Zum Andenken an = In memory of
Sohn von = son of
Edward und Carolina
gest. den 1 Nov 1884 = died 1 Nov 1884
im Alter von = aged
3 Jahr und 6 Tag = 3 years, 6 days
In his birth and death registrations, his name is anglicised as Simon Herman Albright.
Simon was born 25 October 1881 to Edward Albright and Caroline Brightfield lot 21, concession 6. 
He died of diphtheria 31 October / 1 November 1884. Both his stone and his death registration give his age at death as 3 years 6 days.  Four other children, with the same registration date, also died of diphtheria.
Simon never was listed on a census, nor is he listed in the short section in the History of Sullivan Vol. II, p 30-31 "Albright Family"
Includes a photo of Edward Albright and his wife Caroline Breitfeldt
Edward was born about 1844 in Germany. He and his wife lived at pt lot 20, concession 6 of Sullivan Township. The book mentions Frederick who was born the year Simon was born (6 March 1884).
Looking at census records on Ancestry gives a better picture of the family and who would have mourned the loss of little Simon Albrecht besides his parents.
1871 Census - North Waterloo - Wilhemina (4), John (3) and Edward (1) [could this be their family too?]
1881 Census - Sullivan Township - Amy (14), Luther (13), Moses (10) all listed as Albrecht; Mary (9), David (7), Rebecca (6), Joseph (3), Sarah (1) listed as Albright.
1891 Census Emma (24), Luther (23), Moses (21), Mary Ann (19), David (18), Rebecca (16), Joseph (14), Sarah (12), Fred (7), Caroline (5), Noah (3)
1901 Census - Moses (31), Mary (29), Caroline (15), Frederick (17), Noah (14), Joseph (23)
1911 Census - indexed as Rush (22) but is possibly Noah [When Noah married in 1915 - he went by Albrecht]
 Simon Albright Ontario birth registration #010040 (19 April 1882); digital image, Ancestry.ca (http://www.ancestry.ca : accessed 2 November 2013), citing microfilm MS 929 Reel 53, Archives of Ontario, Toronto.
 Simon Herman Albright Ontario death registration #005378 (5 November 1884); digital image, Ancestry.ca (http://www.ancestry.ca : accessed 2 November 2013), citing microfilm MS 935 Reel 37, Archives of Ontario, Toronto.
Thanks to my sister for translating the text. Unfortunately, the writing at the bottom of the stone is not clear and not large enough. Perhaps, I will pay another visit to this cemetery.