Gunther Beer Pennsy Sign found when reserching Natty Bo Beer.

[CSSHEGEWISCH]

In a similar vein, there was Fox Head 400 beer brewed in Wisconsin.

[Firelock76]

Looks like a Grif Teller Pennsy calendar painting someone cut to fit the beer tray, kind of a "quick and dirty" framing job.

I'd like a few more details myself.

[54light15]

Is the locomotive the reverse side of the tray? A little more detail, please. 

[CandOforprogress2]