Leo,
Thanks for the photos. Given the condition of the gun, I would encourage you to give it immediate attention and use oil liberally to remove the active red rust with 0000 steel wool. It will not further damage the blueing and will consideably improve the appearance and halt the rusting process. After cleaning, a lighter application of oil or silicone will protect the finish. Remove the grips to access the rust that is undoubtedly active there. Be particlarly careful in the removal of the left grip so that you do not break off the small portion of the grip under the thumb safety. Good luck.
Ron
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If it's made after 1918...it's a reproduction
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