Looks like a sawdust and glue/epoxy mix.

It actually looks more like ground up cork? It will get redone this winter as the action rocks on this stuff bad!

needs recrowned, and somebody slopped some varnish on it.

Did the factory even crown the barrels? Looks like they just wacked it off with a fine saw and rounded the outside corners?? Just about every one I've seen has had the stock refinished, most have at least a fair job done.
They sure where fussy about what wood they put on them though....I think it had to be from a tree?
[img width=472 height=450]http://photos.imageevent.com/cjnmn/guns/websize/09outandabout%20222.jpg[/img]