Not in this case. In his 5-minute intro to the song Utah mentions that Hood River Blackie referred to a 'bindle' as a 'balloon', and his preferred term is used in the song. I used the lyrics printed in the booklet - the term used in respect of the 'kid' is 'bedroll'. Actually, Utah sings 'shakes out his bedroll' rather than the printed 'unrolls his bedroll'. Stecher and Brislin also sing 'bedroll' in their recording on their album of Phillips' songs.
In the last line of the song, Utah is, without question, singing 'rubber tramps'. That is also what is in the printed booklet and what Stecher and Brislin sing. Utah explains about the 'old truck or car' that Blackie took up into the apple valleys where the trains wouldn't go - called 'rubber trams'. The reference in the last line is no doubt symbolic and not without its relevance to the 'ersatz hobo jungle' that Blackie created for the Sacramento railroad museum. Get hold of the CD and listen for yourself - like all of Utah's stuff, it's well worth having.