UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Thomas, Grady G.
6701 N. Baltusrol Lane
Charlotte, NC 28210
USA
2. Issuer Name and Ticker or Trading Symbol
Interstate/Johnson Lane, Inc.
IJL
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
January 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other
(specify below)
Senior Vice President, Interstate/Johnson Lane Corporation
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, $.20 par valu|N/A* | | | | | |85,446 |D |N/A |
e | | | | | | | | | |
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Common Stock, $.20 par valu|1/28/9|Nt.1| |88 |A | |4,075 |I |Held by Trustee |
e |8 | | | | | | | | |
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Common Stock, $.20 par valu|N/A* |Nt.2| | | | |474 |D |Restricted Stock |
e | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Right to Buy-Non Quali|$6.00 |Nt.3 | | | | |Nt.3 |Nt.3 |Common Stock|5,000 | |5,000 |D |N/A |
fied Options | | | | | | | | |, $.20 par v| | | | | |
| | | | | | | | |alue | | | | | |
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Employee Stock Option |$13.50 |Nt.4 | | |N/A |A |Nt.4 |Nt.4 |Common Stock|10,000 | |15,000 |D |N/A |
(Right to Buy) | | | | | | | | |, $.20 par v| | | | | |
| | | | | | | | |alue | | | | | |
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Employee Stock Option |$13.50 |Nt.5 | | |N/A |A |Nt.5 |Nt.5 |Common Stock|20,000 | |35,000 |D |N/A |
(Right to Buy) | | | | | | | | |, $.20 par v| | | | | |
| | | | | | | | |alue | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
Nt.1-Vested portion in Issuer's benefit plans and does not include shares
accrued since 9/30/97.
Nt.2-Cash compensation deferred during fiscal year ended 9/30/97, purchased 474
shares 2-year restricted
stock from Issuer at $17.15 per
share.
Nt.3-Non-qualified stock option granted 1/27/89, currently 100% exercisable,
expires 1/27/99.
Nt.4-Option granted to purchase 10,000 shares of common stock, contingent
exercisability, expires 01/21/07.
Nt.5-Option granted to purchase 20,000 shares of common stock, currently 100%
exercisable, expires 01/21/07.
