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On my Garands and for all my milsurps I use pure tung oil (not tung oil finish) or linseed oil, letting it set for about 15 or 20 minutes and then making sure to wipe off off any excess (I personally prefer pure tung oil). A little goes a long way, applying too much and failing to wipe off all excess will result in a sticky stock. Make sure to dispose of rags properly.

The wax I like is Toms 1/3 (www.thegunstockdoctor.com) it leaves a nice satin finish , some protection and Tom Hinds is good to deal with.