Although some of these stamps are from an earlier period than the one you posted it simply serves to demonstrate that letters (and numbers) were very often used inside the duplex cancel from that period. The letters may have simply represented a postal clerk or desk or post office "station" (in larger communities) to show where the postmark was applied.

Very common, but still interesting, especially for postmark collectors.
NOTE: In the case of the third stamp, you can see the remnants of a New York, NY postmark. The "P" in the killer part of the cancel probably referred to "Station P". The Postal Bulletin suggests that "Station P" was renamed Bowling Green Station in 1947.