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Gorton radiator valve

AMservices Member Posts: 601
I found these gorton radiator valves on a 1 pipe steam system and I'm not finding much on line.
From what I know, I know enough to ask.
Is this a balancing valve or just a fancy shut off?
If it is a balancing valve, I thought on one pipe steam systems the radiator valve needed to be either all the way open or all the way closed, so that wouldn't make much sense.