The San Francisco call., 1898-07-01
NO WEALTH IN THE RIVER BED 
 Sequel to the Collapse of a Company GOT NO GOLD, YET INJECTED SHAREHOLDERS RECOVER ON
 A JUDGMENT. The Company Failed to File Reports of Its Failure Before It Turned
 Over on Its Back and
 Died.
GOT NO GOLD, YET MULCTEI
SHAREHOLDERS RECOVER ON
 A JUDGMENT.

A suit filed in the United States Circuit Court yesterday recalls roseate mining enterprise that came to grief on the yell low waters of the Sacramento River three years ago.
 In November. 1895, the newspapers were full of mysterious hints of wonderfully rich deposits of coarse and scale gold in the bed of the Sacra- mento, and intimations that some inventive genius had perfected new process whereby this wealth could be easily and cheaply taken out with a dredger. Among the several companies formed for this purpose and receiving pat ents for placer claims in the bed of the Sacramento and the American River, near the town of Folsom, was one with the att tractive name of the Golden Sand Placer Mining Company.
 The company incorporated, with capi- tai stock of sl, 900. 900, divided into shares of $1o each-a species of popular loan to be repaid with interest a hundred fold {; that Is, of course, after deducting what ever damages might accrue, in case the weight of the gold should sink the valu- able dredger.
 The enterprise on its face was plausible, and there was no reason for believing that 1t could be otherwise than profitable, for 1t was known to the world that the old bed of the American River was full of gold. that 1t yielded millions in gold from the days of '49 up to the present time. and that the old ground was still being worked at profit. It was, there fore, natural to infer that considerable of the gold that came down the American River must have been wsshed down as far as the confluence of that river with the Sacramento.
 The Golden Sand Placer Mining Com pany went to work, and after brief sea- son of dredging found that there was no gold in the bed of the Sacramento, and not even under the bed. The company thereupon dissolved and abandoned the search for virgin treasure But an eX- pensive lawsuit remained behind for the directors to wrestle with. Among the em- Ball, subject of the kingdom of Great Britain and Ireland. He left the service of the company, or was discharged, and shortly afterward began a suit In the Su- perfor Court, accusing the directors of violating the Penal Code by failing to file statement of receipts, disbursements and other proceedings for the benefit of the shareholders. Ball won the case and obtained judgment for 5000.
 Yesterday Charles Fl. Jackson, James E. Damon and s. T. Hubbell filed suit in equity against Frederick Ball and J. M. Lewis and l. F. Chapman. the latter two being assignees of Ball, asking for from the collecting the Judgment of 5000. The complaint sets forth that the cor poration did not do any mining and never owned any mining property, and that after failure to find the color in the waters of the Sacramento the corporation went out of existence. It alleges also that the suit was brought by Ball from motives of revenge, for having been dis charged from the service of the con- pany.