(Exciting Comics 002, 1940)
The Specter is actually Harmon, foreman of the Diamond D Ranch, who dresses up like the ghost of a KKK member and kills people with a fanged ring to simulate rattlesnake bites. It's never explicitly stated but he seems to be trying to drive away the owners of the ranch so that he can take full control of a secret gold mine that only he knows about. Or maybe he's just killing off anyone who gets too nosy? He doesn't seem to be doing a fake haunting, despite his outfit... it's all pretty ambiguous.
Harmon/the Specter may be okay at being a sneaky murderer but he's a terrible secret gold mine owner. The US Treasury Department gets suspicious of all this new gold hitting the market and sends geologist/masked vigilante Jim Sanford, aka the Masked Rider, to check things out, and while you might be able to have a secret gold mine under the noses of a bunch of ranchers, you just try to do that with a geologist sniffing around. Once he shows up the Specter is quickly laid to rest.
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