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                         SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549
          
          
          
                                    FORM 10-Q
          
          
                    Quarterly Report Under Section 13 or 15(d)
                      of The Securities Exchange Act of 1934
          
          
          
          For the Quarter ended             Commission File Number
              March 31, 1998                       33-19038
          
          
          
                    PERSHING LEASE INCOME LIMITED PARTNERSHIP
              (Exact name of registrant as specified in its charter)
          
          
          
                                     MISSOURI
          (State or other jurisdiction of incorporation or organization)
          
          
          
                                    43-1463913
                      (I.H.S.. Employer Identification No.)
          
          
          
             6300 Lamar, Shawnee Mission, Kansas 66202 (913) 236-2000
        (Address, including zip code, and telephone number, including area
                code, of registrant's principal executive offices)
          
          
     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 such shorter period that
     the  registrant  was required to file such reports),  and (2) has  been
     subject to such filing requirements for the past 90 days. Yes X  No   
     
     
     
     
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                    PERSHING LEASE INCOME LIMITED PARTNERSHIP
                         (A Missouri Limited Partnership)
          
                                Table of Contents
          
          
          Part I - Financial Information
     
          Financial Statements:                                   Page
          
            Balance Sheet - March 31, 1998 and 
            December 31, 1997                                       3
          
            Statements of Operations for the Quarters 
            Ended March 31, 1998 and 1997                           4
          
            Statement of Cash Flows for the Quarters
            Ended March 31, 1998 and 1997                           5
          
            Notes to Financial Statements                         6-7
          
          Management's Discussion and Analysis of 
            Financial Condition and Results of Operations           8
          
          Equipment Summary                                         8
          
          PART II - OTHER INFORMATION
          
          Item 1.  Legal Proceedings.                               9
          
          Item 2.  Changes in Securities.                           9
          
          Item 3.  Default Upon Senior Securities.                  9
          
          Item 4.  Submission of Matters to a Vote of Security 
                   Holders.                                         9
          
          Item 5.  Other Information.                               9
          
          Item 6.  Exhibits and Reports on Form 8-K.
                   (a) Exhibits                                     9
                   (b) Reports on Form 8-K                          9
          
          
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                     Pershing Lease Income Limited Partnership
                          (A Missouri Limited Partnership)
       
                                   Balance Sheets
       
                                                    March 31,    December 31,
                                                      1998            1997   
       Assets                                      (Unaudited)   
       Investment property:                                      
         Cost                                     $   801,339    $    801,339
         Less accumulated depreciation                795,468         791,882
           Investment property, net                     5,871           9,457
       Cash and cash equivalents                      127,331         137,247
       Rents and other receivables                      6,741           9,227
       Prepaid insurance                                  918           1,270
                                                                 
            Total assets                          $   140,861    $    157,201
                                                   ==========     ===========
                                                                 
                                                                 
       Liabilities and Partners' Equity                          
       Liabilities:                                              
         Due to affiliates                              4,503    $      4,562
                                                                 
             Total liabilities                          4,503           4,562
                                                                 
       Partners' Equity (Deficit):                               
         General Partner:                                        
           Capital contribution                         1,000           1,000
           Cumulative net income                    1,104,733       1,104,430
           Cumulative cash distributions           (1,316,610)     (1,316,610)
                                                     (210,877)       (211,180)
         Limited Partners (62,840 units):                        
           Capital contributions, net of                         
             offering costs                        27,738,501      27,738,501
           Cumulative net income                    5,571,050       5,587,634
           Cumulative cash distributions          (32,962,316)    (32,962,316)
                                                      347,235         363,819
             Total partners' equity                   136,358         152,639
             Total liabilities and partners'                     
               equity                             $   140,861    $    157,201
                                                   ==========     ===========
                                                                 
                                                                 
                  See accompanying notes to financial statements.

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                     PERSHING LEASE INCOME LIMITED PARTNERSHIP
                         (A Missouri Limited Partnership)
                                         
                             Statements of Operations
                                   (Unaudited)
                  For the Quarters Ended March 31, 1998 and 1997
     
     
                                                    1998         1997   
     Revenue:                                                 
       Rental income                             $       -    $  129,858
       Interest income                                 303         6,212
       Net gain on sale of investment property           -        47,500
          Total revenue                                303       183,570
                                                              
     Expenses:                                                
       Depreciation                                  3,586        28,609
       General and administrative                   12,998        30,960
          Total expenses                            16,584        59,569
                                                              
     Net income                                  $ (16,281)   $  124,001
                                                  ========     =========
     
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                 See accompanying notes to financial statements.

