At the time, additive technology was pretty much non-existent, so 'engine oil' would have meany something much different from what it does today. The product in question is most likely primarily or completely base oil. 'Polarine' seems to imply good low-temp characteristics (just a guess based on 'polar' in the name). So maybe something at least partially naphthenic?
Here is a link to a Popular Mechanics from Oct 1911 with a Polarine ad on page 116.
Oct 1911 Polarine AdIt touts low temp performance & deposit control. Naphthenics would help with both by their low pour point & superior solvency relative to paraffinics. It may be a naphthenic-paraffinic blend to get the 'superior' VI of what would come to be called a Group I paraffinic. (In those days is was 'Group Only'.) While the paraffinics from that era might have a VI around 80 or less, some naphthenic VIs calculate to negative numbers.
I looked at some other old stuff (I love the inter-tubes!) and found that a tractor engine oil recommendation with a an SUS vis @ 100F of 460, which is roughly equivalent to a modern ISO 100.
It also lent some evidence to the notion that the 'Light/Medium/Heavy' classifications were actually the industry standards of the day. Mobil still uses those classifications for some of their more venerable industrial oils.
Light - ISO 32
Medium - ISO 46
Heavy Medium - ISO 68
Heavy - ISO 100
So the vis might be an ISO 46. Regardless, viscosity is going to be key here. A food-grade ISO 46 or 68 circulating oil, with no EP or AW additives and definitely no detergents might be good staring point.
Good luck, sounds like a cool project.