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
FULTON, PAUL
BASSETT FURNITURE INDUSTRIES, INC
P O BOX 626
MAIN STREET
BASSETT, VA 24055
USA
2. Issuer Name and Ticker or Trading Symbol
BASSETT FURNITURE INDUSTRIES, INC
BSET
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
OCTOBER 2, 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)
CHAIRMAN OF THE BOARD & CHIEF EXECUTIVE OFFICER
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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 Month |ect(I)| |
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COMMON STOCK |10-02-|F |V|500 |A |27.75 |3,285 |D | |
|97 | | | | | | | | |
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|10-02-|F |V|500 |A |26.50 |3,785 |D | |
|97 | | | | | | | | |
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|10-02-|F |V|500 |A |25.75 |4,285 |D | |
|97 | | | | | | | | |
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|10-02-|F |V|500 |A |23.875 |4,785 |D | |
|97 | | | | | | | | |
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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 | | | |Month |(I)| |
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*OPTION (RIGHT TO BUY)|27.75 |10-02|F |V|500 |D |10-01|3-31-|COMMON |500 | |0 |D | |
| |-97 | | | | |-94 |2004 | | | | | | |
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*OPTION (RIGHT TO BUY)|26.50 |10-02|F |V|500 |D |10-03|4-02-|COMMON |500 | |0 |D | |
| |-97 | | | | |-95 |2005 | | | | | | |
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*OPTION (RIGHT TO BUY)|25.75 |10-02|F |V|500 |D |10-02|4-02-|COMMON |500 | |0 |D | |
| |-97 | | | | |-96 |2006 | | | | | | |
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*OPTION (RIGHT TO BUY)|23.875 |10-02|F |V|500 |D |10-01|4-02-|COMMON |500 | |0 |D | |
| |-97 | | | | |-97 |2007 | | | | | | |
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**OPTION (RIGHT TO BUY|22.625 | | | | | |*** |7-07-|COMMON |*** | |250,000 |D | |
) | | | | | | | |2002 | | | | | | |
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| | | | | | |**** | | |**** | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
*GRANTED UNDER THE 1993 STOCK PLAN FOR NON-EMPLOYEE
DIRECTORS.
**GRANTED UNDER THE 1993 LONG TERM INCENTIVE PLAN WHICH IS A RULE 16b-3
PLAN.
***125,000 SHARES AT LEAST 6 MONTHS AFTER 7-07-97 AND WHEN THE PRICE OF THE
STOCK EQUALS OR
EXCEEDS $29.00 PER
SHARE
****125,000 SHARES AT LEAST 6 MONTHS AFTER 7-07-97 AND WHEN THE PRICE OF THE
STOCK EQUALS OR
EXCEEDS $37.00 PER
SHARE
SIGNATURE OF REPORTING PERSON
PAUL FULTON
DATE
OCTOBER 2, 1997
