That's called the saddle ring. I've heard two different reasons for it. Both make sense.

If you do not have a rifle scabbard on your saddle, you run a thong through that ring and loop your carbine over the saddle horn.

If you do have a rifle scabbard, you run a saddle string through the ring, after the rifle is put in the scabbard, to keep it from falling out while galloping, or riding uphill, or similar horsey acrobatics.

 

To tie it to the saddle horn with a loop of leather or cord. Just temporary carry while on horse back. Yes, some of the early carbines. Many of the users removed these saddle rings while hunting because they " Rattled " and spooked the game.

 

The 92 came in three main versions.

The "rifle", which had a (usually) 24" barrel, either round or octagonal, a buttstock with a very pronounced curve in the butt, a metal cap on the end of the forearm, and the magazine tube held to the barrel by a dovetailed hanger.

The "short rifle", which was just like the rifle, except the barrel was normally 20 inches or less.

The "SRC", or "Saddle Ring Carbine", which had a standard barrel length of 20 inches, a buttstock with a much less pronounced curve to it, no metal cap to the forearm, the barrel was always round, and thinner than the rifle's, the magazine was held on by two barrel bands, and the saddle ring was on the left side of the receiver.

The common version of the 94, for the past several decades, is a SRC, but without having the saddle ring, and with having a shotgun butt, instead of a carbine butt. I'm sure that pre-war versions, though, did have a ring.

 

Thanks Rjay and Alpo,, thats good info I went shopping for a 92 and found three 94's and one 92, I like them both but that saddle ring caught my eye for some reason sure would like a SRC but it was 1900 dollars the 94's were in the 6-900 range , I '' ll keep looking I can't afford any at those prices but thanks to Alpo I now know what I am looking for SRC....

 

http://www.cimarron-firearms.com/RepeatingRifles/1892Model.htm
So you can see the differences in the buttstocks and the forearms. What they are referring to as a "trapper" is, in fact, a "short rifle".

Have you thought about getting a copy? Winchester 92s are collector items, and cost big bucks. But 92s are made in Brasil, Japan and Italy, for less. Some for much less.

 

Military cavalry carbines had a sling ring to which both ends of a sling were attached using snap hooks. The sling then went over the rider's off shoulder so he would not lose the carbine while dismounting or if the horse bolted while he was dismounted. This was carried over to civilian carbines intended for use by riders, but exactly how it would be used was up to the individual.

Today SRC's bring high prices because of their connection with "The Old West"; in fact, they were used all over the country and are not especially scarce. (I know of three in use for hunting today, in PA, aka "The Old East".)

Jim

 

As others have already mentioned, it's a sling attachment point ring.
Originally for mounted troops and using a sling as pictured on the following page. Typically the sling is worn over the shoulder so the carbine stayed with the soldier even if he dismounted, but it could also be rigged to the saddle instead.
Back in the days of single-shots, the carbine would be used for the initial volley and until the troops got into close quarters with their foes. They would then drop the carbine and transition to saber. The sling allowed enough movement to load/reload and allowed the soldier to retain the carbine.
http://www.rollanet.org/~stacyw/us_1885_carbine_sling.htm

In civilian life, the ring sling was used but more often a saddle scabbard was used instead.
Bad thing with using a scabbard (or ring sling on the saddle)...if your horse spooks and heads for parts unknown without you, there goes your weapon. DOH!
Bad part about a ring sling...all that hardware is pretty darned noisy. Not a good hunting setup.