by robfisher » Thu Jul 09, 2015 12:16 am
Here is part a lawsuit case of Rushton v First National Bank of Magnolia from 1968.
5. Odyssey Trailer Company was a corporation which Mr. Blewster was instrumental *380 in organizing to build trailers. At one time Mr. Blewster prevailed upon Dr. Rushton to take $2,500 in stock and later asked him to please take another $2,500, as that was all the city of Magnolia lacked to get the company started. After Odyssey was organized, Mr. Blewster and others prevailed upon the Columbia County Industrial Commission to erect a building for it through a bond issue. Odyssey was financed through the First National Bank of Magnolia. After some forty trailers had been built, it became apparent that their cost was too high and the company was a sick industry. Dr. Rushton and Mr. Blewster were on Odyssey's board of directors and had personally endorsed a note for $35,000 to the Republic National Bank of Dallas which was renewed several times.