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Perez, Bassett Trade Blows Tonight Lulu 3-1 Favorite In f V 12-Rounder * Winner Will Be Recognized As Leading Challenger for Saddlers 126-Pound Title By JACK CUDDY United Press Spoits Writer NEW YORK, N. Y., June 24.— Speedy young Lulu Perez of Brooklyn and explosive Percy Bassett of Philadelphia will , meet Friday night at Madison Square Garden in an official 12-round featherweight challengers bout. « Robert K. Christenberry, chairman of the New York Boxing Commission and president of the "World Committee for Boxing, said today both organizations would recognize the winner as October challenger for Sandy Saddlers 126-pound crown. Swarthy, glittery-eyed Perez was fa-vored*at 3-1 to beat the Philadelphia Negro despite thS1 fact Bassett was rated number one among world contenders and Perez, number two. Lulu, 21, was favored because of his combined speed, skill and punch. Also because of impressive victories in his three fights this year. He outpointed Davey Gallardo, knocked out ex-champion Willie Pep in two rounds and decisioned Mickey Mars in his latest bout on May 31. Those results brought his record to 36-2, including 20 knockouts. Only Two Losing Fights The loping, light-footed Brooklyn youngster lost but twice since he turned professional in 1951. In his fifth fight, he was outpointed by Charley Slaughter, but he reversed the decision in a return bout a week later. Gallardo outpointed Lulu last November 27, but the tables were turned in their return scrap, January 1. Bassett, 26, was interim champion during the two years titleholder Saddler was in the Army. Percy relinquished the interim honors when Saddler donned his civvies in April. Percy is regarded as a "harder puncher than Perez. His 39 kayoes in 72 bouts were .chalked up against lightweights as well as feathers. Most of Bassetts 10 defeats were caused by lightweights. This year he had five fights. In Europe he clicked off three straight knockouts over Jacques Herbillon, Francis Bonnardel and I Mohamed Chickaoui. Then he returned to the United States and lost decisions to lightweights Cisco Andrade and. Orlando Zulueta. In his lastest bout with Zulueta, May 17, Percy weighed 130 pounds. Perez registered 127 in his latest performance. A big question is whether young Perez will tire in 12 rounds. He never went more than 10. And he has shown signs of fatigue in several bouts. His stamina would be greater were it not for "trichinosis," an intestinal and muscular ailment, for which he is treated at intervals. Trichinosis is contracted generally by eating improperly cooked pork or ham.