UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Smith, Gary L.
3101 N. Elm St.
Greensboro, NC USA 27415-6540
2. Issuer Name and Ticker or Trading Symbol
CONE MILLS CORPORATION COE
3. IRS Identification Number of Reporting Person, if an entity (voluntary)
4. Statement for Month/Year
11/30/98
5. If Amendment, Date of Original (Month/Day/Year)
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>
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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 Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock | | | | | | |8000 |D | |
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Common Stock | | | | | | |1000 |I |by Spouse IRA |
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Common Stock | | | | | | |8990 |I |by 401k Trust [1] |
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Class A Preferred | | | | | | |272 |I |by ESOP Trust [2] |
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<CAPTION>
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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 | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |5.250 | | | | | |06/28|06/27|Common Stock|2000 | |2000 |D | |
(right to buy) | | | | | | |/93 [|/99 | | | | | | |
| | | | | | |3] | | | | | | | |
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Employee Stock Option |15.625 | | | | | |08/19|02/17|Common Stock|10000 | |10000 |D | |
(right to buy) | | | | | | |/93 [|/03 | | | | | | |
| | | | | | |4] | | | | | | | |
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Employee Stock Option |12.000 | | | | | |05/09|11/08|Common Stock|6000 | |6000 |D | |
(right to buy) | | | | | | |/95 [|/04 | | | | | | |
| | | | | | |5] | | | | | | | |
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Employee Stock Option |8.000 | | | | | |05/07|11/06|Common Stock|10000 | |10000 |D | |
(right to buy) | | | | | | |/97 [|/06 | | | | | | |
| | | | | | |6] | | | | | | | |
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Employee Stock Option |8.500 | | | | | |05/11|11/09|Common Stock|3000 | |3000 |D | |
(right to buy) | | | | | | |/98 [|/07 | | | | | | |
| | | | | | |7] | | | | | | | |
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Employee Stock Option |4.4375 |11/04|A |V|15000 | |05/04|11/03|Common Stock|15000 | |15000 |D | |
(right to buy) | |/98 | | | | |/99 [|/08 | | | | | | |
| | | | | | |8] | | | | | | | |
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</TABLE>
Explanation of Responses:
1. Since last report, reporting person's account in Company Stock Fund of the
401(k) acquired 151 shares.
2. Since last report, reporting person's account in Registrant's 1983 ESOP,
acquired 30 shares.
3, 4, 5, 6, 7, 8. Stock Option grants under 1992 Stock Option Plan and Plan as
amended and restated. Options are exerciseable in annual cumulative 20%
increments beginning on date exerciseable in Column 6.
GARY L. SMITH
SIGNATURE OF REPORTING PERSON
/Signature/
GARY L. SMITH
DATE
12/08/98
