I know this is an older post, but it looks to me like "Hobler at B&M Railroad".
I do have had some experience reading old handwriting like this - this is my best guess. :-)
B&M Railroad may indicate the "Boston and Maine Railroad".
No quite certain what a hobler was, but researching the name, it was an occupation. Hobler is german for planer. I have also found indication that it was something to do with loading and unloading, but seems to be mainly in the context of boats. It is entirely possible the term was also used for railroads.
