Transmission fluid SHOULD be red. However, if it's the same color as the stuff that's coming out of your radiator, it's *possible* that the fluid cooler in the radiator has ruptured.

Change your tranny fluid (it's old anyway). If what comes out of your radiator turns from light brown to red, then there's your culprit.

__________________
A.S.E Tech A1,A6,A7,A8 & MVAC 609 + EPA 608

Unless stated otherwise, any question I ask is about my greymarket 1985 380SEL.