Chapter XXX ("The Wool Craze," 1872-1873) from Harris Newmark's reminiscences of Los Angeles. It opens with the 1872 wool price boom, when wool sold at 45 cents a pound, the failed sales and losses of Beale & Baker and the Garnier brothers, and H. Newmark & Company's purchase of the Santa Anita rancho. The rest covers other Los Angeles events of 1872-73: the Southern Pacific railroad subsidy campaign, the founding of Pasadena's Indiana Colony, the Chamber of Commerce, newspapers, the first volunteer fire company and the first local woolen mill (Barnard Brothers, 1873). Textile content is limited to the wool trade and a brief mention of the woolen mill.