This sounds like colloidal graphite. My father, who was an engineer and an expert motorcyclist, used to talk of using it in his motorcycles in the 1930s - whether as an additive to the oil or as an upper cylinder lubricant, I can't recall. What I do remember after all these years is his description of the appearance of the cylinder bore after you'd been using colloidal graphite for a while - 'like black glass' was what he said, so it must have been doing some good. My guess is that its use became unnecessary when lubricating oils got more sophisticated after WW2.
Regards
John