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As something of a side note, the .32 New Police cartridge was another attempt by Colt to gain a piece of the market for ammunition. They were still smarting from the failure of the .45 Short Colt which they had tried, unsuccessfully, to Sell to the Army in about 1880. Smith and Wesson had the Ammunition contact to supply the .45 Schofield cartridges and Colt wasn't happy about that. Colt had supplied their Single Action Army model to the Army and Smith and Wesson had supplied the Schofield. The SAA could fire the Schofield cartridges but the Schofield could NOT fire the Colt because it was too long. Colt submitted the .45 Short Colt cartridges to the Army but the round was rejected. It was identical to the Schofield but the Army happy with the Smith and Wesson ammunition.:):):)
 
The .32 S&W Long (.32 Colt New Police) is a fine cartridge and is inherently accurate. The .32 H&R Magnum, as well as the .327 Federal Magnum has the same "gilt-edge" accuracy as the .32 Long/NP. This is why during the 1940's and 1950's the Detectives of the period often carried the old .32 revolvers. While some carried .38 Specials, the .32 Long/NP is no slouch at close range. Well-placed .32 bullets frequently ended more than one criminal's career. Policewomen/Matrons often carried both Colt and S&W .32 NP/Long revolvers. It all comes down to shot placement.

They still work and can be loaded fairly hot. The .32 H&R Magnum makes the .32 a nice PD revolver and the .327 Fed Mag shoots them all. (It still has quite a following in some circles). I have wanted a 7-shot .327 Fed Mag with a 6" barrel for the longest time. This would cover a large number of handgun applications from a "garden gun" using the old .32 S&W cartridge. (Some called it the .32 S&W Short, but it is the .32 S&W). This is about as powerful as a .22 Long Rifle with a heavier bullet.
 
I have the Ruger SP101 in .327 Fed Magnum, the one with the 4" barrel. You can get a lot of power from it using slow powders; but what I like to do is use fast powders, but up near the (very high) .327 pressure limit (Titegroup). That makes for much more pleasant shooting and reduced muzzle blast and recoil, while the 100 gr bullet is still fast enough, with plenty of margin, to expand. Just over 1200 fps.

You can also shoot .32 ACP for fun in a gun like this.
 

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