The Indiana, Illinois & Iowa Railroad was part of the New York Central's western division and would become totally absorbed by the NYC in a few years after the cancel of the stamp below. The II&I ran through territory experiencing rapid economic growth and would profit from freight and passenger traffic in the region.
Studebaker had been a coach and wagon builder in the 1800s. But in 1902 they began to make electric cars, making it possible that this BOL for 31,000 lbs of freight (only 1c tax for 31,000 lbs?) could be for electric cars. Most of the carriage for the trip to New Mexico was completed by the Atcheson, Topeka & Santa Fe.