Someone pulled the spokes way too tight. The spokes shouldn’t pass all the way through the nipple, it should be flush. Also, the nipple could snap if the spokes are too short.
There is something about the lacing that bothers me. What gauge spokes? I've had success in pushing the metal back down but some look like they’re past the point of no return. I’ve personally seen these on Monark, Columbia, and Shelby bicycles. Lobdell was probably an ink stamp long gone.