Although it took a little bit of doing, I think I may have found the answer to my own question. I rotated the stamp. I also did some further research on the early editions of the Postal Bulletin and came up with the double over cancel reading:
In the outer circle: BOSTON, MASS.
In the inner circle: CAM. C
The reference meaning: BOSTON - CAMBRIDGE "C" BRANCH, MASS. as shown in this excerpt from a 1909 Postal Bulletin:

Seems to make sense, as back in the early 20th century many Boston suburbs were designated as "branches" of Boston. However, I haven't yet been able to find another illustration of that postmark to confirm it.