That's actually pretty to watch!
I've seen lengths of leather tied around shafting to produce the same effect; keeping the rust off them.

The advantage with the leather was that after initially soaking it for a few days in oil, all it needed was a squirt with an oil can every now and then to keep the shaft lightly oiled.

Wouldn't Occupational Safety and Health have a fit to see something like that these days!
(I'm glad I live in a free country . . . yeah right!)