SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C. 20549

                                    Form 10-Q


               X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
             ____    OF THE SECURITIES EXCHANGE ACT OF 1934

                     For the quarterly period ended June 30, 1998

               _____ 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 0-5556

                            CONSOLIDATED-TOMOKA LAND CO.

                (Exact name of registrant as specified in its charter)


            Florida                                    59-0483700

   (State or other jurisdiction of                  (I.R.S. Employer      
    incorporation or organization)                 Identification No.)

      149 South Ridgewood Avenue                         32114
        Daytona Beach, Florida                         (Zip Code)
(Address of principal executive offices)


                                  (904) 255-7558
            (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 and (2) has been subject to such filing
requirements for the past 90 days.

                                     Yes   X           No
                                         _____        _______

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
                                                              Outstanding
          Class of Common Stock                             August 1, 1998

           $1.00 par value                                    6,371,833

                                            1








                              CONSOLIDATED-TOMOKA LAND CO.

                                         INDEX

                                                          Page No.

PART I - - FINANCIAL INFORMATION

     Consolidated Condensed Balance Sheets -
       June 30, 1998 and December 31, 1997                    3   

     Consolidated Condensed Statements of Income and
     Retained Earnings - Three Months Ended and
       Six Months Ended June 30, 1998 and 1997                4
            
     Consolidated Condensed Statements of Cash Flows - 
       Six Months Ended June 30, 1998 and 1997                5

     Notes to Consolidated Condensed Financial Statements   6-8

     Management's Discussion and Analysis of Financial
       Condition and Results of Operations                  9-12

PART II -- OTHER INFORMATION                                 13 

SIGNATURES                                                   14




















                                         2















                               PART I -- FINANCIAL INFORMATION

                                 CONSOLIDATED-TOMOKA LAND CO.
                              CONSOLIDATED CONDENSED BALANCE SHEETS


CAPTION
 
                                                    (Unaudited)        
                                                      June 30,     December 31,
                                                        1998           1997
                                                     ----------   ------------- 
                                                              
ASSETS
Cash & Cash Equivalents                            $    534,491     $ 9,387,433
Investment Securities                                 2,867,625       1,026,679 
Notes Receivable                                      9,815,879      10,018,350 
Accounts Receivable                                   2,314,461       1,824,973 
Inventories                                             928,288         921,454 
Cost of Fruit on Trees                                2,045,402       2,786,501 
Real Estate Held for Development and Sale            14,020,223      13,819,068 
Net Investment in Direct Financing Lease                584,518         625,256 
Refundable Income Taxes                                 304,296              --
Deferred Income Taxes                                   335,530         335,530
Other Assets                                            608,053         597,761
Property, Plant, and Equipment - Net                 17,977,693      16,891,137
                                                     ----------      ---------- 
     TOTAL ASSETS                                   $52,336,459     $58,234,142
                                                     ==========      ========== 
LIABILITIES
Accounts Payable                                    $   386,954     $   919,241 
Notes Payable                                        10,825,635      13,497,523 
Accrued Liabilities                                   4,848,416       3,853,403 
Income Taxes Payable                                         --       2,109,528
                                                     ----------      ---------- 
     TOTAL LIABILITIES                               16,061,005      20,379,695
                                                     ----------      ---------- 
    
SHAREHOLDERS' EQUITY
Common Stock                                          6,371,833       6,371,833 
Additional Paid-in Capital                            3,793,066       3,793,066 
Retained Earnings                                    26,110,555      27,689,548
                                                     ----------      ---------- 
     TOTAL SHAREHOLDERS' EQUITY                      36,275,454      37,854,447
                                                     ----------      ---------- 
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $52,336,459     $58,234,142
                                                     ==========      ==========


See accompanying Notes to Consolidated Condensed Financial Statements.

