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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, 1995

                                         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)


(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 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, 1995


                                  INDEX



        Financial Statements:

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




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<TABLE>


                          HICKORY LENDERS, LTD.
                         (A Limited Partnership)

                       CONSOLIDATED BALANCE SHEETS
                              (Unaudited)



<CAPTION>
                               September 30,      December 31,
                                    1995              1994
                               -------------      -------------
<S>                            <C>                <C>

                              ASSETS

CASH                              $  262,724             68,851

NOTE RECEIVABLE FROM AFFILIATE     3,328,601          3,454,300

INTEREST RECEIVABLE 
  FROM AFFILIATE                      -                  84,301
LOAN COSTS                            40,319             53,759

            Total Assets         $ 3,631,644          3,661,211
                                  ==========         ==========



                   LIABILITIES AND PARTNERS' EQUITY

ACCOUNTS PAYABLE                         300             -

PARTNERS' EQUITY                   3,631,344         3,661,211

   Total Liabilities & 
     Partners' Deficit           $ 3,631,644         3,661,211
                                  ==========         ==========










<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,         SEPTEMBER 30,
                        ________________   _____________________

                       1995         1994      1995         1994
                       ____         ____      ____         ____

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

     Interest          $   -         -         1,748      3,383

EXPENSES:

 State Income Tax        -           -          -         2,378
 Legal &
  Accounting Fees         823        300      11,492     10,690
 General & 
  Admin. Expenses       1,134         24       1,433        893
 Mortgage 
  Servicing Fee         1,750      1,750       5,250      5,250
 Amortization           4,480      4,480      13,440     13,440

     Total Expenses     8,187      6,554      31,615     32,651


NET LOSS              $(8,187)    (6,554)    (29,867)   (29,269)









<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,
                                        __________________________
                                         1995               1994
                                         ____               ____
<S>                                <C>                <C>
Cash Flows from Operating Activities:

  Net Loss                            $ (29,867)          (29,269)
  Adjustments to reconcile Net 
  Income to Net Cash used in 
  Operating Activities:
        Amortization                     13,440            13,440
        Increase in Accounts Payable        300              -
        Payments received on Interest 
          Receivable from Affiliate      84,301           275,000
        
        Total Adjustments                98,041           288,440

        Net Cash used in 
        Operating Activities             68,174           259,171

Cash Flows from Financing Activities:

          Payment received on 
            Note Receivable             125,699              -
          Distribution 
            to Partners                    -             (339,393)

Net Increase/(Decrease) in Cash
   and Cash Equivalents                 193,873           (80,222)


        
CASH AT JANUARY 1,                       68,851           148,459

CASH AT SEPTEMBER 30,                 $ 262,724            68,237
                                      =========          ========


<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, 1995
                             (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, 1994.  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, 1995 may not be indicative of
  the results that may be expected for the year ending December 
  31, 1995.


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>
                                        1995              1994
                                      ________          ________
<S>                               <C>               <C>
        Management Fees              $  5,250             5,250


</TABLE>





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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, 1995.

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. 


In 1991 due to a lack of payments made on the Lender Financing,
the Registrant discontinued accruing interest income on the Note
Receivable.  Payments received on the Note subsequent to this
policy change reduced the accrued interest receivable balance. 
During the third quarter of 1995, the Registrant received a
$210,000 payment from Hickory Hills, Ltd.  This payment
extinguished the interest receivable and $125,699 was used to
reduce principal.

Operating  expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate in the future.
  
During 1995, the Owner sold thirty lots from the Hendersonville
Property and 3.5 acres of the Nashville Property.  From these
proceeds, a $210,000 payment was made on the Lender Financing and
the remaining proceeds were retained to cover development and
operating expenses.  

FINANCIAL CONDITION

LIQUIDITY

At September 30, 1995, the Registrant had approximately $262,724
in cash reserves.   These  funds  are  expected to be sufficient
through 1995.  On October 20, 1995, $210,000 was distributed to
the partners.  The remaining funds are expected be sufficient
through 1995.





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                       PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


  (a)  Exhibits

       Exhibit 27 - Financial Data Schedule for Third Quarter of
1995

  (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 13, 1995                 By:/s/ Steven D. Ezell
                                            ______________________
                                               Steven D. Ezell
                                               President



Date: November 13, 1995                 By:/s/ Michael A. Hartley
                                            ______________________
                                               Michael A. Hartley
                                               Secretary/Treasurer