Goodmorning Jack,
A hoop ring thing?? What you are talking about is a saddle ring. These rifles were originally intended to be carried in a long vertical scabbard or saddle holster while on horseback. The ring was used so that a short rope or leather thong (no, not that type) could be used to pull the rifle out. These rings were only attached to carbine configured rifles. Hence, they are called Saddle Ring Carbines of SRC's.
The serial number of your rifle indicates it was probably manufactured in 1910. Though these dates are not absolutely correct. But that is another post.
"Fair condition" kind of sounds like "but she is a good cook" to me. Not real complimentary. So let's say it is a 75% rifle, meaning it has that much of its original bluing and varnish still on it. You're looking at right aroud $2200. You might read this post of mine to see some of the variations in condition. It is the condition and in some cases special order features that dictate the value.
http://www.gunvaluesboard.com/why-i-need-photos-
254864.html#25490
I hope this answered you questions.
Send some photos
2bit
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