The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1909-12-21
BREAKS COTTON BUYER
FARMERS SOLD HIM COTTON

FARMERS SOLD HIM COTTON
AHEAD IN THE SPRING
asst Refused to Deliver in the
Fail, Claiming Deals Were Of
Gambling Nature.
The Columbia State says L. v.
Dahble, cotton buyer who has been
engaged in business in Columbia for
fear years, Is threatened with bank
rEatcy proceedings. The defendant
IN n son of Samuel Dibble, former
congressman and highly regarded
citizen of the State, and Is himself
Q man of considerable force and
talent.
There is much involved IN the pro-
ceedings for bankruptcy which have
;hsen fled with firm of lawyers in
Columbia. 1t is said that the Pc
ation in bankruptcy has been filed
with the federal court, Judge w.
Is. Brawley of Charleston. Mr.. Dib-
hes liabilities are alleged to be
$4,000 and his available assets but
$4,000. .
However, it is declared, had Mr..
Dibble been given the cotton which
he bought on basis of future de-
livery he would today be able to
pay all indebtedness and in addition
would have a comfortable fortune.
Mr.. Dibble's troubles, it seems,
are due to refusal on the part Of
many farmers who had contracted
last winter and spring to deliver
cotton, to come up with the cotton
after they saw the price had advanc-
ed so sharply, contending that they
were not legally or morally bound by
the agreement, inasmuch as, IN their
opinion, the transaction was gamb-
ling one. Mr.. Dibble was therefore
una BILE to deliver to the firms he con-
tract with, and they, having in
turn sold, are now falling back on
him for the cotton. His case is
aimilar to that Of the Sprunt firm
Of Wilmington, VII. 1t Is under
stood has lost about S250,0O0 in
&Ais way.
It is said that one man living in
the lower part of the State, who Is
worth $4,000, has repudiated con-
tracts he made with half dozen
cotton factors. Calculating on max
ing a comfortable margin, he agreed
to deliver cotton this fall at prices
ranging between 9 and II cents.
When the fall came on and the price
went up, he reneged.
Mr.. Dibble. it Is understood, will
turn over his contracts to his credi-
tors. and an interesting line Of suits
Ia expected to follow against South
Carolina farmers and small mer-
chants who agreed to deliver to Mr..
Dibble.
L. v. Dibble is son of Samuel
Dibble, the oldest alumnus of Wof-
1ord college, and a Former chairman
of the Democratic State committee.
After graduating in law at the South
Carolina university about 10 years
ago Mr.. Dibble engaged for a year
in the practice of law in Orangeburg.
Then he announced his intention to
engage in the cotton business and
-four years ago he went to Colum-
hla as the representative of Geo. H.
4HcFadden & Co., a concern. OF, inter-
national reputation.
ForSthe last three years Mr.. Dib-
bic has been engaged in the cotton
business for himself and he had
.prospered until this year. Antici-
pating that cotton would advance to
rs cents in December, he bought
heavily during the summer at lower
prices. He contracted to deliver
cotton on the strength of the repre-
'sentations made him by those from
whom he had purchased.
But the farmers have been holding
back the cotton they had and the
manufacturers have been demanding
from him, and Mr.. Dibble may for
the time be forced out Cf business.
Mr.. Dibble was the first to make
the fight for general cotton plat
form in Columbia; he has always
boosted the local market, and his
friends hope that he will soon again
be an active factor. AS a matter
Of fact no papers have been served
on him by the courts. Mr.. Dibble
has been furnishing The State daily
with market quotations in Columbia
and these will be continued until
the end of the current year at
-aeast.