Oops... I found the answer!
It's just a focus shift issue. From the Vade Mecum:
This has a 3-glass layout and the image is soft due to under corrected spherical aberrations. Thus what you see is what you get- or nearly so. It does change focus away from the lens as it is closed down, so there is little or no increase in depth of focus towards the camera. Thus it may be best to focus on the nose or eyes. Some may be in Alphax shutters, and they were made long enough for some to be in chrome finish. It was still current in 1960, in 1+2 design, and sharp at f11.
That's what I get for not trying the VM before digging through my other books...