If you thread the needle from left to right instead of right to left it will do that - check your manual.
Just a precaution, check how your throat plate and the little notch for the bobbin holder line up. There is a picture of one on a post about cleaning up a FW it should look like that.
http://www.quiltingboard.com/vintage...t174236-2.html look at window 15. It is the same for the 301. Also window 4 and picture 3 with it assembled.