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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, 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)
      
      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  ___  
      
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                 PART I. FINANCIAL INFORMATION
      
      Item 1. FINANCIAL STATEMENTS
      
      
                     HICKORY LENDERS, LTD.
               (A Tennessee Limited Partnership)
      
      
                     FINANCIAL STATEMENTS
            For The Six Months Ended June 30, 1997
      
      
                             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)
      
                        BALANCE SHEETS
                          (Unaudited)
      
      

<CAPTION>
                            June 30, 1997      December 31, 1996

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

                                  ASSETS

CASH                            $ 27,040          $  374,088

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

LOAN COSTS                         8,959              17,919

        Total Assets         $ 2,169,600         $ 2,870,608
                              ==========          ==========



                     LIABILITIES AND PARTNERS' EQUITY



PARTNERS' EQUITY:

   Limited partners (4,200
      units outstanding)       2,169,600           2,870,608
   General partner                  -                   -   

   Total partners' equity      2,169,600           2,870,608

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










<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,
                             ----------------------------------

                             1997     1996      1997       1996

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

Interest                  $5,269  $ 2,578   $ 5,269    $ 2,578           

EXPENSES:

 State Income Tax          2,968    1,121     2,968      1,121           
 Legal & Accounting Fees   2,972    3,691    11,172     12,267           
 General & Admin. Expenses   -        -         888        312           
 Mortgage Servicing Fee    1,750    1,750     3,500      3,500           
 Amortization              4,480    4,480     8,960      8,960           

      Total Expenses      12,170   11,042    27,488     26,160           


NET LOSS                  (6,901)  (8,464) $(22,219)  $(23,582)          









<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,  
                                     --------------------------
                                            1997      1996

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

  Net Loss                            $ (22,219) $(23,583)
  Adjustments to reconcile Net 
  Income to Net Cash used in 
  Operating Activities:

      Amortization                        8,960     8,960 

      Total Adjustments                   8,960     8,960 

Net Cash used in 
      Operating Activities              (13,259)  (14,623)

Cash Flows from Financing Activities:

      Distribution to Partners         (678,788) (212,121)
      Principal payments received       345,000   120,000 

Net Cash used in Financing Activities: (333,788)  (92,121)

      Net Increase/(Decrease) in 
      Cash and Cash Equivalents        (347,047) (106,744)


CASH AT JANUARY 1,                      374,088   150,582 

CASH AT JUNE 30,                         27,040  $ 43,838 
                                       =========  ========


<FN>
                    See notes to financial statements.

</TABLE>
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                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)
     
                  NOTES TO FINANCIAL STATEMENTS
     
             For the Six Months Ended June 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 six month  period ended June 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 six
           months were as follows:
     
     <TABLE>
     <CAPTION>
                             1997      1996  
                           --------   -------
     <S>                           <C>       <C>       
      Management Fees        $3,500  $  3,500
     
     
     </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.
     
     FINANCIAL CONDITION
     
     LIQUIDITY
     
     At July 31, 1997, the Registrant had approximately $25,290 in cash
     reserves.  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  
     
     
                         222 PARTNERS, INC.
                         General Partner  
     
     
     
     Date: August 14, 1997         By:/s/ Steven D. Ezell
                                     President
     
     
     
     Date:  August 14, 1997        By:/s/ Michael A. Hartley 
                                    Secretary/Treasurer
     
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