Salt Lake Telegram | 1937-12-10 | Page 22 | Wool Men Defend Tops Speculation

WOOL MEN DEFEND TOPS SPECULATION WASHINGTON, Dec. 10 UFt Two officials of the wool tops futures fu-tures exchange who described Its operations as a benefit to the wool Industry told a special senate committee com-mittee today opposition to ths exchange ex-change was baseless. Philip B. Weld, president of the New York cotton exchange and former president of the wool board operated undei Uie vvtlun exchange, said trading in wool top futures "gives those In ths industry the chance for hedging to protect against losses and tends to restrict both up and down price movements." move-ments." Joseph R. Walker, Boeton wool dealer and wool exchange vice president, pres-ident, declared wool growers and dealers who earlier this week told ths committee the futures trading was "dooming" the Industry, were "actuated chiefly by alarm over their own financial positions.''