Sedgely cataloged a Krag sporter in .25-35 and G&H made at least one Krag repeater in that calibre, I have one of each. Very likely your Model 54 was originally a .30-30 and it would have been easily rebarreled to .25-35 by Sedgely. No magazine alteration needed. To convert a Krag required magazine work. IMO a very desirable rig, before the onset of the high velocity .22s the .25-35 was a decent varmint calibre handloaded with an 80 grain bullet at about 2800 fs. I believe most .30-30 54s were the early slowlock model, but converting to speedlock was common. You can tell the difference by looking at the firing pin fall. Otteson's book, The Bolt Action, gives the exact measurements, but I don't have it handy. If your firing pin drops about the same distance as a Mauser 98 or a Springfield 03, it is a slowlock, if it is about the same as a pre64M70 it is a speedlock. M70 bolts can be and were put into 54s but I do not know how it was done or what if any mods were required.
