... in it appears to have a face. Looks like a papier mache halloween mask or a scary doll.
[I'm going with your first guess, but I ... is either a wasp or hornets nest. More scary to me than a Halloween mask or scary doll.
[Here's a closer look. -tterrace]
...
November 1911. Before Halloween came into its own as a holiday in this country, there was ... five-story apartment houses. This was like a holdover from Halloween.
And the old folks say.... I just wonder how many really old ...