Cancel for January 17: Michigan Central Railway Cancel?

P M JAN 17

1899

M.  C.  Ry.

Is this a railroad cancel and am I reading the Ry. portion correctly?  And if it is, is it for the Michigan Central, which I am certain was called "railroad" rather than "railway" at the time?

With the small portion of purple ink in the bottom margin I would guess that this stamp was bulk cancelled while still in the full pane and then used on a waybill as likely the other stamps in the pane.