More brake trouble

After a hiatus I am back at the brakes on my 75 Citicar.  As I mentioned earlier, whenever I applied pressure on the pedal, my right-front wheel locks solid.  Today I took a look inside my master cylinder.  The fluid looks a little yellow.  Also, I noted that the brake pedal travel is only about 1 inch.  That seems like it is wrong - is it?  Where shall I start with this?

The master cylinder


The brake fluid - looking down using a mirror


Locking wheels in action


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