date    Year to Date
                                       Ending JUNE 30,
                             ----------------------------------

                             1998     1997      1998       1997

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

Interest                  $    -  $ 5,269   $ 2,880    $ 5,269    
      

EXPENSES:

 State Income Tax              -    2,968         -      2,968    
 Legal & Accounting Fees   4,572    2,972    11,472     11,172    
 General & Admin. Expenses   -        -           -        888    
 Mortgage Servicing Fee    1,750    1,750     3,500      3,500    
 Amortization                  -    4,480         -      8,960    

      Total Expenses       6,322   12,170    14,972     27,488    

NET LOSS                $ (6,322) $(6,901) $(12,092)  $(22,219)   
      



<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
                                             JUNE 30,  
                                     --------------------------
                                          1998      1997

<S>                                      <C>         <C>      
Cash Flows from Operating Activities:

  Net Loss                            $ (12,092) $(22,219)
  Adjustments to reconcile Net 
  Ioss to Net Cash used in 
  Operating Activities:

      Amortization                            -     8,960 

Net Cash used in 
      Operating Activities              (12,092)  (13,259)

Cash Flows from Financing Activities:

      Distribution to Partners         (636,237) (678,789)
      Principal payments received       375,000   345,000 

Net Cash used in Financing Activities: (261,237) (333,789)

      Net Decrease in 
      Cash                             (273,329) (347,048)


CASH AT JANUARY 1,                      322,741   374,088 

CASH AT JUNE 30,                       $ 49,412  $ 27,040 
                                       =========  ========


<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 Six Months Ended June 30, 1998 and 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, 1997.  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 six month  period ended June 30, 1998 may not be
indicative of the results  that  may be expected for the
year ending December 31, 1998.
     
     
     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 six
months were as follows:
     
     <TABLE>
     <CAPTION>
                             1998      1997  
                           --------   -------
     <S>                      <C>       <C>       
      Mortgage Servicing Fee $3,500  $  3,500

     </TABLE>

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                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

            NOTES TO FINANCIAL STATEMENTS(continued)
     
    For the Three and Six Months Ended June 30, 1998 and 1997
                           (Unaudited)

     
     C. COMPREHENSIVE INCOME

     Effective January 1, 1998, the Partnership adopted Statement
of Financial Accounting Standards (SFAS) No. 130.  Reporting
Comprehensive Income.  SFAS No. 130 establishes standards for
reporting and display of comprehensive income and its components in
a full set of general-purpose financial statements and requires
that all components of comprehensive income be reported in a
financial statement that is displayed with the same prominence as
other financial statements.  Comprehensive income is defined as the
change in equity of a business enterprise, during a period,
associated with transactions and other events and circumstances
from non-owner sources.  It includes all changes in equity during
a period except those resulting from investments by owners and
distributions to owners.  During the three and six month periods
ended June 1998 and 1997, the Partnership had no components of
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 
     
     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,
     1998. 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, 1998.  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 quarter of 1998, the Borrower sold one
     lakefront lot at the Hendersonville Property for $75,000. and
     71.53 acres of the Nashville Property for $357,650. From these
     proceeds, $375,000 in interest was paid to the Registrant. 
     The remaining proceeds were retained to cover operating
     expenses.
       
     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.

     The General Partner continues to monitor the impact of year
     2000 issues on our computer systems and applications and has
     developed a remediation plan. We expect the cost of upgrading
     computers and software to be immaterial to the Registrant.   
      
     FINANCIAL CONDITION
     LIQUIDITY
     
     At July 31, 1998, the Registrant had approximately $47,261 in
     cash reserves.  These funds are expected to be sufficient
     through 1998.          <PAGE>
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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  
     
     
                         222 PARTNERS, INC.
                         General Partner  
     
     
     
     Date:  August 14, 1998        By:/s/ Steven D. Ezell
                                     President
     
     
     
     Date:  August 14, 1998        By:/s/ Michael A. Hartley 
                                    Secretary/Treasurer
     
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