When a system of small magnetic particles is not very much diluted, th
e susceptibility peak arises from a delicate combination of individual
blocking behind anisotropy barriers and collective freezing due to di
polar interactions. We have studied a sample of 4 nm Permalloy particl
es in alumina (25% concentration), and measured the frequency dependen
ce of the ac susceptibility. Our scaling analysis shows that cooperati
ve freezing effects do indeed contribute significantly to the blocking
temperature; accounting for the dipolar interactions, the value obtai
ned for individual anisotropy barriers is 10 times lower than that cru
dely deduced from the blocking temperature. No clear evidence of infin
ite-range correlations is found, in contrast with the case of spin gla
sses. We have studied the relaxation of the zero-field-cooled magnetiz
ation with similar procedures as used to characterize the slow dynamic
s of spin glasses. We find that the relaxation is weakly sensitive to
waiting time effects, and is more strongly influenced by the cooling t
ime, as is usually quoted for structural glasses.