Who can tell me about this?

Went to an auction last night. Bought this :



Can anyone help me understand what it is?

The plaques at the bottom read:

R. W. Axel J. Hallbeck

and

Master 1927
Balder Lodge no. 1053 F.A.M.



Hallbeck's name is on a plaque behind the glass. The Lodge information is on a plaque affixed to the frame. They could be unrelated.

Balder Lodge Nbr. 1053 is in Brooklyn.

My searches for Axel Hallbeck have been fruitless.

The seal, or emblem, in the middle of the pennant is a remarkable piece of handiwork.



Note the steamwheeler (is that the correct term?) in the background.

The only thing I have found close to this are some Civil War Era flags from regiments in Illinois. I doubt this is that old; it's in very good condition. The pennant measures about 16" across and 12" top to bottom, though it is possible that some of it is folded inside the frame (a shadowbox).

Any guess on how to track the origin of this thing?

Email me or, preferably, leave something in the comments.