John I have been under the impression that the M1885 was discontinued around 1928. Not sure where I got that information. But I do know that they sold the complete inventory of 1885 parts around 1953 to Sedgley I think was the name.
I have one in .22 Hornet and it is built on what appears to be a Winder Musket
barrel. I do have to go look it over to check the name. HTH Regards, FITZ
OLD TUCK.

John went down and dug it out. It sure looks like a Winder Musket barrel with the integral front sight base on the barrel. It has no Winchester Roll stamp on the Barrel, but the barrel shape looks different in that area so may have been polished out.  It is marked  P F SEDGLEY  INC. PHILA PA USA   
  And back in front of the receiver is stamped  CAL 22 WCF 
                                                            with   HORNET    underneath  and a circle with "S" in the middle. The lower tang has had the Serial number polished 
out. So has NO serial Number but the Patent date is there. Means that I will need to slug the Bore as the WCF had a .228 Groove diameter it is said.
I also have a Lowall Deluxe in 22 WCF and have been planning in only shooting it with cast bullets as finding .228 Jacketed has become very rare. I suspect that if you did a search on P F SEDGLEY  you might find information on when he bought 
the 1885 inventory from Winchester because he was building Hi Walls for quite a few years. HTH Fitz OLD TUCK.

Sedgley died in 1938. Some of the workers kept the factory going through World War II and did some contract work for the government. After that it closed because there was little call for new firearms. Sedgley bought about 200 1885 Winchester receivers in 1932 and finished most of them in 22 LR and Hornets.