I think they lack the basic element of design, I think you should go and study some more traditional railroad hearlds, and start sketching out a design. It'll almost always come out better on paper than in in "paint".
The two main things that detract are:
-You're too dependant on the letters, it makes for an uninteresting logo, your eye is not drawn to it in anyway, except when it's anamated
-Your use of red and black hurts the eye, it's too bold, and in the realworld, woulf fade to a horrid pink and grey in less than a year of sunlight.
I see this as a distant cry of the NYC logo, and take a look at what makes it distinctive... The font is unique (not computer made, but HANDDRAWN.) and also how the letters blend and form the oval, the lines around it just solidify the design.
Also, hearlds (logos) usually do not need to have the ENTIRE railroad's name on it. A good example would be "Santa Fe's" Circle-cross logo. It doesn't say "atchinson, topeka, and Santa fe" does it? It's just enough to be under stood, yet it's not an acronym (reporting mark) That's why I'm not a big fan of CSX's lettering, it relies solely on the letters w/o even a hint of what CSX really means.
Give this some thought.
