In many classical movies, and movies set in the past, police and criminals alike are shown holding their pistols at hip level while walking. Was this a commonly accepted method at the time?

Related question - in old movies I've seen people firing pistols with a bent elbow, the pistol pretty close to their chest, which seems to give neither the ability to aim down the barrel, nor the stability of a stretched-out hand. Was this an actual popular position to fire from, and if so, why?