Martin, 1894 is the correct year. This style of hammer gun is known as a bar action lock, meaning the mainspring is in front of the action or tumbler (place where the hammer is attached). It would be a 5 pin lock meaning you should see 5 pins showing, the one that is slightly hidden is behind the top part of the hammer. These guns were very well made and like Dan stated you should have it checked out by a competent gunsmith that knows L.C. Smiths and if found good is still shoot able with low pressure low velocity shells.
I don't believe it has 3" chambers but do make sure that is checked also.