I think it was a 12-string Ian was playing. May have dropped D tuning, which involves tuning the low string down from E to D.

Playing in the key of D, which may not be the tune's actual singing key, I get:

D                               C G       D
Freight Train come by here, it's 23 Boxcars long
second line is same chording

D                                  C       G         A (Hammer E note
Sometime late last night should be on that train and gone

G                              D
I don't know one woman in this town.