FCS Financial: One Hundred Years July 2016 | Page 31

similar fire at the same time and for the same reason. In both cases
the rural folks who were previously thought to be too backwards
and unsophisticated to manage a business had been spectacularly
successful and now posed a threat. In truth, the Production Credit
Associations were fully taxable on income once they’d retired their
government capital, just like any other corporation, and had always
been fully liable for state and local taxes on tangible property.
Additionally, all members paid federal taxes on patronage dividends
received.

The 1947 annual meeting of the National Farm Loan Association of Maryville was held in the
Methodist church basement. They reported total assets that year of $134,861.79.

Getting Underway

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