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Judge Dred (Fred)Ok, it was trimmed about 90+ years ago, worn down through the years, and now it has the appearance of that "factory mis-cut" look! Stir the pot.... 
Tough call on that one. I'm surprised that it was graded. In most cases I've seen the grading services reject cards that are a bit shorter than normal. What do you think a grader, that knows what they're doing, will do if you have an E90-1 that is the size of a T206? I suppose if the card looks NrMt they will say it's trimmed, if it's worn down they'll just call it short and not grade it.
Here's the question - if that card had 4 razor sharp corners and was the same height, do you actually think that GAI, SGC or PSA would grade it with a numerical grade? Especially when it's a full 1/8th of an inch shorter than most cards of the same issue.