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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