years. The consequence to us has been, that some of those who have contracted for wool of us are as yet unable to pay for and take the wool as they agreed, and we are on that account unable to close our business."[1] This brought a fall in the price and complaint on all sides: on the part of the wool-growers, because their profits were not continuing to rise; and from manufacturers who demurred more and more clamorously at the prices demanded by Brown.
He writes early in 1849: "We have been selling wool middling fast of late, on contract, at 1847 prices;" but he adds, scenting the coming storm: "We have in this part of the country the strongest proofs that the great majority have made gold their hope, their only hope."[2]
Evidently a crisis was approaching. The boycott against the firm was more evident and the impatience of wool farmers growing. The latter kept calling for advances on their stored wool. If they had been willing to wait quietly, there was still a chance, for Perkins and Brown had undoubtedly the best in the American market and as good as the better English grades. But the growers were restive and in some cases poor. The result was shown in the balance-sheet of 1849. Brown had bought 130,000 pounds of wool and paid for it, including freight and commissions, $57,884.48. His sales had amounted to $49,902.67, leaving him
