I purchased one of these bottles without even being sure it was a hair tonic or not. Then someone asked to purchase one for her mother. It seems her grandpa had sold Mahdeen Hair Tonic and named her mother Mahdeen. Anyway, I got to looking and it turns out there's a lot of information on this one. The reason is that the owner of the company was a major contributor to Steven F. Austin State University in Texas, and they consider him as part of their history. The following information is summarized from the University's site.
Frank Spier Aikman, a native of Brooklyn, New York, first came to Nacogdoches Texas as a traveling salesman in 1913. During his trips to Nacogdoches, he lodged at the Banita Hotel. J. R. McKinney, the proprietor of the hotel and later Mr. Aikman's bookkeeper, told Aikman about an investment opportunity with a Mr. Conrad Needham. Needham had purchased a hair tonic formula and needed a partner to help him manufacture and market it. Aikman seized the opportunity and bought a controlling interest in the formula. With their offices and plant located in what is now Wyatt's office supply, Aikman and Needham manufactured and sold hair tonic and shampoos. The Mahdeen Company became very successful; so successful, the Pine Log reported at the time of Aikman's death, that in a few years it "was being sold in most of the best barber shops and drug stores in the United States." Selling Mahdeen hair tonic and shampoos, Mr. Aikman became one of the wealthiest men in Nacogdoches.
In 1918 J. L. Needham died and eventually his heirs, Conrad Needham and Mrs. Mary Tom Weyman, received even shares of his stock in the company. Between 1931-1933, three serious complaints resulting from the use of the Mahdeen product were reported. Many of the papers included in this collection relate to the complaints.
In 1939 F.S. Aikman died, and in 1941 W.A. Mize, B.H. Mize, and E.C. Best purchased The Mahdeen Company. In 1965, the company was bought by a firm in Dallas which continued to sell the Mahdeen tonic under Mahdeen Laboratories. The company is still operating and it is now called Mahdeen Mediceuticals, Inc. It is located in Canada. For their version of the history of the product, see Mahdeen History.
The picture and description of the number 2 variant was provided by Stephen Gray.
An article in Nostrums and Quackery discusses some of the medical problems associated with the use of this product (see text).