A kind of molasses candy; see quots.
1863 S. Lit. Messenger 37.308 Philadelphia PA, The boys had a great passion for molasses candy, which was prepared in the Philadelphia shops—not in little pig-tail twists . . as the fashion used to be in Lynchburg thirty years ago—but in broad cakes, which the boys used to call by the atrocious name of “belly-wax.” 1894 DN 1.328 sNJ, Belly-wax: molasses candy. . . Often pron[ounced] Bailey-wax. 1986 Los Angeles Times (CA) 5 Jan sec VI 14/2 sNJ, Brown lives on a cranberry bog at the end of a one-lane dirt road in the woods near the village of Hog Wallow. He eats bellywax (molasses candy) and sea ketched (fish).