November 5, 2014
OfflineHi MSU-
As Tom said, this is usually an issue with the trigger. Specifically someone replacing the two-stage M54 trigger with something else…
On the M54 with it’s classic Mauser-style two-stage trigger, the sear (protruding into the bottom of the bolt raceway) acted as the bolt stop. This was changed when the M70 went to its override trigger set-up in 1936 and the bolt stop became a separate part. This is a pic I have handy of the M54 action. If you’re familiar with M70s, you can instantly tell the trigger is different…
On the M54, bolt travel was limited by the sear contacting a beveled surface on the bottom of the bolt body. The length of bolt throw was determined by where this bevel was placed, not how it worked. The next pic is the bottom of a M54 bolt, showing the beveled surface. This is a 270 WCF, so the bevel is in a different place than it would be on a 22 HORNET. But the idea is the same…
When I have run across your problem before (bolt comes all the way out = no functioning bolt stop), it’s been b/c someone replaced the M54 trigger with something like a single stage replacement trigger for a Mauser. It works on a Mauser, but not a M54… 
Tom’s suggestion is the pragmatic way of converting the trigger on a M54, i.e. put something into the left lug raceway to hit the left locking lug and control bolt travel that way. My approach would be to replace the trigger with an original M54 part (assuming that’s your problem). There’s nothing wrong with a two-stage trigger when you get the hang of it!!!
Hope this helps,
Lou
WACA 9519; Studying Pre-64 Model 70 Winchesters
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