Service Entrance Question

Came across this Service Entrance Cable in a 1950’s home I inspected yesterday. It does not appear to me that the third (neutral) leg on the service line is properly connected (or worse, doesn’t exist on the utility co. side). This inspection was done in a part of the city I normally do not work in and have never come across this before. The second picture is of a neighboring home that looks okay to me. What do you guys think?

Thanks.

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I would be worried about the crack insulation

The neutral is wrapped (woven) around the conductors. It’s the “Chinese-finger-cuff” looking thing that attaches to the residence neutral.

Very common in the '50’s out here in SoCal. The deteriorated sheathing would definitely be a concern for me.

One of those, if you replace the deteriorated power conductors, the neutral connection would be taken care of as well.

Thanks guys for the input. Much appreciated.