When I was a kid in the 1940s-50s, with a genealogy of small dairy farmers on both sides of the family, bag balm was readily available in all the local stores and in our home medicine cabinet. It contained [gasp] a tiny amount of mercury! And it was effective for healing minor scrapes. Yes, mercury is toxic. That's why it worked!
When the formula was changed, and hydroquinoline sulfate was substituted for the mercuric compound, bag balm became almost useless. Safe, sure, but useless.
The lanolin-petrolatum combination still helps a little on chapped skin, but it's very messy, and it rubs off on everything you touch. As a soothing ointment for chapped hands, rub the balm onto your hands just before bed time and pull on disposable surgical gloves to keep from smearing the bed clothes with the sticky balm.