• Budd didn't mark the ad as copyrighted; any possible remaining Railway Age copyrights would not apply to the ad.
• There are no copyright marks on the ad.
• US Copyright Office page 3-magazines are collective works (PDF)

"A notice for the collective work will not serve as the notice for advertisements inserted on behalf of persons other than the copyright owner of the collective work. These advertisements should each bear a separate notice in the name of the copyright owner of the advertisement."

• United States Copyright Office page 2 "Visually Perceptible Copies The notice for visually perceptible copies should contain all three elements described below. They should appear together or in close proximity on the copies.

1 The symbol © (letter C in a circle); the word “Copyright”; or the abbreviation “Copr.”

2 The year of first publication. If the work is a derivative work or a compilation incorporating previously published material, the year date of first publication of the derivative work or compilation is sufficient. Examples of derivative works are translations or dramatizations; an example of a compilation is an anthology. The year may be omitted when a pictorial, graphic, or sculptural work, with accompanying textual matter, if any, is reproduced in or on greeting cards, postcards, stationery, jewelry, dolls, toys, or useful articles.

3 The name of the copyright owner, an abbreviation by which the name can be recognized, or a generally known alternative designation of owner.1 Example © 2007 Jane Doe.")

This advertisement (or image from an advertisement) is in the public domain because it was published in a collective work (such as a periodical issue) in the United States between 1929 and 1977 and without a copyright notice specific to the advertisement. Unless its author has been dead for several years, it is copyrighted in jurisdictions that do not apply the rule of the shorter term for US works, such as Canada (50 p.m.a.), Mainland China (50 p.m.a., not Hong Kong or Macao), Germany (70 p.m.a.), Mexico (100 p.m.a.), Switzerland (70 p.m.a.), and other countries with individual treaties. See this page for further explanation.