I agree with huntingreen. This sounds like it MIGHT have been a switch leg. The voltage measurements are exactly right for a switch leg. If it is that, the white wire should have been taped with black electrical tape to indicate that it is a "hot" wire going to a switch.
I've always heard this referred to as "white made black".
Can you see the black/white wire where it comes out of the wall at the top of the wall (or in the basement depending on the routing of the wire)? That might help to verify just just what it is used for.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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