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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. XX)*
Lowe's Companies, Inc.
(Name of Issuer)
Common Stock, Par Value $.50
(Title of Class of Securities)
548661 107
(CUSIP Number)
Page 1 of 4
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Cusip # 548661 107
Item 1: Management Committee of Lowe's Companies Employee Stock Ownership
Trust
Item 4: North Carolina
Item 5: None
Item 6: 33,099,873
Item 7: None
Item 8: None
Item 9: 33,099,873
Item 11: 9.3816%
Item 12: EP
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Item 1 (a) Name of Issuer:
Lowe's Companies, Inc.
Item 1 (b) Address of Issuer's principal Executive Offices:
P. O. Box 1111
Hwy. 268 East
North Wilkesboro, NC 28656
Item 2 (a) Name of Person Filing:
Management Committee of Lowe's Companies Employee Stock Ownership Trust
Item 2 (b) Address of Principal Business Office, or if none, Residence:
P. O. Box 1111
Hwy. 268 East
North Wilkesboro, NC 28656
Item 2 (c) Citizenship:
North Carolina
Item 2 (d) Title of Class of Securities:
Common Stock, par value $.50
Item 2 (e) CUSIP Number
548661 107
Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
Employee Benefit Plan, which is subject to the provisions of the
Employee Retirement Income Security Act of 1974
Item 4
(a) Amount Beneficially Owned: 33,099,873
(b) Percent of Class: 9.3816%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: None
(ii) shared power to vote or to direct the vote: 33,099,873
(iii) sole power to dispose or to direct the disposition of: None
(iv) shared power to dispose or to direct the disposition of: None
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable
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Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Wachovia Bank of North Carolina, N.A. holds the shares as trustee of the
Lowe's Companies Employee Stock Ownership Trust. As respects the voting of
the shares held by the Bank as trustee, the trustee (a) solicits instructions
from Plan members as respects shares allocated to members' accounts and (b) is
given instructions by the Plan's Management Committee as respects unallocated
shares. The trustee votes the stock held by it as trustee in accordance with
such instructions. In the absence of instructions as respects how a Plan
members allocated stock is to be voted, the stock is voted by the trustee in
the same manner as stock held in the Plan's general account and as respects
which instructions are given by the Management Committee.
The Plan does not provide for disposition of shares of Lowe's Common Stock
except that upon retirement, death or disability of a Plan member, he becomes
fully vested as respects all his interest in his account and his interest is
distributable to him in accordance with the Plan's provisions. Upon
termination of employment for any reason other than retirement, death or
disability, the employee receives that part of his accounts that are fully
vested. In both cases, the trustee distributes shares and any other Plan
interest only in accordance with the instructions of the Management Committee.
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company:
Not Applicable
Item 8 Identification and Classification of Members of the Group:
Not Applicable
Item 9 Notice of Dissolution of Group:
Not Applicable
Item 10 Certification:
By signing below, I certify that, to the best of my knowledge and belief the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct. THE FILING OF THIS STATEMENT SHALL NOT BE CONSTRUED AS AN ADMISSION
THAT I AM, FOR THE PURPOSES OF SECTION 13(d) or 13(g) OF THE ACT, THE
BENEFICIAL OWNER OF ANY SECURITIES COVERED HEREBY.
February 2, 1999 MANAGEMENT COMMITTEE OF LOWE'S
COMPANIES EMPLOYEE STOCK OWNERSHIP
TRUST
BY: __/s/Edgar M. Spears__________
EDGAR M. SPEARS, SECRETARY
