That sounds like 3-phase power, it is common for commercial/industrial places but not so common for houses. Can you post some photos?
Fabric insulated cable is likely old and may well be rubber underneath that is prone to perishing and failing when flexed in any way, a
major fire hazard.
You will probably need advice from one of the USA members such as
@Megawatt, but my first reaction is you really should be looking at getting a professional electrician in to inspect it.
Very likely this is a complete re-wire job. If it is all from the 40-60s then not only is the wire itself a hazard, but most likely other aspects of your distribution board (panel), incoming supply switching, and final circuit protection (GFCI etc) are not in line with the current USA code and a significant danger.