As stated already, it is most likely for christmas lights or something of that nature. May have a switch in the house for it somewhere, or was put in when the house was built, and a switch never installed. You may find the cable feeding the outlet in your basement/crawlspace/attic?
The configuration you speak of is common for that era of home. The house I grew up on had a lot of them, The earlier wiring methods did not utilize a Equipment Grounding Conductor (EGC) as we do today.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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