Today I bought a 1974 Schwinn Speedster on craigslist. It is super clean and the seller said it shifts perfectly. I bought it and stopped on the way home for a ride and took some pics. It shifted and rode perfectly. When I got home I rode it again and when I shifted into 2nd gear it spins freely like the chain is off. I added about a thimble of oil through the oil tap and oiled the tiny shifter chain, letting it run into / towards the hub. Is this a common defect? A friend of mine told me a while back that he lost his second gear but didn't really say it free spins. Thanks for any advice. I can fix anything but would like to know what I'm getting into. Thanks, Mick