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)
Bakane John 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
June 1997
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) [ ] Other (specify below)
Executive Vice President
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 06/02/97 G V 2,000 D $0.000 119,935 D
Common Stock 30,326 I by 401(k) Trust
Class A Preferred Stock 579 I by ESOP Trust
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
- ------------------------------------------------------------------------------------------------------------------------------------
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>
1992 Stock Option Plan (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)
<CAPTION>
Table II (PART 2) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1992 Stock Option Plan (right Common Stock 25,000 25,000 D
to buy)
Employee Stock Option (right Common Stock 25,000 25,000 D
to buy)
Employee Stock Option (right Common Stock 40,000 40,000 D
to buy)
<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.
-
During the quarterly valuation periods from the last report and through March 31, 1997, the reporting person's account in the
Registrant's Cone Mills Corporation Employee Equity Plan acquired 515 shares of Common Stock.
-
During the quarterly valuation periods from the last report and through March 31, 1997, the reporting person's account in the
Registrant's 1983 ESOP acquired 24 shares of Class A Preferred Stock.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Bakane John L.
DATE 06/30/97