       

                                      3
  





                         CONSOLIDATED-TOMOKA LAND CO.
      CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS 


                                              (Unaudited)                (Unaudited)
                                          Three Months Ended           Six Months Ended 
                                          ------------------       ----------------------   
                                         June 30,     June 30,       June 30,    June 30,
                                           1998         1997           1998        1997
                                        ----------   ----------    ----------   ---------
                                                                     
INCOME:
  Citrus Operations:
    Sales of Fruit and Other Income    $ 2,974,679  $ 1,814,367   $ 7,548,058 $ 6,236,793 
    Production and Selling Expenses    ( 2,317,494) ( 1,558,959)  ( 6,174,379)( 5,106,503)
                                        ----------   ----------    ----------  ---------- 
                                           657,185      255,408     1,373,679   1,130,290
                                        ----------   ----------    ----------  ----------
  Real Estate Operations:
    Sales and Other Income               1,533,071    1,474,824     2,909,720   2,323,594   
    Costs and Other Expenses           ( 1,351,771) (   748,794)  ( 2,283,325)( 1,542,423)
                                        ----------   ----------    ----------  ---------- 
                                           181,300      726,030       626,395     781,171
                                        ----------   ----------    ----------  ---------- 
  Profit On Sales of Undeveloped
   Real Estate Interests                    17,923       16,000       114,338      18,000 
                                        ----------   ----------    ----------  ----------  
  Interest and Other Income                 78,458      531,906       335,931     830,540
                                        ----------   ----------    ----------   ---------  
General and Administrative Expenses    (   678,668) (   770,486)  ( 1,529,750)( 1,664,170)
                                        ----------    ---------    ----------  ----------
Income Before Minority Interest 
  In Partnership                           256,198      758,858       920,593   1,095,831

Minority Interest in Partnership            92,879        5,135       103,411      15,886
                                        ----------    ---------    ----------  ----------
Income Before Income Taxes                 349,077      763,993     1,024,004   1,111,717    
Income Taxes                           (   128,079)  (  247,979)  (   372,855)(   369,399)
                                        ----------    ---------    ----------   ---------   
Net Income                                 220,998      516,014       651,149     742,318 

Retained Earnings, Beginning of Period  25,889,557   26,095,930    27,689,548  27,748,008
Dividends                                       --           --   ( 2,230,142)( 1,878,382)
                                        ----------   ----------    ----------  ----------
Retained Earnings, End of Period       $26,110,555  $26,611,944   $26,110,555 $26,611,944
                                        ==========   ==========    ==========  ========== 
PER SHARE INFORMATION:
  Average Shares Outstanding             6,371,833    6,261,272     6,371,833   6,261,272
                                        ==========   ==========    ==========  ==========
  Net Income Per Share:
   Basic                               $       .03  $       .08   $       .10 $       .12
                                        ==========   ==========    ==========  ========== 
   Diluted                             $       .03  $       .08   $       .10 $       .12
                                        ==========   ==========    ==========  ==========
  Dividends Per Share                  $        --  $        --   $       .35 $       .30
                                        ==========   ==========    ==========  ========== 
See accompanying Notes to Consolidated Condensed Financial Statements.

                                      4
    
                         CONSOLIDATED-TOMOKA LAND CO.
               CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                                           


                                                             Unaudited 
                                                          Six Months Ended
                                                       ----------------------     
                                                       June 30,      June 30,
                                                        1998           1997
                                                       --------      --------   
                                                                               
