'Railroad' was a celebrated early steeplechaser, who was owned by Captain Marshall when he ran in the 1839 Grand National. Tom Oliver was one of the best jockeys of the day, riding in most Nationals until 1859, winning three of them on 'Gaylad', 'Vanguard' and 'Peter Simple'. It is possible that the trainer is John Jones, who was later head lad to one of Tom Oliver's owners, when the latter started training.
William Nedham was a pupil of John Ferneley Senior (1781-1860) and is perhaps best known for his sporting portraits, of which this is a fine example. See also Lot 100 by William Nedham.