
The Lone Ranger was budgeted at $160,315 although the final negative cost was $168,117 (a $7,802, or 4.9%, overspend). After apparently ordering all prints of both Republic serials to be destroyed to prevent further exhibition, Trendle took with him the Ranger's origin story as presented in the serial, and rights to the serial's music, both of which were later used on the radio and other media versions of the character's adventures. A similar approach was taken with The Masked Marvel (1943).Īfter the second Lone Ranger serial, which featured Robert Livingston as the title character, who appeared in a mostly unmasked state, George Trendle decided to dissolve his relationship with Republic and offer the property to another studio. Republic was notorious for making changes in its adaptations, the worst case of which was Captain America (1944), Prior to the reveal, the audience had been presented with several candidates who may have been the Lone Ranger but only one survived to the end. However, he could not prevent it as the contract gave Republic Pictures the right to do whatever it pleased with the character. Trendle objected to Republic's plans for the serial.
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Prior to this the issue was confused by two voices for the Lone Ranger (mainly Billy Bletcher but with Earle Graser from the radio series providing the signature cry of "Hi-Yo Silver") and his stunt double (Dave Sharpe). Republic planned that the Lone Ranger would unmask in the last chapter, revealing himself to Joan Blanchard (Lynn Roberts) as Allen King (Lee Powell). There was some disagreement between Republic and Trendle but the contract gave Republic authority over the script and characters.
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were paid $18,750 plus 10% of any rental share above a $390,000 minimum. Trendle for a Lone Ranger serial, and the right to release a condensed version, was signed in June 1937.
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as Abraham Lincoln, assassinated President of the United States (scene deleted from serial release, only appears in feature version "Hi Yo Silver")

George Cleveland as George Blanchard, emissary from Washington.Stanley Andrews as Mark Smith, former Captain in the Confederate Army working under the identity of the murdered Colonel Marcus Jefferies, State Finance Commissioner.Lynne Roberts as Joan Blanchard, George Blanchard's daughter.George Letz as Jim Clark, a Texan fighting against Smith who may be the Lone Ranger.Lane Chandler as Dick Forrest, a Texan fighting against Smith who may be the Lone Ranger.Herman Brix as Bert Rogers, a Texan fighting against Smith who may be the Lone Ranger.Hal Taliaferro as Bob Stuart, a Texan fighting against Smith who may be the Lone Ranger.Chief Thundercloud as Tonto, or "Wild One" in Native American language.Lee Powell as Allen King, a Texas fighting against Smith who may be the Lone Ranger.Together, they operate as an effective team attempting to end Smith's rule. One of these five, Allen King, Bob Stuart, Bert Rogers, Dick Forrest, and Jim Clark, actually is the Ranger, but only Tonto, and the other four Texans, know which one it is. Smith, through a henchman, has narrowed the field of suspects down to five specific members of the resistance. When he is not operating as the Ranger, he appears under an assumed identity as one of a group of Texans resisting Smith's rule. The survivor, nursed back to health by Tonto, swears to avenge the massacre and defeat "Colonel Jeffries" and his men. The Rangers are apparently wiped out, although one injured survivor is left. When a contingent of Texas Rangers enters the territory, Snead, one of Smith's men, leads them into an ambush by Smith's "troopers".

In one of his first actions, he captures and assumes the identity of Texas' new Finance Commissioner, Colonel Marcus Jeffries, after having the real man murdered. In 1865, Captain Mark Smith of the Confederate Army leads a band of deserters to conquer Texas and rule it as a dictator.
