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manent source of credit to farmers'
cooperatives and have also been an
important factor in lowering interest
rates to farmers' associations in Wis-
consin and elsewhere.
Cooperative Asset Top
18 Million Dollars
  The total assets of farmers' mar-
keting and purchasing associations in
Wisconsin aggregated $18,701,000 in
1936. Of this amount more than
$7,000,000 was in current assets, of
which $2,610,000 was in inventory and
$1,923,000 was cash. Against their
assets of $18,701,000 these cooperatives
had debts-representing money bor-
rowed for customary operations, cur-
rent accounts, and accruals payable,
etc., amounting to $6,696,000-leaving
a total net worth at that time of
$12,005,000.
  The North Central States lead the
country in cooperative business-in
number of associations, volume of
business, and in equitable distribution
of benefits to farmer-members. Wis-
consin associations are near the heart
of this tremendous cooperative empire.
Farmers and dairymen have pioneered
in the development of cooperative
business since the days of Anne
Pickett. Guided by far-sighted lead
ership and cooperative effort, Wiscon
sin changed from a second-rate wheai
State to the position of the leadin1
State in the dairy industry.
  The achievements of Wisconsin
co-ops are not confined to the past
Many splendid accomplishments are
as fresh as yesterday. What this
State's co-ops have done to develoF
cooperative livestock marketing and
adapt it to truck transportation may
tell the livestock marketing story for
the entire Nation. Wisconsin holds
an outstanding position in the fast.
growing expansion of farm supply
co-ops.
Wisconsin Co-ops Look Ahead
  Wisconsin farmers have built a firm
foundation of cooperative accomplish.
ments. They have shown that through
their cooperative associations they are
able to keep abreast of important
changes in marketing conditions.
They have, therefore, every reason to
view with confidence the far-reaching
possibilities of what cooperation in the
future can mean to them individ-
ually, as a group, and to the State.
THE Coopwative Research and Service Division of the Farm Credit Administration
conducts research studies and
  service activities relating to probenas of in*aageent, organization. policies,
anwed-iandiing. sales costs, conpetics
and membership, arisng in connection with the cooperative marketing of agricultural
prodncts and the coperti~e
purchase of farn, supplies and services; pubishes the results ofsuch studies;
confers and advises with officials of farmers'
cooperative associatiouns and cooperates with educational agencies, cooperative
associatons, and others in the dis
aNnination of information relting to cooperative principles and practices.
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