Abstract: The disclosure is of a gate-like valve wherein a gate or carrier plate has upper and lower through bores movable into alignment with flow passages in the body. In the upper through bore is received a valve disc that is rotatable on the carrier between a closed position wherein it is in the plane of the gate to seal around the through bore and an open position wherein it is disposed along the axis of the through bore. A valve stem is coupled to the butterfly disc so that partial rotation of the stem operates the butterfly valve, and the stem is also engageable with the carrier plate so that when the stem is raised and lowered it raises and lowers the carrier plate to move the butterfly disc out of alignment with the flow passages.