Hey fleetwood,
Did some quick research on this (bored, nothing else to do tonight), and found that since your rifle is marked Lowe, it would have been made in 1896 or earlier. After 1896 Lowe purchased Mauser and formed the new company as DWM.
From what I have found the short handguard was used on rifles made between 1892 and 1895, series A thru J.
Based on the serial number info I found (listed below) your rifle was made in 1895, so it would have the short handguard.
Model 1891..Long Guns Carbines
1892.........A0000-C4999
1893.........C5000-F9999 A0000-A4999
......................................... B0000-B4999
1894.........G0000-L4999
1895.........L5000-M9999 A5000-A9999
.................BU00-BU199
.................EM00-EM124
.................EN00-EN74
1896.........N0000-O4999
M1891 DWM
1899.........O5000-T7999 B5000-C5999
1900.........T8000-V3999 C6000-C9589
1901.........V4000-W9999 E5540-8039
M1909 DWM
................Long Guns............Cavalry Carbine.....Engineers Carbine
1909.........A0000-A2999
1910.........A3000-K4999........A0000-B1999.........A0000-A5999
1911.........K5000-M9999........B2000-C3999
1912.........N0000-P9999......................................A6000-A9999