All the frames I have known and the measurement given for frame size is the length of the seat tube. So the Actual size of 53 would be that the frame is a compact frame and that is the height of the join of the seat tube to the top tube (Or possibly where the Seat clamp is)----And the size of 58 would be the height of the seat tube with a line drawn as if the frame had a level top tube as measured on a conventional frame

So the frame if built as a conventional frame would be a 58 with the Top tube of the length to suit that size of frame. But if you are looking at it as a 53-- then it may fit on saddle height but the Reach to the bars may be a bit long and the bars may be a bit higher than you are wanting.