CASH FLOW FROM OPERATING ACTIVITIES:
CASH RECEIVED FROM:
  Citrus Sales of Fruit and Other Income             $ 7,055,253  $ 6,841,993 
  Real Estate Sales and Other Income                   3,258,778    1,853,937 
  Sales of Undeveloped Real Estate Interests             114,338       18,000 
  Interest and Other Income                              353,073    1,110,260
                                                      ----------   -----------
   Total Cash Received from Operating Activities      10,781,442    9,824,190 
                                                      ----------   ----------
CASH EXPENDED FOR:
  Citrus Production and Selling Expenses               5,209,747    5,275,990 
  Real Estate Costs and Expenses                       1,905,086      809,761 
  General and Administrative Expenses                    894,451    1,326,206 
  Interest                                               583,037      635,924 
  Income Taxes                                         2,786,678    1,575,000
                                                      ----------   ---------- 
   Total Cash Expended for Operating Activities       11,378,999    9,622,881
                                                      ----------   ---------- 
   Net Cash Provided By (Used In) 
    Operating Activities                             (   597,557)     201,309
                                                      ----------   ----------            
CASH FLOW FROM INVESTING ACTIVITIES:
  Acquisition of Property, Plant, and Equipment       (3,835,641) (   196,459)
  Net (Increase) Decrease in Investment Securities    (1,840,946)     382,671 
  Direct Financing Lease                                  40,738       42,330 
  Proceeds from Sale of Property, Plant,
    and Equipment                                      2,282,494    2,238,933
                                                      ----------   ----------  
    Net Cash Provided By (Used In) Investing
     Activities                                       (3,353,355)   2,467,475 
                                                      ----------   ----------
CASH FLOW FROM FINANCING ACTIVITIES:
 Proceeds from Notes Payable                             300,000           --
 Payments on Notes Payable                           ( 2,971,888) ( 2,228,617)
 Dividends Paid                                      ( 2,230,142) ( 1,878,382)
                                                      ----------   ---------- 
    Net Cash Used in Financing Activities            ( 4,902,030) ( 4,106,999)  
                                                      ----------   ----------
Net Decrease In Cash & Cash Equivalents              ( 8,852,942) ( 1,438,215)
Cash and Cash Equivalents at Beginning of Period       9,387,433    1,760,835
                                                      ----------   ---------- 
CASH AND CASH EQUIVALENTS AT END OF PERIOD           $   534,491 $    322,620
                                                      ==========  ===========

See accompanying Notes to Consolidated Condensed Financial Statements.
                             5


       NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1.    Principles of Interim Statements.  The following 
      unaudited condensed financial statements have been
      prepared pursuant to the rules and regulations of the
      Securities and Exchange Commission.  Certain information
      and note disclosures which are normally included in annual
      financial statements prepared in accordance with generally
      accepted accounting principles have been condensed or
      omitted pursuant to those rules and regulations.  The
      condensed financial statements reflect all adjustments which 
      are, in the opinion of the management, necessary to present
      fairly the Company's financial position and the results
      of operations for the interim periods.  The consolidated
      condensed format is designed to be read in conjunction
      with the last annual report.   For further information
      refer to the consolidated financial statements and the
      notes thereto included in the Company's Annual Report
      on Form 10-K for the year ended December 31, 1997.

      The consolidated condensed financial statements include
      the accounts of the Company and its wholly owned
      subsidiaries.  Intercompany balances and transactions
      have been eliminated in consolidation.

2.    Seasonal Operations.  The company's citrus operations involve
      a single-crop agricultural commodity and are seasonal in
      nature.  To a lessor extent, real estate operations including
      forestry and golf activities are seasonal in nature.
      Accordingly, results for the six months ended June 30, 1998 
      and 1997 are not necessarily indicative of results to be
      expected for the full year. Results of operations for the
      twelve months ended June 30, 1998 and 1997 are summarized
      as follows (in thousands):


                                   Twelve Months Ended June 30,
                                  ----------------------------------------------        
                                         1998                      1997
                                  ---------------------   -------------------------   
                                                    
                                 Revenues    Income       Revenues      Income
                                 --------  -----------    --------    -----------
                                                          
     Citrus Operations           $10,756    $ 1,335     $ 10,312      $   1,656
     Real Estate Operations        5,998      1,849        6,184          2,523 
     General Corporate & Other     8,696      2,986        6,531          3,174 
                                  ------     ------       ------         ------
      Total Revenues             $25,450                 $23,027
                                  ======                  ======
     Income Before Income Taxes               6,170                       7,353 
     Income Taxes                           ( 2,250)                    ( 2,773)
                                             ------                      ------
     Net Income                             $ 3,920                   $   4,580
                                             ======                      ====== 

                                   6




3.    Common Stock and Earnings Per Common Share.  Effective December
      15, 1997 the Company adopted Statement of Financial Accounting   
      Standards ("SFAS") No. 128 "Earnings Per Share."  SAFS No. 128
       requires companies to present basic earnings per share ("EPS") and 
      diluted EPS, instead of primary and fully diluted EPS previously
      required.  This accounting change had no material effect on
      previously reported EPS data for the second quarter and first
      six months of 1997.


