Steam cylinder oil is known as GL-1 lubrication. It is sold at different farm equipment dealers as worm gear oil. Worm wheels are made from brass and this oil doesn't have the additives that attack brass at high temperature. Sometimes you'll find an oil for outboard motor bottom ends that says it meets GL-1 specs. Shouldn't be hard to find at any power transmission supply house. It is also used in old Ford tractors. The reason it might be used in a Durant is that some of the bushings in the driveline may be made of brass.
Graphited grease is a pretty old formula. There are better greases, just about any of those sold in farm-supply stores would work. For example lithium grease, or moly grease.