I have a ranch home, built 1952. I'm remodeling the basement and replacing the wiring down there. The basement outlets are powered off a 4 fuse box off the main panel. One fused circuit powers a run of outlets on one wall, another circuit on another wall. What I have discovered is that both circuits appear to be wired to the box with a 3 wire plus ground cable (black, red, white, ground). This wire runs about 20 feet to a junction box where the white is kept common and the black and red run to their respective circuits.
While not what I would like to see, is there anything inherently unsafe about this wiring scheme? Both circuits would be 15 amp. The only concern that I had was that at full load for both circuits, the common return path would have 30 amps (right??) but at almost 0 volts (only voltage due to resistance of the wire itself).
Is there any hidden danger I'm missing? I would really rather not get into the electrical panels if I don't have to (but if it has to be done, I'll have it done).
Thanks in advance, Jed