A multitude of searches from a dozen different angles brings up precious little info on ER Co., I also went down the Erie Railroad line, but from what I can tell, they never really used the initials ER Co. Plus, I think your piece predates the railroad.
To me, the initials look more like they were hand inscribed, instead of stamped, possibly the handywork of a entrepeneur? Could be anything as obscure as the name of a merchant or tradesman.
I have an old business directory from the 1887 County Atlas of Middlesex County, that lists "The Pofessional and Business Men in the City of London and in the Towns and Villages, a Description of their Business, and of the principal Producers of each Township who patronize this Atlas."
Interesting to see the types of businesses of the day listed: Carriage and Sleigh Makers, Cigar Manufactures, Tin and Stove Merchant, Livery and Stock Repositories, Manufacturer of Soda Water... Some of the names are listed, for example, "Webster, A.J. & Co."
These Illustrated Atlases were done for each of the counties, and you might luck out and with a visit to your local library, ER Co. might jump right out and bite you. <img src="/metal/html/smile.gif" border=0 width=15 height=15 alt="

"> Then again, it could be a tag that was on goods produced as far away as England... <img src="/metal/html/shrug.gif" border=0 width=37 height=15 alt=":shrug">
Interesting find, Chris, thanks for posting it for us!