- Shannon wants Hank Stoner's land for the vanadium ore it contains. He has chemist Wainwright, who can change the ore into gold, held prisoner. But the Frontier Marshals are on the job. Art and Bill have infiltrated the gang and are getting messages to Lee as to the gang's plans.—Maurice VanAuken <mvanauken@a1access.net>
- Frontier Marshal Lee Powell (Lee Powell) sends deputy marshals Bill Boyd (Bill 'Cowboy Rambler' Boyd) and Art Davis (Art Davis) to learn the whereabouts of scientist Wainwright (J. Merrill Holmes) who has been missing for months after developing a formula for manufacturing gold from the vanadium ore found on the land belonging to Hank Stoner (Al St. John, uncredited). They join an outlaw gang they suspect. Powell arrives in town to find that the sheriff (Karl Hackett) suspects saloon-owner Ace Shannon (I. Stanford Jolley) of being the brains behind the gang. The ranchers, led by Lee, gather together to resist the outlaw's attacks on them. Bill and Art tip them off on pending raids, and Shannon orders Mitchell (Charles King), his chief henchman, to get rid of Lee. The latter decoys Shannon to a ranch and starts breaking him down to get a confession. Art and Bill trail a shipment of chemicals to an old mine shaft where the imprisoned Wainwright, and his daughter Betty (Wanda McKay), are being held prisoners by Mitchell and other gang members.—Les Adams <longhorn1939@suddenlink.net>
- In Elkhorn, Marshals Art Davis and Bill Boyd go undercover and join up with an outlaw gang led by Mitchell, who believes that Art and Bill were framed by the Texas Marshals and kicked out of the service. Art and Bill participate in stagecoach robberies and raids with the gang, but soon complain because they were promised proceeds from a major gold deal but have not received them. Without Art and Bill's knowledge, Mitchell meets with saloon keeper Ace Shannon, who is the mastermind behind the gang, and plots to terrorize ranchers so that he can take their land, which he knows contains valuable ore. Later, Marshal Lee Powell rides into Elkhorn looking for a scientist named Wainright, who is noted for his discovery of a method for manufacturing gold out of a specific ore, and who disappeared several weeks earlier. Although the sheriff has not seen Wainright, he suspects that Shannon is behind the recent crime wave. In the saloon, Lee picks a fight and arrests Art and Bill, with whom he is secretly working. After some discussion, they all agree that there is a connection between Shannon and Wainwright. At Shannon's hideout, meanwhile, Wainwright has determined that the largest deposit of ore lies under Hank Stoner's ranch land. When Mitchell, under orders from Shannon, leads a raid on Stoner's ranch, Art and Bill refuse to participate on the premise that they are tired of the "penny ante" take. Instead, they secretly warn Lee, who has been hired by the ranchers to protect their land. Lee and the ranchers thwart the raid, and Shannon becomes desperate after further attempts to drive off the ranchers fail. One night, Lee sneaks into Shannon's office and finds saloon hostess Betty going through his desk. After they find a waybill for a shipment of chemicals, Betty admits that she is Wainright's daughter, and has been working at the saloon while trying to find him. An attempt on Lee's life by Shannon's men fails, and the next day, he and Betty follow Shannon to the hideout, where they find Wainright. Shannon demands the formula from the scientist, but Lee arrests the outlaw, having proven that he filed false mortgages and deeds on the ranch lands, and takes him to his campsite. After Art and Bill are captured by Mitchell, Shannon escapes from the ranchers, but the posse led by Lee arrests all the outlaws, and Lee, Art and Bill return to Texas.
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