Don, It's a pull strap. Or lifter strap if you prefer. It's to lift the pistol so you can get it out of the holster. It's not recommended to use it, as after 50 or 60 yrs the stitching could be getting alittle weak, and can break. When properly inserted in the holster. The strap should be under the front of the frame and receiver. So when you pull it. It will lift the pistol.
It's not cheap to have it repaired.
Ron
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I Still Need DWM side plate #49... if anyone runs across a nice one.
What ~Rudyard Kipling~ said...
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