Red Ryder convinces homesteaders to settle in Paradise Valley. Business men in nearby Central City want control of the valley and water supply and propose to build a dam for half interest in the land. They use Red to generate interest in the dam but when the dam is completed, they rig the stockholder's meeting so Central City will get the water.

• Republic Pictures
• Allan Lane
• Robert Blake
• Martha Wentworth
• Ann E. Todd
• Gene Roth
• Mauritz Hugo
• Emmett Vogan
• Milton Kibbee