It's been a while since I've messed with wheel bearings so I may need a refresher. I had my 57 T-bird out for a short drive. About an hour after I parked it I noticed a brown liquid on the bottom of the front wheel and tire. I took off the wheel cover and there was brown liquid on the wheel. It was only from the hub down and not flung around the wheel.

My first thought was this was coming from the wheel bearing. I took off the dust cap and there was no sign of trouble there, only clean grease on the inside of the cap. I didn't disassemble any further but I saw no signs of the brown liquid coming from inside the hub but I don't know where else it could have come from.

If my memory is correct there is no outer seal that could have gone bad. If the inner seal is bad would that cause what I saw on the front of the wheel? Any thoughts?

Thanks.