The hobo apparently living on the top of the train is, perhaps by nature, a very enigmatic figure. Some claim he symbolizes the main characters doubt towards Christmas.
Others say that he purposefully tests the kids faith through negativity. Whatever his motive, the hobo (who appears and disappears through the snow, so could be considered a ghost) plays the mysterious part of the movie. In my opinion, he represents both the doubt everyone has in themselves to believe, and the complex idea of faith itself.
Maybe its more. The Hobo could be a device, a symbol who asks questions to challenge Billy's self doubt.
Whether it be Santa or being able to hear the bell, the core theme of the movie surely is overcoming fear and doubt and discovering one's confidence and self belief.
Billy needed external help to bridge this gap. I guess it is like so many people who need spiritualism generally to help them on their journey.
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