While Dan, Jim, and Steve rustle brood mares from Colonel Van Horn, they blame the loss on a phantom stallion, and the colonel offers a large reward for the horse–dead or alive. Jack Saunders, a new hand, persuades Van Horn through his daughter, Mary, to reward only the capture of the live horse, and he later finds evidence that the source of the trouble is two-legged. Using Mary’s horse as bait, Jack captures the phantom horse, finds the stolen herd, and effects Steve’s confession More on Wikipedia
Watch Phantom of the Desert (1930)