<CAPTIONS>
                             Three Months Ended    Six Months Ended
                           --------------------   -------------------
                            June 30     June 30   June 30,   June 30
                              1998        1997      1998        1997
                           --------    --------   --------   --------
                                               
Income Available to 
 Common Shareholders     $ 220,998   $  516,014   $651,149 $  742,318
                          ========     ========   ========   ========

Weighted Average
 Shares Outstanding      6,371,833    6,261,272  6,371,833  6,261,272


Common Shares Applicable
 to Stock Options Using
 the Treasury Stock 
   Method                   25,971       66,571     26,364     66,877
                         ---------    ---------  ---------  ---------
Total Shares Applicable 
 to Diluted Earnings
 Per Share               6,397,804    6,327,843  6,398,197  6,328,149
                         =========    ========= ==========  =========

Basic Earnings Per Share     $0.03        $0.08      $0.10 $     0.12
                         =========    ========= ==========  =========
Diluted Earnings Per
 Share                       $0.03        $0.08      $0.10 $     0.12
                         =========    ========= ==========  =========



    Basic earnings per common share were computed by
    dividing net income by the weighted average number of 
    shares of common stock outstanding during the year.
    Diluted earnings per common share were determined based
    on assumption of the conversion of stock options at the
    beginning of each period using the treasury stock
    method at average cost for the periods.



                                    7
  
PAGE>



4.  Comprehensive Income.  During the first quarter of 1998, the
    Company adopted SFAS 130, "Reporting Comprehensive Income" which 
    had no effect on the accompanying consolidated statement of 
    net income.
    
5.    Notes Payable.  Notes payable consist of the following:



                                                       June 30, 1998
                                       --------------------------------------------    
                                                                      Due Within
                                              Total                    One Year
                                       -----------------            ---------------
                                                               
                                                          
      $7,000,000 Line of Credit           $        --                $        --
      Mortgages Payable                     10,248,065                   207,679
      Industrial Revenue Bonds                 577,570                    79,564
                                           -----------                ----------
                                            10,825,635                   287,243
                                           ===========                ==========



Notes Payable include $1,200,000 owed by Indigo Group Ltd. ("IG LTD."),
a 100% owned limited partnership in the real estate business.

Payments applicable to reduction of principal amounts will be
required as follows:
 



                                
                                   
      Year Ending June 30,               
      -------------------      
      1999                       $   287,243     
      2000                           392,555      
      2001                           427,511    
      2002                           465,587    
      2003                         7,978,803    
      Thereafter                   1,273,936    
                                  ----------    
                                 $10,825,635    
                                  ==========     
                                                  

                           

In the first six months of 1998, interest totaled $402,410 of
which $346,042 was capitalized to land held for development and
sale.  Total interest for the six months ended June 30, 1997
was $739,767, of which $80,429 was capitalized to land held
for development and sale.

                                8


MANAGEMENT'S DISCUSSION AND ANALYSIS

The Management's Discussion and Analysis is designed to be
read in conjunction with the financial statements and
Management's Discussion and Analysis in the last annual report.

RESULTS OF OPERATIONS

Citrus Operation
- ----------------

Profit from citrus operations for the three months ended
June 30, 1998 rose 157% to $657,185 from same period prior year
profits of $255,408.  The increase in profits is directly
attributable to an 88% increase in fruit volume, with 348,000
boxes of fruit harvested and sold for the second three month
period of 1998 compared to 1997's same period volume of 185,000
boxes.  The improved volume led to a 64% gain in revenues despite
a 13% reduction in average fruit pricing.  Lower prices for both
fresh and processed fruit, along with a lower percentage of fruit
sold as fresh, contributed to the decline in average fruit 
prices.  Production and selling expenses increased 49% on the
higher fruit volume, with some efficiencies achieved as fixed costs
were spread over the larger volume.

