Hi Norman. Yes, the gun may indeed still have a load in the barrel.
Of course, this won't be the first old gun that was aquired still loaded. Since I have the tools needed to safely extract that load (or other obstruction) I suggest you send the gun to my house for analysis and unloading. It shouldn't take me more than a couple years.
When you lower the rod into the barrel, does it feel/sound like it's hitting something solid or soft? Rick.