There are all sorts of problems with this discussion. One person said he wanted this ammo for his wife's revolver. Heavy bullets at high velocity, no matter what the pressure recoil HEAVILY! I would not shoot this out of a small frame .38 on a bet. In fact, not even in a small frame .357. I have shot the standard FBI 158 gran +P load and I agree that the 125 grain +P kicks noticeably less. That is what I have kept in my medium frame .38 Special revolvers
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Has everyone forgotten why S&W introduced the L-frame (586/686) revolvers or why RUGER replaced the Security Six with the GP-100. The .38 Special FBI load worked fine in these medium size K-frame revolvers, but beat them till they loosened up and would not function. In a J-frame S&W or COLT Detective Special, it was even worse and the alloy frame guns were not even labeled to use +P for many years for that reason.
Any load that equals the old .38-44 loads will have very heavy, near .357 magnum recoil and wear on a gun. I have examined some of the original .38-44 revolvers and they were built like tanks. They could take that recoil, but mid-frame revolvers, only for so long. If you practice with standard pressure ammo and only use the .38-44 loads when outdoors, fine, but you will not get adequate practice. It would be like when the cops shot .38 Special wadcutters for practice and carried .357 magnum ammo on the street. It was a bad idea as it did not give realistic training.
Also, those .38-44 loads may OVERPENETRATE in a defense situation. I know the poster said it penetrated 13 inches, but what was the test medium. Heavy bullet .357 loads usually penetrate much deeper. Good for bears, bad for people. You could get a through and through hit on a bad guy and end up in jail for felony reckless endangerment. I would almost guarantee a civil suit you will lose.
I just switched to the new FEDERAL HST +P .38 Special in my J-frame and if it shoots well (I worry about keyholing) in my 4 inch .38's, it will become my standard load in the cylinder, but I will use a different load for my speedloaders. The wadcutter shape of this bullet makes quick reloads unlikely. It penetrates enough and really expands which is what makes a good self defense load.
Save the .38-44's for a heavy .357 magnum revolver and the outdoors.
Jim