For the first six months of 1998 increased fruit volume again
accounted for a rise in profits.  Profits for 1998's first six
month period totaled $1,373,679, representing a 22% improvement of
1997's same period profit of $1,130,290.  Fruit harvested and
sold totaled 904,000 for 1998 with 1997's volume 30% below that level
at 696,000 boxes.  Revenues totaling $7,548,058 represent a 
21% gain over prior year on the rise in volume, although offset 
somewhat by a 7% fall in average fruit pricing.  The reduction in
fruit pricing is primarily due to lower fresh fruit pricing.  The 
increased volume led to a 21% rise in production and selling expenses
for the period.
  
Real Estate Operations
- ----------------------

Profits from real estate operations for the second quarter of
1998 decreased 75% to $181,300 from year earlier profits of
$726,030.  This reduction in profits is primarily the result 
of lower commercial land sales with six acres closed producing
gross profits approximating $210,000 in 1998's second period. 
This compares to gross profits totaling $625,000 generated on the
sale of eighteen acres during 1997's same period.  The sale of the
Palm Coast office building, which occurred in May 1997, and the
December 1997 sale of the 47,000 square foot Daytona Beach
office building along with the delay of a hunting lease
renewal resulted in a $60,000 reduction in profits from income
properties.  Forestry operations income declined 31% to $128,000
for the three month period on a 25% decline in revenues from
decreased harvesting. The LPGA International golf operations, 
which the Company took over in September 1997, provided additional
revenues in excess of $550,000 on break-even bottom line results.

                                  9



Lower commercial sales volume also accounted for the reduced
profits posted for the six month period, as profits from real 
estate operations totaled $626,395, representing a 20% decrease from
prior year's $781,171 profit.  Gross profits of $260,000 were produced
on the sale of eleven acres during 1998's first six month period,
with the sale of eighteen acres generating $630,000 during 1997's 
same period.  The sale of the office buildings and delay in the
hunting lease mentioned above also contributed to a downturn in 
results from income properties for the six month period with
profits declining $50,000 to break-even.  Forestry profits rose 5%
to 386,000 on a 6% gain in revenue for the six month period.
Golf operations provided income of $274,000 on revenues
totaling $1,378,000.

General, Corporate and Other
- -----------------------------------
Profits on the sale of undeveloped real estate interest for 
1998's six months to date totaled $114,338 on the release of
surface entry rights on 3,011 acres.  Interest and other income
declined 85% for the second quarter of 1998 to $78,458 and 60%
for the six month period to $335,931.  Contributing to the downturn from
interest and other income for  both the second quarter and six month periods is
a $250,000 gain posted in 1997 on the sale of the Palm Coast office building
along with decreased interest on mortgage notes receivable paid off during 1997.

General and administrative costs declined 12% and 8% for the second 
three month period and six months to date, respectively.
These reductions can be attributed to lower interest and
contributions expense, along with additional costs capitalized to the
LPGA development and construction of the second golf course.


















                                  10














FINANCIAL POSITION
- ------------------

Company profits for the first six months of 1998 of $651,149, 
equivalent to $.10 per share, represent a 12% decrease from year
earlier profits of $742,318, equivalent to $.12 per share.  This
downturn is attributed to lower commercial sales volume and the
sale of income properties, offset by increased earnings from
citrus operations.  Dividends paid during the six month period
increased 17% to $.35 per share.  Cash and cash equivalents
decreased $8.9 million during the period, while debt outstanding
was reduced nearly $2.7 million.  Cash used in operating
activities totaled $600,000 while cash used in investing
activities totaled $3.4 million and cash used in financing 
activities amounted to $4.9 million including the debt reduction
and dividend payment.  Cash used in investing activities includes
$3.8 million expended on the acquisition of property, plant
and equipment, primarily the construction of the second golf course, 
with an additional $1.8 million transferred to investment securities. 
These outflows were offset by proceeds from the sale of property,
plant and equipment totaling $2.3 million.  These proceeds were 
primarily generated from the sale of the Forest Center shopping
center.  Capital requirements for the remainder of 1998 approximate
$1.8 million, which is primarily centered on development in and 
around the LPGA mixed-use project, including the second golf
course.  Funding of these expenditures will come from cash
and investments on hand, operating activities and if necessary 
existing financing sources.

