That is the old style of mattress saddle construction. The core of the saddle is steel, with length-wise running coil springs. The bedding is horsehair, or sometimes a heavy burlap type material, and the surface is canvas or similar cloth covered with a spray to give it a faux leather type appearance. The spray was often a nitrocellulose mix, but I'm sure other chemicals were used over the years. The proprietary name was "Fabrikoid" and it was a popular faux leather treatment done from the 1910s to the 1950s. There's not a whole lot that can be done with these saddles, except for clean with damp cloth and keep the rust away. Do not allow the saddle to become soaked with water and do not treat with anything harsh like alcohol or acetone, etc. You can't treat it with proofhide really either, as that will encourage mold to grow and/or make the cover greasy. The black surface treatment will tend to crackle and sometimes flake off if you ride it a lot.
WWII and the 1950s saw a number of leaps in terms of synthetic materials. The mattress saddles eventually turned over to foam rubber bedding and vinyl coverings during the 1950s and into the early 1960s.
I'd say set the saddle aside and put it back on if you ever go to sell it. It's more a display saddle than something you would ride a lot. I usually throw a modern Brooks B66 on bikes I want to ride.