Saw some discussion on this finish. I've used it for 50 years, and I got it from my Grandmother. Love it. My children and grandchildren have had toys and blocks finished with it that have stood up to lots of handling and the occasional tasting.
DIY: 50 percent raw beeswax from a beekeeper, 50 percent USP mineral oil from the drugstore. Heat VERY slowly in a metal container until beeswax is melted and mixed in. Pour into small containers for use, cool. Those "International Coffee" cans which are rectangular metal with plastic lids are great for making a small batch.
You end up with a thick paste wax that's easy to apply. Let soak in for a while, rub off with paper towels.
I use it on my butcher block counters also.
Looks particularly nice on Cherry.
Credits: Jane Seery Norton 1888-1976 Regards, Terry King ...In The Woods In Vermont snipped-for-privacy@terryking.us Capturing Live Music in Sound and Images