Chuck. I decided to ask around, primarily on The Ruger Forum. There are a lot of knowledgeable people on that site including some serious collectors.
here is a copy of the E-mail I received from one of the people that go there.

"I used to be a member of TRF but gave it up because of a hacker attack on my email and other accounts. I am compiling info for a new book on the Ruger No1 which I hope to publish later this year if I can get enough Photos.
To answer your question to the best of my research, there were approximately 450 rifles made in the 404 Jeffrey. It was discontinued because of non-standard ammunition amongst the Ammo companies. The ammo was not to SAMI standards that the rifles were chambered to. Some of the rifles were scrapped and others were replaced with a like cost item. The factory will not give any information about quantities of rifles made or anything other than a ship date and configuration of a certain serial number.
Hope this helps you."

Guess this give a pretty good idea of why there is such a scarcity of these rifles. I knew about the ammo problem so take the trouble to use a cast bullet to fireform my brass to my chamber, then set up the dies accordingly. I haven't had a problem since. I just wish the guy I got it from hadn't put on that muzzle brake. I hate muzzle breaks.
Paul B.

Ok I have a dumb question What is the purpose of the Alexander Henry fore arm, ? Is it just cosmetic or is their some purpose. I see the 38-55 has the same front stock.

It's a style designed by the gunmaker Alexander Henry. He was one of the Scottish??? gunmakers in the Victorian era and that type distinctive forearm was, I guess kind of a trademake for him. He made single shot and double rifles, with the one shooters I believe, in Farquharsen type actions. I've only seen one of his single shot rifles at a gun show, in IIRC a .450 caliber of some sort. Rifle was beautifully cased, and minty as hell. Price was $4,500 firm. Being the single shot nut that I am, I sure wanted to take that one home, but I sure didn't have that kind of money on me.
Personally, I much prefer the A. Henry forearm as I think it has the class and lines of those Victorian age single shot rifles, especially on the #1H Tropical rifles.
I guess you would have to say that they are more cosmetic than anything else, as they serve no special function, other than "lookin' good".
Paul B.

The 38-55 poses a bit of a problem to shoot also. Apparently, a run of 500 was made for the Cast Bullet Shooters Assoc. whom requested an oversize bore. Mine miked .379. A recently found .380 300gr Sarco mould has solved that problem

Wouldn't .379" be the correct size for a 38-55 ? Laser Cast makes a 240 Gr RNFP in .380. $80 per 1,000 pieces. How does yours shoot ? I am really drawn to that 38-55

I built my own No.1 in 38/55 with .375/1in 14" twist to shoot the Lyman 335gn plain based bullet. With 16gn 2400 it will group 2" at 200yards.
Anyone know what twist the Ruger factory has.

I was just lookin at a 38-55 that was at .379. $1300 seemed like a bit much though. I am sure it was one of the 500 hundred mentioned.