This is a specialty tool used to cut the relief inset for the frame side of a door hinge. It's likely that it originally had a wooden handle.

The Carbuilder was a publication from Pullman-Standard Company for builders of all Pullman-Standard products. 

Beautiful silk ribbon with badge, from a member of the Fidelity Lodge No. 54, I.A. of C. W. (International Association of Car Workers), Pullman, IL.