Based on a true story. Three greedy capitalists, a land baroness, banker and politician, flood a Vermont farming valley to create a lake resort. Ten years later, following a severe blizzard, the three perpetrators are left stranded in nearby Ramage House and the vengeful spirits of the town are woken.

An irresponsible preppie, Preston West, is presumed to have murdered his parents for a sizable inheritance, so he flees to find the real killer, Phantom 13, a crazed freight train hobo. Riding speeding boxcars, Preston encounters hostile train yards, vicious railroad cops, hidden hobo jungles, mysterious Lacy, the notorious Baron and his colorful Hobo Gang. In a surprise ending, Preston finally confronts Phantom 13.