I'm a serious proponent of the .44 Special. I own (and have owned) several revolvers and lever guns in the caliber, and try to read everything available about it. I'm not an expert by any means, but merely a well-read amateur.
IMHO, the finest article ever written on reloading the .44 Special was written by Brian Pearce and published in the Aug-Sep 2005 edition of Handloader magazine (#236 as mentioned previously by VAdoublegunner). Pearce divides his loads into three Categories (15,500 psi, 22,000 psi, and 25,000 psi), with a possible fourth category of 36,000psi for the Freedom Arms Model 1997 revolver. I've chronographed several of the loads he lists in the article, and have found the listed velocities to be very close to the velocities I obtained in my guns.
The S&W M696 received special mention in the article, as Pearce relates that "The factory conducted some rather strenuous torture tests wherein the Model 696 easily endured pressures well beyond anything we will present here." To me, that states rather clearly that the M696 is easily capable of pressures up to 25,000 psi. Would I want to be hanging on to one when a 25,000 psi load was touched off? Not in this lifetime. But that is a completely different topic from whether the gun can handle it.
A 240-255gr lead SWC bullet of .430" diameter at 900-950 fps will do 98% of what I want done with a handgun. The M696 will handle this load easily. And so will my 18oz M396 Airlite Ti with its 3-3/8" barrel. The Airlite will recoil more, and I'll probably restrict the number of shots to 50 rounds (or less) per range visit, but that's a limit on me, not the gun.
I might feel differently about all this if I'd ever SEEN a picture of a damaged forcing cone on a M696, or even READ about someone's forcing cone cracking under strenuous use. But I haven't, and I won't believe it until I do. To simply look at the forcing cone and declare it "too thin" is ludicrous. Ever seen the wing of a T-38 supersonic trainer? Just looking at it, it's hard to believe that skinny/stubby little thing can support the weight of the aircraft and crew at supersonic speeds, but it does (and has for decades).
Note: Handloader #236 is still available from the publisher for $10. The web address is:
Wolfe Publishing Company