On a three pin XLR, pin #1 is normally ground & mic cable shield. Pins #2 and #3 connect to the microphone element. With a balanced input both sides of the microphone are equally above ground potential. In a studio setting it's important which wire goes to which pin as multiple microphones need to be phased identically, likewise if we're working with an electret mic element using phantom DC power we'd make sure the polarity at the element is correct. Otherwise, either side of a dynamic or crystal mic can be considered to be 'ground' and that's what we'll do for an unbalanced mic input... Tie pins #1 and #3 together to 'ground' then consider Pin #2 as the 'hot' lead.
http://www.scotaudio.com/wiring.htm