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: FORM 3 :
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Wachovia Corporation
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(Last) (First) (Middle)
100 North Main Street
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(Street)
Winston Salem, North Carolina 27101
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
10/27/98
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
56-1473727
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4. Issuer Name AND Ticker or Trading Symbol
Interstate/Johnson Lane, Inc., IJL
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5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
___ Director _X_ 10% Owner
___ Officer (give title below) _X_ Other (Specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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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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<PAGE>
TABLE I-NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned Form: Direct Ownership (Instr. 5)
(Instr. 4) (D) or Indirect
(I) (Instr. 5)
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<S> <C> <C> <C>
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<FN>
* Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
If the Form is filed by more than one Reporting Person, see Instruction 5(b)(v).
</FN>
</TABLE>
<PAGE>
FORM 3 (CONTINUED)
TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<TABLE>
<CAPTION>
4. Conver- 5. Ownership
sion or Form of
Exercise Derivative 6. Nature of
3. Title and Amount of Price of Security: Indirect
2. Date Exercisable Securities Underlying Deri- Direct (D) Beneficial
1. Title of Derivative and Expiration Date Derivative Security vative or Indirect Ownership
Security (Instr. 4) (Month/Day/Year) (Instr. 4) Security (I) (Instr. 5) (Instr. 5)
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Amount
or
Date Expira- Number
Exer- tion of
cisable Date Title Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
Option to purchase + + Common Stock, par 1,289,382 ++ D
Interstate/Johnson Lane, value $0.20 per
Inc., Common Stock share
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<FN>
Explanation of Responses:
+ Beneficial ownership of 1,289,382 shares reported hereunder is being
reported solely as a result of the Stock Option Agreement, dated as of
October 27, 1998 (the "Stock Option Agreement"), by and between Wachovia
Corporation and Interstate/Johnson Lane, Inc. The option may be exercised
in whole or in part, only upon certain events (none of which, as of the
date hereof, has occurred), as set forth in the Stock Option Agreement. The
option expires upon certain events as set forth in the Stock Option
Agreement. The option granted pursuant to the Stock Option Agreement has
not yet become exercisable. Wachovia expressly disclaims ownership of such
shares.
Pursuant to several Shareholder Agreements, dated October 27, 1998, between
certain Executive Officers and Directors (the "Shareholder Agreement
Participants") of Interstate/Johnson Lane, Inc. ("IJL"), the Shareholder
Agreement Participants have agreed to vote approximately 1,759,089 shares
of IJL common stock, par value $0.20, in favor of the adoption and approval
of the Merger Agreement, dated October 27, 1998, between IJL and Wachovia
Corporation.
++ A price per share equal to $30.5625.
</FN>
</TABLE>
/s/ Kenneth W. McAllister 11/5/98
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Kenneth W. McAllister Date
** Signature of Reporting Person
** Intentional misstatements or omissions of
facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See Instruction 6 for procedure.
