Chicago, Indianapolis, and Louisville (reporting mark: CIL and then later MON - Monon) engine colors were based on the school colors of universities along their lines. The freight black and gold -- DePauw University in Greencastle, Indiana (by coincidence, also Purdue's colors). The passenger red and grey - Wabash College in Crawfordsville, Indiana (colors are similar to Indiana University, but not the same). The "Monon Bell" is the trophy for the football game between DePauw and Wabash.
BTW - beautiful engine. If I wasn't a steam era person, I'd probably get one.
