Re: Oil for Stocks
You've got two different finishes that you're working on there.
The M1 will have an oil finish and can be repaired/refreshed using either a linseed or tung oil finish as Twicepop or myself outlined above.
The Glenfield 60 will have a stained and varnished stock (typically birch or some other "white" hardwood). It does no good to apply an oil type finish over varnish as it doesn't have a chance to soak into the grain. It will just build up on top of the varnish instead.
If there are chips in the varnish, you can feather these out with fine (400, 600, or even finer) sandpaper and apply another coat of varnish over the existing coat. You might need to do some shopping for a stain to match the existing if the damage or the sanding goes down below the level of the original stain. Menards, Lowes, etc..., usually have small packages of stain from various companies that will be enough to touch up a few small spots as long as you can find a close color match.
If it's not chipped, you can just do a final polish over the varnish with a furniture polish (Pledge, Old English, etc).
If it's scratched and dented heavily, you might want to just strip the entire stock and refinish the whole thing, but that's getting fairly extreme.
All depends on how rough of condition your rifle is in.
Good luck and keep us posted with your results or any other questions.