World Adventurers Club – Pancho Villa’s Treasure. ep3, 1932.

A story of adventure involving Poncho Villa in the Sonora region of Mexico. Our adventurer tells how he left his home in Michigan to search for Pancho Villa’s’s treasure. Ride along to join the confrontation with the famous Mexican revolutionary. Gun battles, damsels in distress, rescues, escapes, and bravery. Will the treasure be found? Not today.

PS: though these are undated episodes, judging from the song near the beginning, my guess is that this one aired during the Christmas season.