This product was originally marketed in 1872 as St. Clair's Bay Laurel Hair Lotion. It was made by Howard St. Clair, a Chemist in Boston. I found it advertised in San Francisco from 1872 until 1884. Fike apparently had some information about it being manufactured in Sacramento in 1896-7, but I have been unable to verify this.
I have one of these in my own collection (enter gallery). The picture with the bottle description is a regular cobalt one. The one shown here is more like ice blue. This one sold on eBay in 2003 for $712.