This looks a lot like something Union Pacific had set up for a really long time at a diamond in McNeil, Texas. If it operates the same, the semaphores don't denote direction, but actually whether or not a train is occupying the block (for the railroads that don't own the diamond to determine whether or not they need to radio in authority to cross the interlocker. If the flag is down there's no train in the block.
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That is an indictor for MOW forces to let them know when trains are around, in the days before radios. Has little lower quadrant semaphores. Didn't know any of these were still in operation.
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