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Sprint derailleur help needed

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Is your pivot bolt to tight and the derailleur fixed in one position? The whole derailleur should also pivot on the hanger. Can't tell in your pics, but the jockey wheel cage is in a different position in each pic but the derailleur itself did not move.
I vote for an overtight pivot bolt also.or it could be jammed somehow.

The pivot bolt was too tight, I cracked it loose and I can pivot the derailleur by hand. It still stays in the same place while shifting through the gears and I still can't shift into 1st. It has a little stop on it where it can't pivot toward the front of the bike, only toward the rear. I tried to manually pivot the derailleur rearward to see if it would shift into 1st, and it still just pulls the cage horizontal, starts binding up and won't go into 1st gear.
Maybe I need a 114 link chain?

20180712_074141.jpg
 
The Corvette 5 and early road bikes with a 25T first gear uses a 112 link chain. Your running three more gears on the large sprocket so a longer chain might fix the problem. Did you try to adjust the limit screw to see if that did anything? The low gear adjusting screw on the bottom of the derailleur.

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The derailleur has pivot stops so don't force it.

5 speed parts 2.jpg
 
Pretty sure I already adjusted the limit screw, but I will double check. I will try either adding some links, or get a longer chain, and see if that makes a difference.
 
How long is your chain? I ask because the chain appears to be far too short. From some Schwinn bulletins I have a 1970 and later 5-speed Collegiate chain should be 57" (114 links) long, however that bike had a 14-32T freewheel while the '69 and earlier Collegiate came with smaller 14-28T cogs. The 1970+ Suburban 5-speed had the same 14-28T freewheel as the '69 and earlier Collegiate and that bike had a 55" (110 link) chain. Yours should probably be close to that.

I counted the teeth and first gear is a 32T cog. Thinking someone either switched out the wheel or freewheel at some point and didn't use a longer chain. Thinking 114 links might solve the issue.
 
You have a 32 toofer!!? That's probably pushing past the limits of that short cage derailleur too.
 
Update, I ended up adding 4 links to the chain, and it now shifts properly through all the gears. A big thank you to all that helped me figure out the problem!
 
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