wolfster,
Make sure your 49 is a 49, and not a 49R. The 49 is a SINGLE SHOT levergun, and is a near-copy of the 49R repeater levergun. They are the same rifle, but one is a repeater, the other is not.
If it is an "R" model, then you should be very careful with your inspection. The "R" had serious problems with feeding ammunition. It also had a plastic inner magazine tube that would crack, and fall apart. Ithaca would not return any "R"s that were sent in for service. They issued credits for another model rifle instead. I have heard that if your "R" model continued to work properly, then you might wind up with a good rifle. ...but it was a crap-shoot. I have read that, if you look in the right place on the Web, you can find metal replacement inner magazine tubes for the "R". I do not know if this will fix the feeding problem.
The 49 single shot is considered a good rifle, and anumber of them are still functioning today. If the rifle you saw is a single shot, you may want to look a little closer at it. Yes, it should have a false magazine tube under the barrel.
The 72 replaced the 49R. Anthony Imperato, the president of Henry Repeating Arms, said that his father designed the Ithaca 72. It was built in Germany by Erma Werke, and also sold under the Erma name. Later, Iver-Johnson sold the 72 as the Wagonmaster. Now, the same design is sold as the Henry H001-series rifle, and it is made in America (Brooklyn, to be precise). 30-plus-years later, many of the originals are still functioning perfectly, and can sell for more than a new Henry. I have an H001L carbine, and it is a great little rifle.
Good luck. :t
BigLoop22
