Given the time and place, I would say, that it's just a creepy laughing faces and that's it. Neoclassicism or its influences was still going strong in architecture at the time and this building clearly counts in that number. In 19th- early 20th century such elaborate decorations were simply put just to give more "classical" fell, make it look more a la greca or a la romana.

The proper name of this decorational element is mascaron and they might have some meaning or depicting something in particular in sometimes, but in your case they are just because. It was popular at the time.