The Independent Smelting Company is being forced out of business through ore shipments being hijacked while on the way from the various mines. Ma Donovan, owner of the Elkhorn Mine, asks for help from Texas Rangers Tex Wyatt, Jim Steele and Panhandle Perkins. They learn from Frank Burke, manager of the smelter, that if he cannot get ore he will be forced to close, and the miners will have to do business with the Rio Grande Corporation owned by Dan Wakely. Joan Manning, owner of the smelter, arrives from the east, with her fiancée Paul Jackson and, acting on his advice, intends to sell the smelter to Wakely's company. At a meeting, with the Rangers present, Joan instructs Paul to prepare an inventory of the plant for the sale, and he remarks that it is practically bankrupt. Tex suggests that the miners use the remark by Jackson to declare it bankrupt and appoint a receiver. They do so and make Tex the receiver. This does not set well with Wakley or Jackson, who is working for Wakely to help him get control of the smelter, and they launch an all-out attack against the miners and the Rangers.