President's Address We are again assembled for our annual sessions. We come together with our hearts lightened by the results of our efforts of the past twelve months, and are encouraged by the evidence of appreciation of the work which we are doing. We feel that those who are giving their lives to educational work in connection with the solving of animal production problems have received sufficient encouragement to continue the struggle with that spirit of aggressiveness and willingness which is so essential to success. During the past year much has happened which is of vital interest to us. The great industry which we represent has kept its wheels turning and has increased in magnitude and importance. The stability of this enterprise which encompasses all phases of domestic animal production and manufacture is well exemplified at the present time by the comparative rigidity with which values of livestock and livestock products have stood through the semi-panicky developments on Wall Street.