Young Dan Reed is in his bording school and talks to his classmate about the Lone Ranger, and an adventure he had while out West.
Flashback to Tonto telling the masked man about being tossed into jail and overhearing stories about ghosts, and a haunted ranch.
The lone Ranger helps his friend Meg, and takes on the responsibility at her mustang ranch, as he plans to set a trap. Dan Reed continues to tell how he took part in solving the murders.
In disguise, and using himself as bait, is the Lone Ranger in danger of death? Will Tonto be blamed for the murders? Can it really be a ghost that forces ranch owners to be murdered with their own guns? Listen in and see if you can figure out this multi-layered mystery.
PS: Though the date is listed as being in 1933, I suspect this is a reperformance from a later date.