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most likely it is old HORN, that has simply dried out. A soak in Neatsfoot oil will not hurt bakelite, and will be of benifit to horn. I have no clue what it might do to wood. If you want to...

I was going to bid on that, but I thought for sure an actual Mason would want it, and it belongs more in their hands than in mine.

I do collect some mason items, but I treat them with respect, ...