Manufactured c. 1896 into the 1930s, Stevens' No. 49 "Walnut Hill" rifles were one of the more premium target rifles in their extensive lineup. Competitive shooting was an extremely popular pastime around the turn of the century, particularly in American, and these "Walnut Hill" rifles would have been highly prised by competitive shooters. The top barrel flat has the two-line address and patent date, and the caliber marking is on the upper left. The barrel is marked "1" on the bottom under the forearm and "49" is marked on the front face of the frame. The serial number is on the lower tang and partial matching serial number, "804", is inside the buttplate. The frame has extensive factory acid etching covering most of the surface which features a shooter scene on the left and a stag on the right, both surrounded by floral scroll. It is fitted with a windgauge front sight, no provision for a rear sight on the barrel, and a Vernier peep sight mounted on the upper tang. It is mounted with a checkered, Schnabel tip forearm with two additional holes drilled in the bottom (likely for a palm rest which is now absent) and a pistol grip stock with prominent cheekpiece and a nickeled Swiss buttplate.

Fine, retains 85% plus of the original blue finish and 70% of the vibrant original case colors with the balance having thinned to mostly a grey patina and the acid etching remaining crisp. The bottom of the barrel has had a marking removed forward of the forend and is cold blued in that area. The wood is very good with some scattered light handling marks, two additional holes in the forearm (see above), and crisp checkering overall. Mechanically excellent.