Locomotive is red, key-holed flatcars are yellow and orange, pegged flat car is blue, and last car is green with an orange box and two decals.
Brown box with brown reinforced corners is sturdy, and only slightly damaged, and includes the "STUDIED AND | COMMENDED | PARENTS' | MAGAZINE | CONSUMER | SERVICE | BUREAU". Original price tag on box, from "TheHalleBrosCo", matches the catalog price of $1.50.
This multi-color box car seems to be the later version. See Holgate #1035 "Baby Train" for earlier.