I'm going with Eliphaz's friend - "I C R R". The logo's "I" has a two-hooked base on both sides, as does the head. A "J's" base would most likely be either totally or predominantly hooked to the left. The first letter on the bottom of the piece is probably a scripted "I" also. (A picture is worth a thousand words.)
"Riding on the City of New Orleans,
Illinois Central Monday morning rail
Fifteen cars and fifteen restless riders,
Three conductors and twenty-five sacks of mail."
That would be my guess, but there's a bunch of I C R R's - Illinois Central, Idaho Central, Indiana Central, Inter-California, Interstate Consolidated, Iowa Central, Island Creek...
That's a very old logo. First thing that I'd do is bone up on these roads, especially Illinois Central, and see if you can find that logo (probably over 100 years ago). Good luck !
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