You are panicking for no reason. Water and electrical are often in the same chase.

extra panicky from that unsettling discovery.

Electricians had already been out & discovered a metal coat wire inside wall holding up non grounded outlet tied to gas line. 

Work of previous house flippers.

Thus panicky. 

Thank you!

Perhaps Will Smith is available to explain some things to the house flippers.

Seriously, I have no respect for flippers once it gets beyond paint / carpet / minor repair.

Here's the thing: A 1910 house is going to need just about everything. The plumbing is beyond its service life, as is the electrical. Usually the bad patches over the years just make it all worse. Even knob and tube wiring - as bad as that is - is not likely to start a fire until someone starts making splices and other changes to it.

If you are doing a kitchen or bathroom in an old house, do all of the electrical and plumbing in the room at that time. Don't keep any of it.

Emergency call? How many years has this situation existed with no problems?

• Do I make another emergency call to licensed electrician?
  (Outlets just installed are GFCI)

Just curious - did the licensed electrician install the GFCI outlets?

Agreed! 

All the electrical I thought was updated. Electrician just added a new panel as well. And an electrician added GFCi a few years ago. But a few months ago had electricians out when opened non-load bearing closet wall. They removed the outlet that was in middle of the closet wall (4ft up from floor & 24" over from outer wall) & they discovered the outlet was hanging by a metal coat hanger. That made me panicky about what I found behind the cabinet. 

I like getting all the structural things sorted first. Properly. By professionals. Thus was just surprised when I pulled away the small open cabinet to see the wiring + plumbing so close because since the 1970s house flippers this house has been slowly going through major structural updates: foundation, electrical, historic grade windows, gutters, siding, etc.

Now I finally get to do something aesthetic & have a functional kitchen! 

Thanks!