Phantom of the West (1930): The Stairway of Doom

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Fifteen years after the murder of his father, Jim Lester (Tom Tyler) has a chance run in with escaped convict Francisco Cortez (Frank Lanning), the very man convicted of the crime, who swears he's innocent, and claims that one of seven men in the town of Rawdon is really the trigger man. Cortez makes his way to the town to confront the seven, with Lester following closely on his heels, hoping to get to the bottom of the mystery. Arriving in Rawdon, Jim meets The Phantom, a shadowy figure leading a mysterious band of masked horsemen known as the Night Riders, who has been sending threatening notes to the same seven men, but whose identity is unknown. Jim also meets Cortez' daughter (Dorothy Gulliver), but is not sure what part she plays.
Chapter 2 of the saga.