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Midget, Ed's bottom schematic is a voltage divider. The point between the two resistances has a different voltage that's less than the source and depends on the value of the resistances.
Midget, to go one step farther, if the loads were identical on both legs, the neutral could be removed with out hurting anything and 120 v would be dropped across each resistor.
Roger
[ December 06, 2004, 01:01 PM: Message edited by: roger ]