We have bled the brakes at least 4 times and they are still spongy. It is a 1938 ford with a frame mounted master cylinder and discs front and back. GM Calipers on Front, Speedway Ford on Rear. Used a Phoenix bleeder to get rid of air. Using Dot 5 fluid.

If no fluid is "leaking" from the brake lines (inspect visually) then the brakes should be bled with this method: Use 1/8 inch 2 foot long hose from parts store and attach the hose from bleeder valve ball on the brake caliper to a bottle partially filled with brake fluid. The end of the hose in the bottle must be submerged in some clean brake fluid in the bottle. With a second person holding the brake pedal to the floor, slowly turn bleeder valve counter clockwise (loosen tiny bit) with wrench and watch for dirty brake fluid to create bubbles in the bottle. When bubbles start, quickly tighten bleeder valve back to tight. Second person should lift foot, pump and then while valve is still tight should push the pedal to the floor again and THEN you again open bleeder valve slowly turning counter clockwise and watch for bubbles. Repeat until no more bubbles can be created in the bottle where the hose is submerged. Move to next caliper and repeat. For a firm brake pedal you will need to repeat this on all four calipers.