4:32 is pretty solid. Consider the following:
The old tracks were 440 yards, not 400 meters. So, that adds roughly two seconds to the total time right there.
Next, kids generally had a lot less available time for training at that point in history. Lots of chores had to be done. A few coaches were smart about distance, many others not so much so.
And then, there was no such thing as synthetic tracks. You ran on dirt or cinders. The inside lane of most old tracks tended to get very ground up and loose. That was true of both dirt and cinder tracks. It was almost always faster going on the lane line or out a little into lane two. If you're running in lane two, add another 1.5 seconds per lap. If you're running on the lane line, maybe another second per lap or so. Sometimes, though, the lane line was loose, too, and the extra material ground out of the middle of lane one tended to accumulate at either side of lane one.
For really big meets (like maybe a state meet) they'd wet down and roll the track. If that was done properly, you generally had a pretty good surface to run on unless it was late in the day. In that case, lane one was typically pretty well churned over again.
A little history for you.