From The TimeSplitters Wiki

Vintage Rifle
Ammo	5 bullets, maximum 40 bullets
Fire Rate bullets per sec/cartridge time	Fires one bullet per second
Reload Time	N/A
Damage (per Single Shot) Head/Body/Leg	30 Damage
Type	Sniper
Zoom	Yes
Primary Fire	Fires bullets
Secondary Fire	Fires Bullets
Games	TS2

It may look crude, but in 1930's Chicago this was the most accurate and deadly of weapons to have. As with all weapons of this ilk, long-range killing is the primary use and picking off rival hoods from blocks away is simple.