Here's what I was able to read so far (original, and translation):
Bertha M.
Frau von John Shrader Gest. Mai 17, 1885 im Alter von 34 Jahr 6 Mon. und 28 Tage
Im ... ... geliebt
Amale
Tochter von ... ... M. Shrader Gest. Mai 14, 1885 Im Alter von 4 Tagen
* * *
Bertha M.
Wife of John Shrader died May 17, 1885 aged 34 years, 6 months, 28 days
...
Amale
Daughter of J. ahd B. M. Shrader died May 14, 1885 aged 4 days
* * *
As far as I can tell, your interpretation is right: a daughter named "Amale" (which is not a common German name, maybe it's a misspelling of "Amalie", or maybe not) died a few days before her mother.
I'm having difficulties reading the part between the two blocks associated with the persons, which is probably some saying/poem/bible quotation.