Hooking up dryer outlet for existing 3 prong

[jesse29]

Im replacing my dryer outlet, older house (1950's), 3 prong, has three wires red white and black, should there be a ground as well?

[HayZee518]

dryer

there should be a bare ground wire in the romex cable. red and black go to the outside terminals, bare goes on the L shaped terminal and the white goes opposite this terminal.

[Speedy Petey]

The "L" shaped terminal of this receptacle is the NEUTRAL. The white connects to this, NOT the ground.
Older 3-wire dryer receptacles omitted the ground (the neutral served both purposes). If a ground is present connect it to the box (if metal) or just fold it back in the box (if plastic).