Murphy's, when it does anything, usually does remove the original finish with anything else that is on it.
You do still have oil left in the head of the stock by the looks of the dark and sliny look to it. This will have to come out with acetone or MEK or you will have problems with getting a new finish to stick.
At this point, complete refinish is the way to go since you have removed what was left. Amber Shellac is the correct original finish. but there are many others that can be used.
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