Kuwai Iooo Rooo
This is why romanization rules are important:
... Because without them, people are just going to keep writing vowels until they run out of room.
As Waseda explains:
The roman letters at the top give the idiosyncratic spelling in the English alphabet of "Kuwaiiooorooo" for the restaurant's name (Kaiyuro), testimony that it antecedes the establishment of regular rules for romanization.
That's 會友樓, 会友楼 in modern characters, to be pronounced kwaiyūrō. (In the passage above, Waseda have modernized /kwa/ to /ka/.) The meaning is roughly "Meet-Friends Towers," with unmistakably Chinese V-O order. Might even be a reference to some continental classic or other... if so, it's over my head.
Joel:
I've lately come across some names of Japanese scientists who first published in American academic journals during the late 1940s and early 1950s, and quite a few of them romanized their names in what would nowadays be romaji input style, not anglophonic Hepburn: Huzio Utimura and the like.