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If the serial number is truly just 2-digits (69 in this case), it was not originally manufactured as a 32 W.S. Winchester introduced the Model 1894 in late October of the year 1894, with just the 38-55 cartridge being offered. Serial number 69 was made in early November of the year 1894. The 32 W.S. (Winchester Special) cartridge was not created and introduced until October of the year 1901 (in the 120,000 serila number range).

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Q: What is the value of a 1894 Winchester 32 special serial 69 with saddle ring?
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