Three friends, John Martin, Carson Rand, and Bart Benson, board a plane, bound for San Francisco. A newspaper photographer takes their picture. The plane crashes, killing everyone onboard. The ghost of Carson Rand haunts Edgar Wright, demanding Wright reveal certain documents, being used for blackmail. The Phantom Stranger appears, and beats the "ghost" away. As mysteriously as he appeared, the Phantom Stranger disappears.
The ghost of Bart Benson rides Roughneck, a bucking bronco. The Phantom Stranger appears, and reveals that all is trickery. The ghost of John Martin appears, bent on murdering Margo Phillips. The Phantom Stranger appears, and physically restrains the "ghost". Martin's ghost is revealed to be Matt Wright, Phillips' co-worker. Wright was caught, by Phillips, skimming funds from a night club's profits. Hearing of the deaths of the three men, Wright, from Martin's letters, learned their current goals, and emulated them as their ghosts, to throw the police off his trail, once he murdered Phillips.
Wright is turned over to the authorities. Phillips recognizes the Phantom Stranger from the newspaper photograph taken of the three men, shortly before the plane took off on it's doomed flight. In the photograph, the Phantom Stranger is sitting behind them. Phillips, looking up from the picture, turns to ask how the Phantom Stranger could have survived the crash. The Phantom Stranger, though, has already disappeared.
Taking a wrong turn, in the fog, Neal Hunter enters a house, looking for directions. The owner of the home has been expecting Hunter, waiting for him with a knife behind his back. The Phantom Stranger appears, and prevents Hunter from being murdered. Suddenly, the lights grow dim, and the house becomes aged, and dilapidated. Hunter succumbs to the scent of a drugged candle. The owner, impersonating the magician Robart, reappears. Following the instructions of an ancient tome, this man believes he can gain immortality by murdering others.
"Robart" battles against the Phantom Stranger. The very walls of the house revolve, returning the room to it's former pristine beauty. 'Robart" escapes behind the walls, with Hunter. Using a small acetylene torch, the Phantom Stranger burns through the wall, to confront "Robart". Wielding a sword, "Robart" attacks the Phantom Stranger. Driven backwards, "Robart" is tricked into electrocuting himself, when a wild swing of the sword strikes some live wires. The Phantom Stranger escorts Hunter back to his car, then disappears.