I had similar questions when I got a Higgins...
Member Rustinkerer really helped me out so I'm paying forward his knowledge here (again):
My Higgins was MOS-M, which is Murray-Ohio-Supply and 1948 for M (I believe). Following that it's a letter per year yours would be a -N (1949), also built by Murray Ohio Supply
If the next numbers are 502 that would be a Sears store code, which makes sense as it is branded J.C. Higgins.
94720 is the model number, can't help you with that I'm afraid.