INTERSTATE JOHNSON LANE INC
4, 1999-01-08
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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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
   Morgan, James H.
   20612 Bethelwood Lane
   Cornelius, NC  28031
   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
   December 1998
5. If Amendment, Date of Original (Month/Year)
   
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   (X) Director ( ) 10% Owner (X) Officer (give title below) (X) Other
   (specify below)
President and Chief Executive Officer/President, CEO & Director 
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
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
___________________________________________________________________________________________________________________________________|
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)|                           |
___________________________________________________________________________________________________________________________________|
<S>                        <C>    <C>  <C><C>               <C> <C>         <C>                 <C>    <C>
Common Stock, $.20 par valu|12/9/9|G   |V|1,000             |D  |N/A        |133,235            |D     |N/A                        |
e                          |8     |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $.20 par valu|12/9/9|G   |V|3,000             |D  |N/A        |130,235            |D     |N/A                        |
e                          |8     |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $.20 par valu|N/A*  |    | |                  |   |           |274                |I     |Cust. for Children         |
e                          |      |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $.20 par valu|N/A*  |    | |                  |   |           |86                 |I     |Held by Spouse             |
e                          |      |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $.20 par valu|N/A*  |Nt.1| |                  |   |           |222                |I     |Held by Trustee            |
e                          |      |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
___________________________________________________________________________________________________________________________________|
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)|            |
___________________________________________________________________________________________________________________________________|
<S>                   <C>      <C>   <C>  <C><C>        <C> <C>   <C>   <C>          <C>     <C>     <C>          <C> <C>
Right to Buy-NonQualif|$13.50  |10/21|Nt.2| |N/A        |A  |Nt.2 |Nt.2 |Common stock|10,000 |       |10,000      |D  |N/A         |
ied Options           |        |/97  |    | |           |   |     |     |, $.20 par v|       |       |            |   |            |
                      |        |     |    | |           |   |     |     |alue        |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Right to Buy-NonQualif|$13.50  |10/21|Nt.3| |N/A        |A  |Nt.3 |Nt.3 |Common stock|35,000 |       |45,000      |D  |N/A         |
ied Options           |        |/97  |    | |           |   |     |     |, $.20 par v|       |       |            |   |            |
                      |        |     |    | |           |   |     |     |alue        |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
Nt.1-Shares in Issuer's benefit plans and does not include shares accrued since 
9/30/98.
Nt.2-NonQualified stock option granted 10/21/97, currently 100% exercisable, 
expires 10/21/07.
Nt.3-NonQualified stock option granted 10/21/97, currently 100% exercisable, 
expires 10/21/07.



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