This is a good discussion. I appreciate the thoughts on safety. I bought the rods and nuts from a reputable supplier ($80 ish) and the rods are rated B7. That is apparently better than Grade 5 but not as good as Grade 8. The rods are stamped on the end B7 and are 1" NC. Definitely not the cheapie stuff from Princess with no rating or grade at all. I would assume material like that is not even grade 2.
I found a chart
https://www.almabolt.com/pages/catalog/bolts/proofloadtensile.htm
Comparing relative strengths on the chart - grade five 1"-8 has a proof load of 51500 lbs. I think this means 4 rods * 51500 lbs = 206,000 lbs. The jack can provide 20 tons * 2000 lbs/ton = 40,000 lbs. I believe this means the rods would fail at 100 tons and that is 80 tons more than the jack can provide. I don't know where safety factors come in and I'm not an engineer so I'm just making some assumptions. This is a tested and published plan - my spouses teacher made one of these as well and has been using it for years. I hope this is adequate. I'm going to add a safety curtain too. One point in the plan they put two nuts on the load taking sides of the rod. I assume this is a locking type of arrangement not adding much to the strength.
The same chart says grade 2 is 20,000 lbs per 1" rod. Quite a bit less.
@historicalarms - Do those Grade 8 bolts you think are weak have the right markings on the head? Where did you buy them? What are the markings on the old bolts?
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