I recently inherited what I believe is a '99 Savage chambered for 303 manufactured in 1904. The serial # is 37*2.. It's been in the family a lot longer than me, but I've never seen it used. It has a rectangular piece on top of the “bolt” that I always assumed was a loaded chamber indicator. I acquired some 303 Savage ammo, but when I chambered a round, the piece did not “pop up” as I assumed it would. I have not fired the rifle.
What Is the purpose of this piece in the top of the bolt? Is it safe to fire in this condition?
Thanks, and y'all take care.

The top piece is indeed a cocking indicator. If it doesn't raise slightly with the rifle cocked (it doesn't need a round in the chamber, just for the rifle to be cocked), then it's broke. It can happen.

Chances are it will fire just fine. Point it at a target and pull the trigger. That won't make it unsafe.

The bolt will have to be disassembled to determine what's wrong with it.

Welcome to the site, Joe.

+1, forgot to say Welcome!

And +1 to Lightfoot's comments. I've got one early shooter with a broken indicator. Shoots fine.

Me too. It's sorta rough, so I haven't worried with fixing it.

When in doubt, bring it to a gunsmith to look it over.

If you dont want to do that, tie it down and pull the trigger with a long string.

Also,

That specific gun (square rear) has a history of cracked receivers. Look at where the back of the square bolt and where it meets the receiver. Inspect the receiver real well for cracks with a magnifying glass. I have found one so far.

I want to thank you all (y'all) for the timely and helpful replies. I had a picture I could send, but being new to the forum, I can't figure out how to do it this evening.
It's a wonderful family heirloom. A 26” octagon barrel, well worn but not abused wood, and completely brown, but no rust. Since there were no rear window gun racks in pick 'um up trucks in 1940 the muzzle rested on the floor. Of course, there was no rubber mat, so the left side of the muzzle wore down a bit. No problem...get a drill and counter-bore it 1/2” or so.
I put a glass on it and couldn't find any cracks at the rear of the receiver. Thanks for the 'heads up.'
I initially wanted a 250-3000 until I researched and learned the 303 was the original chambering. You couldn't purchase this from me for any price, but I'm sending it to the original owner's son. Uncle Knox left it in Arkansas ~1942 when he joined the SeaBees.
Thanks again.
John
NRA Patron

Good deal John. My late father's Remington is my most cherished rifle along with my grandfathers Winchester.