I may be way off on this one, if so, feel free to delete this.

The pennant is also shown at this site (scroll down a bit).



They mention Duluth Eskimos. From what I have found they used midnight blue and an igloo for their colors/logo. Go back a bit further and they were known as Duluth Kelleys which aren't mentioned on the above site but did have red for their team color. 

Mentioned on Duluth Kelleys/Eskimos Wikipedia page.