Louis -

What was the red wire hooked to before? If nothing, then it perhaps was
run to feed an additional future circuit, but that's unlikely. Another
guess is it could have at one time been a 220v outlet, changed later by
someone to a 120v.

Is there a seperate ground (bare) copper wire?

If so, cap the red wire, shut off and put some elec tape over the
breaker connected to the red wire, or label it such that you don't turn
it back on later. (If the red and black wires are connected to a single
breaker, then this was at one time a 220v circuit - I'd recc you call
an electrician as the breaker needs to be pulled and replaced with
seperate individual ones.

Then hook the bare wire to the ground screw, black wire to brass screw
(right side, as viewed from the front), and white wire to the silver
screw (left side).