Both. Could be a train that covers both C&O and B&O tracks, like the Detroit/Cincinnati "Cincinnatian".
Location of E8 C&O/B&O E8 No. 1473 (mistake in painting with B&O emblem and C&O lettering), with last run of Train No. 15 on April 30, 1971 at 7:15 pm through Okemos, Mich. Photo by Gene Huddleston.
There were a total of six E8's in the 4000 series E8's that were renumbered into the 1400 series to make room for an order of B&O GP40s in the 4000 series. Some units were relettered B&O by mistake with a B&O herald on the nose. The "C" was then repainted over the "B" on the long hood sides, but some retained the B&O herald on the nose as the one that is in this photo. Funny how things like this occured. This is my least favorite of paint schemes for the C&O E8s.