Sand the stock smooth, then dampen the wood, and all the slivers that have been pressed down will stand up like whiskers. Sand again (I wet sand). Let the wood dry. Dampen again, sand again. Let the wood dry, then finish sand. Then apply the finish.
If you do not do this, the slivers will stand up when you put the finish on the wood. Some finishes will raise the whiskers right away, others will take 15 minutes or so, and you will have already set the stock down to let it dry and you will come back to a very rough stock.
Paste wax is not stock finish!
I have finished wood with paste wax. Never heard of a "hand-rubbed Carnauba wax" finish? It is a very attractive finish. Not very durable, but very attractive.