It can be loaded close but not all the way. From my loads, I was not able to reach max loads. Accuracy fell apart well before. I assume due to the lockup and several other factors.

I went all the way up to 51gr of IMR4198 with 300gr nosler partition, but got bad vertical stringing after 47gr. I still was kicking 2050fps with 300gr bullet at 46gr. Thats not bad. Other loads showed simular results. I would get 1.5MOA accuracy consistently then as I approached the ruger loads within 3-4 gr, bad vertical stringing. Maybe its just my gun.

Brian Peirce from Rifle mag, who seems to be a lever expert, says as long as the 1895 was manufactured after 1972, you can reach 44KPSI with good safe margin.