They used a 70 grain soft point, semi round nose looking thing. It was quite popular in its day. Same as a .223 with a 70 grainer really. But the bullets in those days would not have been as good as we have today.
It would have been a perfectly good whitetail deer round, and it was popular enough in the 1930's that some Uk deer properties used them exclusively instead of the 7mm and .303 for a while.
Quite famously a Reverend Caldwell (?) in China shot a tiger with one which Savage used in their advertising. (But he only shot the one in the photo.)
WDM Bell the elephant hunter once shot a herd of 23 cape buffalo with a .22 Hipower (this one probably a Savage lever) for meat for a local African village that was starving. He noted he used 27 shots. He lung shot them all and they all milled around and then expired.
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