Carter Slade arrives in Boston from a long journey on his horse Banshee. The entire town fears him and whispers about him behind his back. This is his curse. They talk about his disfigured face and his deals with the devil. He retreats into a Saloon/Inn in the middle of town. A small group of spectators watch him as he goes in. That was part of the curse too. Everyone knows him. They fear him. Especially his family. Especially his son.
Across town, Dr. Amadeus Malus answers a summons from Detective Brooks of the Brooklyn Police Department, to provide psychological consultation with regard to a recent string of murders. Unfortunately, Police Chief Brunder is on the scene as well, and takes less kindly to Malus's early theories on psychology than the detective.
The murder victim is a prostitute, and at each crime scene, the word "fear" is scrawled on the wall in another language with the victim's blood. In this case, the word is the latin "metus." Malus suggests that it is in the killer's nature to facilitate fear - and as yet, he has been quite successful. From the doorway, a voice suggests that perhaps the killer is afraid that he won't be caught. It is the voice of the Phantom Rider, who has been hired by the detective as a bounty hunter, to help catch the Boston Butcher. The Phantom’s demeanor and attire frighten the Chief and he attempts to throw the Phantom and Dr. Malus out of the room. However, Malus proposes that he and the Phantom conduct a separate investigation together, and present their findings to the police. The Chief begrudgingly agrees.
While the Dr. Malus and the Phantom Rider investigate the scene. Rider makes the remark that whoever had done this must have been really smart. A learned person. Malus agrees. He would have to be to write fear in all of these languages.
Later, Malus and Phantom head to a bar in one of the seedier parts of the city. After some coaxing Phantom Rider phases into the building and uses his invisibility until he spies Belle, a prostitute that he knows. He phases into the room and attempts to question her, but the man she's already with doesn't take kindly to his presence, and the resulting brawl is violent. From afar, Malus makes speculation as to what kind of history could lead the bounty hunter to such lifestyle. The Phantom Rider comes out relatively unscathed, ripping a gash across the chest of the man, who submits. He then returns to his line of questioning.
Belle reveals that the killer is not known by name or face, but all the prostitutes know that he exists. The killer was seen taking his last victim on a carriage. He was a slender man. Malus takes the information and retires. The Phantom Rider gets back to his room and collapses he is confronted by Mephisto. Mephisto warns the Phantom personally to stay away from this case. The Phantom Rider scoffs and turns his back on Mephisto. Who then reminds him of his promise. The Rider nods.
He is given a rude awakening when Detective Brooks and Dr. Malus arrive at his door with news of another murder. This time, the victim is Belle. At the crime scene, they arrive to find the girl strung up from a girder with her face disfigured. On the wall behind her is written "Phantom Rider Leave Boston." The bounty hunter takes it personally.
Two days later, Malus muses further on The Rider’s psychological profile, having witnessed the man carve a trail of blood through Boston, following clues to the killer's identity. Their mutual conclusion is that there are at least two men involved in the killings, one a man of wealth and intelligence, and the other being his helper, a strong man of limited intelligence.
That night, the pair of them attend a charity event being held by Mayor Dolan, hoping that they will encounter the killer there. Upon their arrival, Chief Brunder sees them and embarrassed, he tries to shoo them away. Brunder is interrupted by the mayor, who invited Dr. Malus in the first place, and is intrigued to meet The Rider.
Abruptly, The Rider decides it's time to leave, and drags Malus behind him. The psychologist protests, pointing out that they had likely found the killers. Warily, The Rider points out that nearly all of the attendees at the party are wearing the rings. He explains that it means that things are about to get a lot more dangerous for them.
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