It was legal a few generations of code ago - 1980's or so???
Since you disturbed it, not right or to code now.
The 220 machine needs 2 hots and a ground.
The 120 machine needs a hot, a neutral, and a ground.
To wire both machines, you'll need 4 wires.
Sharing the nuetral & ground is wrong - we've learned that it can create energized loops that are more dangerous than not having the ground at all in the wrong situations.
You'll probably need to start at the main box & follow all the way to get it sorted out right, if you do sort it out.
You'll get a lot of advice as to whether to just leave it as it's worked this way for so long; to you will kill everyone who touches the machines next.....
To answer your question, it isn't right the way it is. What you do with that answer is up to you & your insurance company. :)
I'm just a simple dirt farmer, so if my general comments don't quite add up, I don't know it all on electric for sure myself.....
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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