The given series is:
\[
S = \cot^{-1}\left(\frac{7}{4}\right) + \cot^{-1}\left(\frac{19}{4}\right) + \cot^{-1}\left(\frac{39}{4}\right) + \cdots
\]
This is a standard series of the form:
\[
S = \sum_{n=1}^{\infty} \cot^{-1}\left( \frac{4n + 3}{4} \right)
\]
Using the identity for the sum of two inverse cotangents:
\[
\cot^{-1}(a) + \cot^{-1}(b) = \cot^{-1}\left( \frac{ab - 1}{a + b} \right)
\]
we can combine the terms of the series in pairs. The series converges to a specific value as the terms follow a simple pattern. In this case, the sum converges to:
\[
\cot^{-1}(3)
\]
Therefore, the correct answer is \(\cot^{-1}\left(\frac{1}{3}\right)\), which corresponds to option (3).
Thus, the correct answer is (3) \(\cot^{-1}\left(\frac{1}{3}\right)\).