It appears to be a 52cm frame. At 5'4", it's still a bit on the large size for you, but it's ridable. If you leg inseam length is longer than normal, I think you won't have any trouble riding this. I bought a 50cm Schwinn Super Le Tour bike for my ex-wife, who stands 5'3".

Regardless, the Atala appears to be a very nice model. I see a Shimano 600 headset, circa 1978. Columbus Tubing sticker, matching Silca frame-fit pump, LOOK clipless pedals, Concor saddle. For $50, it's an excellent buy. This is a fast, responsive road bike. Have it tuned up and enjoy.