A 3 prong dryer outlet is going to have two hots and a ground if it is any standard dryer outlet. A 4 prong will have two hots, neutral, and ground.
The only difference is semantic and in some cases the ground conductor is allowed to be smaller than the rest. Ground is only for emergency current return when things spring a leak, neutral's the service return conductor.
It's a super old dryer 10-30p without a ground.
I read if there's anything else on the circuit using it as a return it can charge the case of your welder.
Interesting, I have never seen H/H/N instead of H/H/G on a 3 prong.
And yes, that is correct. If something is using it as a neutral, there will be somewhat of a voltage drop from ground to the actual ground the rest of the house uses and all water pipes, etc. Unless the current is ridiculous or the wiring is crap it will probably only be a couple volts, but it will be there.
Depending on how old your house is by code the dryer circuit "should" be dedicated. If it's a 30 amp circuit chances are it is in fact dedicated. Just don't use the dryer and welder at the same time.
I am not disputing, but I would like to see the H/H/N set up my self as I never have seen it that way. Especially in a house where Romex is the primary means of electrical delivery. All the same, the panel neutral/grounds SHOULD be bonded together anyway. All the same, it will be fine.
NEMA 10 devices are a curious throwback to an earlier time. They are classified as 125/250 V non-grounding (hot-hot-neutral), yet they are usually used in a manner that effectively grounds the appliance, though not in a manner consistent with most modern practice.
As commonly used, 10–30 and 10–50 plugs have the frame of the appliance grounded through the neutral blade. This was a legal grounding method under the National Electrical Code for electric ranges and electric clothes dryers from the 1947 to the 1996 edition. Since North American dryers and ranges have certain parts (timers, lights, fans, etc.) that run on 120 V, this means that the wire used for grounding is also carrying current. Although this is contrary to modern grounding practice, such installations remain common in the United States and are relatively safe, because the larger conductors used are less likely to be broken than the smaller conductors used in ordinary appliance cords, and the current carried on the neutral conductor is small.
Make sure you're getting 230.Use your tester on both hots and see if that gives you 230. If not try to reset the breaker by turning it off all the way(some older ones have to be pushed back to reset it) then turn it back on and make sure both are turned on.
Then test again for 230