Yes, AE's are shank-less. There is an old tyme AE video of a guy flexing violently demonstrating this feature.
I would try Lexol (others would say Bick 4, but I've used Lexol). It can't hurt, (and after a good brushing) the worst that will happen is your shoes will have a great luster.
Thanks guys. Finally got around to trying this. Used mink oil as recommended by AE and it seemed to help but strangely enough, the squeaking seemed to move. This was the first time wearing them and it was the rare day where I wasn't scrambling to make the bus. Took the extra time to apply mink oil to the entire inside of both shoes and I am happy to say that my shoes are noise-free for the first time in quite a while. Again, thanks for the input.
Not the best shot, but here's a pic....