Phantom Stallion plot
The guide Rex Allen travels to California, where Spaniards still own large ranches. Rex learns that his old friend Slim, from the military, now works for irascible old rancher Mike Reilly. Mike loses many of his best horses to a herd of stray horses. At least, that's what his cousin Claire Reilly and his foreman Gil say, who try to convince him. Claire thinks she is the rightful heiress to the Reilly Ranch and has her uncle's best horses stolen for sale. Red arrives just in time to save Mike's life, who is in danger of being trampled by the leader of the wild horse herd. Mike finds out that there are no horses of his among this herd and he then accuses Claire and Gil of stealing his horses. Mike wants to fire Gil, but Gil overpowers Mike and has his horse trample him. Gil then blames the leader of the wild horse herd, but Rex discovers that Mike has been killed by a horse that has been shoed in horseshoes.