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                    PERSHING LEASE INCOME LIMITED PARTNERSHIP
                         (A Missouri Limited Partnership)
                                         
                             Statement of Cash Flows
                                   (Unaudited)
                  For the Quarters Ended March 31, 1998 and 1997
                                                                
                                                      1998          1997   
                                                                
     Cash flows from operating activities:                      
       Net income (loss)                          $   (16,281)  $   124,001
       Adjustments to reconcile net income                      
         to net cash provided by                                
         operating activities:                                  
           Depreciation                                 3,586        28,609
           Net gain on sale of investment                       
             property                                       -       (47,500)
                                                                
       Changes in assets and liabilities:                       
         Receivables                                    2,486        (2,069)
         Prepaid insurance                                352           362
         Due to affiliates                                (59)          560
         Unearned rental revenue                            -        36,100
           Net cash provided by operating                       
             activities                                 9,916       140,063
                                                                
     Cash flows from investing activities:                      
       Disposition of investment property                   -        47,500
                                                                
     Cash flows from financing activities:                      
       Cash distributions to Partners                       -      (261,717)
                                                                
     Net increase (decrease) in cash and                        
       cash equivalents                                (9,916)      (74,154)
                                                                
     Cash and cash equivalents at beginning                     
         of period                                    137,247       639,226
                                                                
     Cash and cash equivalents at end of                        
         period                                   $   127,331   $   565,072
                                                   ==========    ==========   
                                                                
                                         
                                                                
                 See accompanying notes to financial statements.

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                    PERSHING LEASE INCOME LIMITED PARTNERSHIP
                         (A Missouri Limited Partnership)
          
                          Notes to Financial Statements
                                   (Unaudited)
          
          In the opinion of the General Partner,  the accompanying unaudited
     financial  statements  contain  all adjustments  necessary  to  present
     fairly the financial position, results of operations and cash flows.
          
     (1) Summary of Significant Accounting Policies
          
          Organization
          
          Pershing  Lease Income Limited Partnership (the "Partnership") was
     organized under the Missouri Revised Uniform Limited Partnership Act on 
     November  30,  1987.  The Partnership was formed to invest primarily in
     equipment  to  be leased to third parties.   The Amended  Agreement  of
     Limited  Partnership  authorized the issuance of up to  60,000  Limited
     Partnership  units  at  a  price  of $500 per unit  and  up  to  20,000
     additional units.   The Partnership had an initial closing and thirteen
     subsequent  closings.   The closings occurred on May 3,  1988,  June 3,
     1988, July 8, 1988, August 5, 1988, September 8, 1988, October 7, 1988,
     November 7,  1988, December 7, 1988, January 9, 1989, February 7, 1989,
     March 7,  1989,  April 7,  1989, May 5,  1989,  and June 14,  1989 with
     10,732,  6,712, 3,984, 4,268, 5,011, 3,822, 2,562, 2,701, 4,001, 3,256,
     3,604, 4,014, 3,592, and 4,581 units, respectively.
     
          Pursuant  to  the  terms  of  the  Amended  Agreement  of  Limited   
     Partnership, distributable cash from operations and profits for federal
     income  tax  purposes from normal operations,  as defined,  are  to  be
     allocated  95%  to the Limited Partners and 5% to the  General  Partner
     until  payout has occurred,  and 85% to the Limited Partners and 15% to
     the  General  Partner thereafter.   Any distributable cash  from  sales
     shall  be distributed 99% to the Limited Partners and 1% to the General
     Partner until payout has occurred,  and 85% to the Limited Partners and
     15% to the General Partner thereafter. "Payout" means the time when the
     aggregate  amount  of  all  distributions to the  Limited  Partners  of
     distributable cash from operations and of distributable cash from sales
     or  refinancing  equals the aggregate amount of the  Limited  Partners'
     original  invested capital plus a cumulative 8% annual return on  their
     aggregate unreturned invested capital (calculated from the beginning of
     the   first  full  fiscal  quarter  following  each  Limited  Partner's
     admission to the Partnership).   Losses for federal income tax purposes
     from  the normal operations of the Partnership will be allocated 99% to
     the Limited Partners and 1% to the General Partner.   In addition, spe-
     cial cost recovery allocations may be required to reflect the differing
     initial  capital  contributions of the General Partner and the  Limited
     Partners.   The  Partnership's books and records are in accordance with
     the terms of the Amended Agreement of Limited Partnership.
     
          The  General Partner,  Waddell & Reed Leasing,  Inc.,  contributed
     $1,000  for its General Partnership interest.   The General Partner  is
     not  required  to  make any other capital  contributions  except  under
     certain limited circumstances upon termination of the Partnership.

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                    Pershing Lease Income Limited Partnership
                         (A Missouri Limited Partnership)
     
                      Notes to Financial Statements, Continued
                                   (Unaudited)
                                         
         Basis of Presentation
     
         The  Partnership financial statements are presented on the  accrual
     basis of accounting.
     
