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There was probably enough glycerin and neatsfoot oil in the saddle soap to do the job, but putting a little extra oil on won't hurt.

You have put it on in the ideal place - it's favourite to put...

The finish side is bare leather - used for daily stropping. The sharpen side used to have some sort of abrasive on it. Carborundum strops (Carborundum Co) had fine grit embedded in the leather...