W.E. Hill Peg Composition (Made in England) is the best known compound for keeping pegs from sticking. This is what we use at Fiddlershop on all of our newly installed/adjusted pegs. Surprisingly this works a lot better than other peg compounds we have tested. In easier words; Fiddlerman recommended!!
"The original Hill composition for pegs which have ceased to turn smoothly. - To be applied sparingly"
Red Iron Oxide