         Cash and Cash Equivalents
     
         Cash  and  cash equivalents in the accompanying statements of  cash
     flows  include  cash on hand and short-term investments  with  original
     maturities of less than ninety days.
     
         Investment Property
     
         Investment  property  consists of mining equipment.   At March  31,
     1998 and December 31,  1997, the Partnership owned investment property,
     with a depreciable cost basis of $801,339.   The depreciable cost basis
     at March 31,  1998 and December 31, 1997,  includes acquisition fees of
     $36,337,  which  were  paid to the General Partner.   The equipment  is
     being  held  in  inventory for sale.   Depreciation  on  the  remaining
     investment  property  is provided using an accelerated methods and a  7
     year life.  
     
         Income Taxes
     
         The Partnership is a pass-through entity and, accordingly, taxes on
     income,  if  any,  are  the responsibility of the individual  partners.
     Partners'  equity at March 31, 1998 as reported herein has been reduced
     by  sales commissions and other costs of the offering which will not be
     deductible  by the partners until the Partnership is liquidated or  the
     partners' units are otherwise disposed of.
     
     (2) Related Party Transactions
     
          Fees,  commissions  and  other  expenses paid or  payable  by  the    
     Partnership to the General Partner or affiliates of the General Partner
     for the quarter ending March 31, 1998 follow:
     
         Reimbursable operating expenses                   $5,574
     
          The  following costs were due to (from) affiliates as of March 31,
     1998: 
     
         Reimbursable operating expenses                   $4,503
     

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                    Pershing Lease Income Limited Partnership
                         (A Missouri Limited Partnership)
     
     
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                          CONDITION AND  RESULTS OF OPERATIONS.
     
     
     Partnership Operations
     
          Due to the sale of investment property and lease expirations there
     was no rental income for the first quarter of 1998;  $129,858 less than
     the  first quarter of 1997.   The Partnership's final lease for  mining
     equipment ended February 15, 1997 and it is being remarketed.
     
          Depreciation  was $3,586 for the period,  down about $25,023  from
     last  year because accelerated depreciation methods have been used  and
     the  sale  of equipment.   General and administrative expenses for  the
     quarter were $12,998 down $17,962 compared to the first quarter of 1997
     due primarily to lower management fees.
     
     As mentioned above, it is possible the Partnership may sell the remain-
     ing equipment and cease operations during 1998.
     
     
     Cash and Distributable Cash from Operations and Sales
         Shown  below is the calculation of Cash and Distributable Cash from
     Operations and Sales for the quarter ended March 31, 1998 as defined by
     Section 17 of the Amended Agreement of Limited Partnership:
      
         Rental income                                   $       -
         Interest income                                       303
         Cash from sales                                         -
           Total cash inflow                                   303
                                                         
           Operating expenses                              (12,998)
           Cash from operations and sales                  (12,695)
                                                         
         Reserve for distributions and operations          (12,695)
         Partnership management fee                              -
                                                         
           Distributable cash from operations and sales  $       -
                                                          ========
                                                         
      There were no distributions made to the Limited Partners of record on
      December 31, 1997.
                                         
                                                  Acquisition
     Equipment Description                           Cost    
     Heavy Duty Equipment                           $801,339
     

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                    Pershing Lease Income Limited Partnership
                         (A Missouri Limited Partnership)
     
     
     PART II - OTHER INFORMATION
     
     Item 1.  Legal Proceedings.
     
              Not applicable.
     
     Item 2.  Changes in Securities.
     
              Not applicable.
     
     Item 3.  Default Upon Senior Securities.
     
     
     Item 4.  Submission of Matters to a Vote of Security Holders.
     
              Not applicable.
     
     Item 5.  Other Information.
     
              Not applicable.
     
     Item 6.  Exhibits and Reports on Form 8-K.
     
              (a) Exhibits  - There are no exhibits.
                                       
              (b) Form   8-K   -   There   have  been  no  reports  on  Form   
                  8-K.
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
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                     Pershing Lease Income Limited Partnership
                         (A Missouri Limited Partnership)
     
                                    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.
     
     
                    PERSHING LEASE INCOME LIMITED PARTNERSHIP
                                   (Registrant)
     
     
     
                              By: /s/ Michael D. Strohm            
                                  Michael D. Strohm, Executive Vice
                                  President and Assistant Treasurer
                                  of the General Partner
                                                                            
                              Date:   May 26, 1998                    
     
     
                              By: /s/ Robert L. Hechler             
                                  Robert L. Hechler, as President,
                                  and Treasurer of the General Partner
                                  (Principal Accounting and Financial
                                  Officer)
     
                              Date:   May 26, 1998