Without seeing the stock, I would recommend one of two things. Old West Snake oil is good for dry stocks, though too much of it can sometimes darken the color. That would be my first choice. No need to remove the stock for this, the stuff will protect the metal also without drying and leaving a hard residue.
Second would be to rub a couple of thin coats of tung oil on (remove the stock for this). As long as you don't put too much on it can be like the original finish.
It is a 1953 rifle. Two models were made at that time. The 99EG has a thin forearm with a schnabel tip and wasn't drilled and tapped for scope bases and didn't have sling studs or eyes. The 99R has a fat and wide firearm and came d&t for scope bases and came with sling eyes. Both are great hunting rifles.
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