Great Christmas Gift - maybe

Truly a multipurpose product, this stuff is good for you and yours. Made in the USA since 1899, the old feeder has been using it almost since then. I wonder if you, the esteemed readers of the Plains Feeder, can identify this wonderful product from the picture? Do you have any? For what purpose do you use it?
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Addendum: In keeping with my bass-ackward blogging methods, I finally got around to searching for "bag balm" using Technorati. I was surprised. I got a joke from Kicked Puppies, and a cute story at Chelle's boring life, featuring Horse Shoer who fixes everything with Bag-Balm & vet wrap . But the most shocking and horrific openly-blogged use for Bag Balm yet, the one I wouldn't have imagined, I found at, [here I warn you not to look if the URL makes you feel queasy], RestoreFore.org, a penis foreskin restoration blog subtitled "Keep on Tugging". No kidding.
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Update: Ryne McClaren, the Panhandle Pundit, identified the product correctly, has some at home and uses it on his lips. Click the picture to find out more about this great stuff.