The Adventures of the Masked Phantom (1939)

Barton's mine foreman is receiving gold bullion from gangsters in the East, putting it through the mine's smelter, and then shipping it out. When Barton finds out, Murdocks men make him a prisoner. Arriving at the same time, Alamo hears the story of the Masked Phantom and then becomes that Phantom fighting Murdock and his men and attempting to find Barton.