Check the water content of anything you apply to leather. Less water is better. From what I have read, many of the popular products have a lot of water.
Neatsfoot oil was a rite of passage--getting a new baseball glove, applying the oil, putting an old ball in the pocket, and wrapping the glove tightly around the ball, and sleeping with it under the pillow.

Carleton's advice seems like the best.

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags