This seems to list the initials of all the Stroud siblings. Perhaps they all used this book.
Farl has written "W. F. Stroud Book" on this - on the right side he has "when this you see, think of me." On the left I can't quite make out all of it, but it's a phrase that runs along the same lines - with a doodle of flowers? Perhaps this was something like a yearbook or somewhere that his friends and fellow students signed remembrances.