Do you see anything other than a variable vertical shift in capital letters? That happens if you don't press the shift key all the way down when typing a capital letter. You could avoid this if you had a nice fully electric typewriter like an IBM Selectric where hitting the shift key changed how the type ball was turned, but on mechanical typewriters the shift key manually tilted the whole set of typebars. If you didn't press it all the way down the capitals would appear at different heights, as shown by the large number of red circles on my high school typing class papers :-(.
“Do you see anything other than a variable vertical shift in capital letters?”
Yes, there are a number of differing misalignments in the lower-case letters also. For example, look at “African” vs. “Africa”. In African, the lower-case a is misaligned upwards, while in Africa, it is not, but the c appears slightly misaligned upwards instead. Also, look at the letter spacing in these two words, they should be pretty much identical. Instead, in “Africa” the r nearly touches the i, but not in “African”. There also appears to me to be differences in spacing and alignment of the lower-case letters in the three instances of the word “Honolulu”.