Abstract: A low pressure drop valve connectible to a source of pressurized hydraulic fluid for modulating hydraulic fluid flow is provided; it includes a valve body defining an axially extending tapered bore and having hydraulic flow inlet and outlet ports, a plug valve movable axially in that bore and having an externally tapered surface facing the tapered bore and movable axially relative thereto to increase or decrease a gap formed between the tapered surface and the tapered bore, for controlling the flow of hydraulic fluid via the gap and at least one of said ports, and apparatus responsive to a side stream of pressurized hydraulic fluid to control axial movement of the plug valve in the tapered bore, including first and second pistons connected with the plug valve to move axially therewith, the valve body forming first and second cylinders respectively receiving the pistons for application of hydraulic fluid pressure to the pistons for displacing the pistons and plug valve axially, and protective O-rings in the cy