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.
1. Name and Address of Reporting Person(s)
Smith Gary L.
3101 N ELM STREET
GREENSBORO NC 27415-6540
2. Issuer Name and Ticker or Trading Symbol
CONE MILLS CORPORATION (COE)
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
May 1997
5. If Amendment, Date of Original (Month/Year)
06/03/97
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Controller
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
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C><C> <C> <C><C>
Common Stock 05/23/97 S 2,500 D $8.000 5,000 D
Common Stock 1,000 I by Spouse IRA
Common Stock 5,925 I by 401(k) Trust
Class A Preferred Stock 228 I by ESOP Trust
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (right $5.250 06/28/93 06/27/99
to buy)
Employee Stock Option (right $15.625 08/19/93(1) 02/17/03
to buy)
Employee Stock Option (right $12.000 05/09/95(2) 11/08/04
to buy)
Employee Stock Option (right $8.000 05/07/97(3) 11/06/06
to buy)
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<FN>
Explanation of Responses:
(1)
Incentive stock option grant under 1992 Stock Option Plan. Options are exercisable in annual cummulative 20% increments beginning
8/19/93 and each anniversary date through 8/19/97.
(2)
Nonqualified stock option grant under 1992 Stock Option Plan. Options are exercisable in annual cumulative 20% increments
beginning 5/9/95 and each anniversary date through 5/9/99.
(3)
Nonqualified stock option grant under the Amended and Restated 1992 Stock Plan. Options are exercisable in annual cumulative 20%
increments beginning 5/7/97 and each anniversary date through 5/7/01.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Smith Gary L.
DATE 07/06/97
