| Issue | #38 |
| Published | August 1951 |
| Frequency | monthly |
| Cover Price | 0.10 USD |
| Pages | 52 |
| Editing | ? |
| Characters | Lone Ranger; Silver (horse) |
| Synopsis | The Lone Ranger and Silver jump through the side rails of a wooden bridge. |
| Genre | western |
| Pencils | ? (painting) |
| Inks | ? (painting) |
| Colors | ? (painting) |
| Reprinted | in Lone Ranger, The (Gold Key, 1964 series) #3 (with different logo) |
| Synopsis | Facts about the U.S. Cavalry. |
| Genre | western; fact |
| Notes | Inside front cover; black and white. Half art, half text. |
| Characters | Lone Ranger; Tonto; Silver (horse); Scout (horse) |
| Synopsis | An old prospector helps The Lone Ranger find "The Ghost Gang," which is hiding out in an abandoned mine under a ghost town. |
| Genre | western |
| Script | Paul S. Newman |
| Pencils | Tom Gill |
| Inks | Tom Gill |
| Notes | First original Lone Ranger story in this series. Script credit from Robin Snyder, taken from Paul S. Newman's personal records. |
| Characters | Lone Ranger; Tonto; Silver (horse); Scout (horse) |
| Synopsis | Red Wilkins and Mayor Barnes conspire to close down a newspaper in Faro. |
| Genre | western |
| Script | Paul S. