Dalmatiangirl61, it's a pressure regulator made by the Igranic Electric Company.
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Below is a detail of the top of the unloader valve. The uploader is definitely closed at the moment. I guess it is supposed to be spring-loaded to press upwards against the arm, so that it raises when the arm raises?
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I am wondering if the plunger-actuator can be adjusted manually to set the oil pressure at which it moves? I am not actually sure where the check valve is on the compressor.
Not sure on exactly how the oil pressure is set, but I beleive it relates to the plugs etc on the end on the pump adjacent to the brass cylinder that control it and the system pressure. Basically, the mechanism ensures the pump is not loaded unless it has oil presure and motor does not start under load.
How it works...
If you unscrew the top of the brass cylinder and remove the plunger; mind the leather packing
Turning the flywheel by hand should fill the cylinder with oil and from here it's not hard to imagine that this oil forces the plunger and linkage up and allows the valve within the head to seat fully, allowing the pump to compress air.
IIRC there is a spring behind the valve to ensure it opens when oil pressure drops. Overheating and rust has the usual undesirable results on the spring and valve components and starting becomes "under load".
The oil pressure in mine drops fast enough that the motor does not start under load but this feature is dependant on the amount of air used- under heavy demand it would need to drop at a higher rate to ensure the function is maintained. The later air unloaders automatically solve this but lose the fail-safe operation.
Check valve on mine is on the inlet to the tank. It's a bronze flap valve.
Igranic made industrial switchgear from fairly early on in the century and their stuff seems well designed and massively overbuilt- lots of phenolic mouldings, neat cadmium plated mechanisms, silver contacts and BA screws. They were good enough for DSG and were bought out by Brookhirst in the mid 1950's.
The pressure switch on my compressor is fully rebuildable and incorporates a hysteresis setting that is maintained irrespective of the set pressure. It's different from the one in the photo.
Big slow turning compressors are a wonderful thing.....