Interesting old silent film. The poor guys at the end of the video probably ended up getting lung cancer from handling asbestos http://www.youtube.com/watch?v=BBfMeFZYUH0
Back in the 80's I lived in a house with an old behemoth converted coal boiler and steam radiators. The entire boiler and piping in the cellar was covered with the same white stuff shown in this video which I imagine is asbestos of some form. AFAIK the pipes are still like that though the boiler was replaced.
My grandmas house had a steam boiler in it and it had the same white insulation on the pipes it was like plaster looking stuff wraped with course woven fiberglass looking fabric. It was put in, in 38 i forget the make but i rember going down in the basement and watching my dad fill the stoker for it.