Fiber ferrules have their advantages as well as their drawbacks. They were made of cotton fibers and were literally unbreakable. I've put them on an anvil and beat them with a hammer, and although they would crush, they would not crack. They were very cheap to make, so of coarse, they were popular on some large manufacturers cues such as McDermott, Huebler and of coarse house cues.
They had a number of drawbacks as well. They were ugly as they wouldn't shine. They were porous so they held chalk like a new grand mother holds a new born. Tips did not stick well to them. Contact cement was mostly used I believe and they had a rather soft hit. And, as KJ has already stated, they absorbed moisture like a sponge. It is for this reason that many H/Cs and older McDermott's would have larger in diameter ferrules that had shrunk away from the shaft until it finally came loose and would need replaced.
Dick