It may help to step back a little to the basics. Much of the above is all good advice but sort of jumps straight in. Let's look at the machine itself, first.
– A conventional steam-engine with slide or piston valve is symmetrical in shape and operation (allowing for slight geometrical subleties).
– A slide valve and a piston valve work in the same way except that the slide valve is of outside admission (the live steam surrounds the outside of the valve), the piston-valve is inside admission (holds the live steam between its two pistons). So different port and valve-gear layout but identical action.
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– Either type of valve is given an extension called Lap. This is the width of metal overlapping the port when the valve is in its own mid-travel (not the piston stroke). Normally the same on both ends of the valve.
That Lap is crucial, as it governs the Cut-off that allows "expansive" working.
Cut-off is the valve closing the port at a predetermined percentage of the piston-stroke, so stopping any more steam entering that end of the cylinder. The steam already there is trapped, doing its work by expanding, until as the piston arrives at the end of that power stroke the valve has now moved to open the port to exhaust.
– At which point the valve is also starting to open the opposite end port to live-steam, and that is the duty of the eccentric setting.
– Now, what if no lap? If the valve is sized to just bridge the port edges in mid-travel, so has no lap, it would be set to move 90º ahead of the crank… and would give no cut-off. The engine would run very jerkily, and waste a lot of steam. Or more likely not run at all. The lap allows that spell of closed port.
– To achieve that initial opening then, the eccentric is both given more travel and is set to 90º in advance of the crank; plus a further angle, called the Angle of Advance, to account for the lap making the valve physically longer. (Some engines also have a nicety called 'lead', not detailed here.) So if the eccentric leads the crank by 100º, the Angle of Advance is (100 – 90) = 10º. Which seems remarkably low, probably giving a very late cut-off.
The actual angle of advance is specific to the engine. It, the eccentric throw, and the port and valve dimensions are all interdependent, established when the engine is being designed.
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So to setting the valves:
Assume all parts to correct dimensions, the valve and port face properly symmetrical; and designed without lead (normally found only on locomotives and big marine engines).
The centre of the valve-travel and centre of port face should co-incide; the valve travelling an equal distance each side of that. This is given by the valve's location along its rod (or 'spindle' even though it does not rotate), so set that first by measuring the width by which both ports open to admission at each end of travel, to verify they are equal. Easiest to use slips and feeler-gauges. Measuring from the ends of the valve-chest will work only if that too is fully concentric with the ports: not necessarily so. Note: measure port openings, not port widths.
Now the valve events, given by the eccentric's angular setting. Place the engine on either dead-centre: not easy to do accurately but there are various geometrical methods. The port should be only just opening to admission (of live steam), shown by a tiny dark line appearing. Test on the opposite dead-centre.
The effect should be the same. If not, adjust the eccentric forwards or backwards, test again… repeat as necessary.
(If the valve is designed to give lead opening, i.e. very slightly ahead of dead-centre and very small, measure that with a feeler-gauge.)
Now test for port-opening. The port is normally fully open to exhaust steam, but only partially to admission, perhaps 3/4 width according to design. Also equal both ends, and at the same point in the respective piston stroke.
Really, the second test should confirm the first, but the start of admission is the critical point.
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To summarise:
The engine and its actions should be symmetrical, aside from slight geometrical subleties we need not about here.
To explain the significance of all those angles, the valve has an extension called "lap" which necessitates the eccentric throw catering for that and being 90º plus a certain angle of advance further, to let the valve open to admission just as the piston is ready to start its travel. This gives a full valve travel = [ 2(port width + lap) ], if no lead. Width in that equation, not opening, this time!
The valve will not necessarily open the port fully to live steam (usually doesn't) but normally fully to exhaust.
– The port just starts to open as the piston moves over dead-centre.
– The valve opens both ports by the same distance.