Harvesting for the 1997-1998 citrus crop year was completed in 
late May with Company fruit volume amounting to 1,255,000 boxes.
This volume represented a 20% increase over the 1,044,000 boxes harvested
for the 1996-1997 crop year.  Pricing remains relatively weak,
although stable, as the state of Florida orange crop totaled 244
million boxes for the season, representing an 8% increase over the
prior year's record crop.  Although temperatures have been extremely 
high and rainfall extremely low during the late spring and early
summer period the condition of company groves is very good as
brief, timely rainfalls coupled with irrigation has provided
adequate moisture.  The Mediterranean fruit fly has been located 
in Highlands County in groves well to the north of Company groves. 
It is anticipated that it will be controlled or eradicated, with no
ill-effects to Company fruit or groves,  before harvesting for the
1998-1999 crop season begins in September.

Company owned lands were in the midst of the wildfires experienced
in late June and early July across western Volusia County. Approximately
8,000 acres of Company lands were damaged by the fires, with the 
damage limited to timber on lands held for future development. 
Timber harvesting is in progress, and although timber prices
have declined due to the volume of timber on the market, bottom
line financial statement impact should be minimal.  However,
future economic gain has been sacrificed due to earlier than
planned harvesting and some loss of immature trees planted in recent
years which are not of sufficient size to harvest.

                                11




Development activities remain centered on the LPGA mixed-use
development.  Construction of the second golf course is near completion
and is in the grow-in stage.  Play on the course is anticipated to
begin the fourth quarter of this year.  The clubhouse facilities 
continue in the permitting and design phase.  The golf facilities 
along with land for development of a destination resort hotel
and timeshare units are currently under negotiation for sale
to a resort developer.   It is anticipated the development of
this project will attract additional activity on Company lands
in and around the LPGA project.  Commercial sales activity 
remains relatively strong, with negotiations underway on several
parcels of land and additional properties under contract.  The
wildfires have not had a material impact on either sales or development
activities.

The corporation has evaluated and identified the risks of software
failure due to processing errors arising from calculation using the
Year 2000 date.  A plan for conversion has been established to 
maintain the integrity of its financial systems and ensure the
reliability of its operating systems.  The cost of achieving Year
2000 compliance, which includes software and installation and 
will be incurred during 1998 and 1999 is not expected to be material
in relation to the Company's financial statements.

Good condition of Company citrus groves, relatively stable pricing 
and abundant citrus crops from citrus operations, along with 
continued strong commercial sales activity lead to projections 
of continued near term profits. 


























                                   12
   




                PART II -- OTHER INFORMATION


Item 1.     Legal Proceedings
            There are no material pending legal proceedings to which 
            the Company or its subsidiaries is a party.

Items 2 through 5.
            Not Applicable


Item 6.     Exhibits and Reports on Form 8-K

            (a)  Exhibits
                 Exhibit (11) - Incorporated by Reference on Page 7
                                of this 10-Q report.

                 Exhibit (27) - Financial Data Schedule

            (b)  Reports on Form 8-K
                 
                    No reports on Form 8-K were filed by the
                 Company during the quarter covered by 
                 this report.

 






















                             13
















                            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.




                               CONSOLIDATED-TOMOKA LAND CO.
                                      (Registrant)



Date:  August 11, 1998            By:  /s/ Bob D. Allen
                                   ---------------------
                                   Bob D. Allen
                                   President & Chief
                                   Executive Officer   






Date:  August 11, 1998            By:  /s/  Bruce W. Teeters
                                   -----------------------
                                   Bruce W. Teeters
                                   Sr. Vice President-
                                   Finance & Treasurer         

                                      
             










                                  14