So if I got this right (within reason):
This is a Model 1892 Magazine Rifle.
The receiver was made in 1894 and is so marked.
It was built in September/October 1895.
It was possibly held up for a Model 1896 rear sight.
After the sight installation it would have then received the 1896 cartouche and then issued.
It would have then returned later to the Springfield Armory for other Model 1896 updates including the buttplate with trapdoor, filling in of the cleaning rod channel, replacement of the ejector for the hold open on the bolt, crowned the barrel, installation of a longer upper fore end, etc.
After the updates were performed it would have been proof-tested and stamped for a second time with the "P".