It appears to say Challenge Dairy with an embossed elk. I found info on it! It is still around today. Their website is at https://challengedairy.com/our-story
Originally Posted by treasurekidd
On January 2, 1911, The Challenge Cream & Butter Company opened for business in a rented storeroom in Los Angeles to sell the products of cooperative creamery associations in Riverdale and Tulare. The staff consisted of a manager, assistant manager, bookkeeper, and delivery salesman. Four people. The new company owned a wagon but had to rent a horse to pull it.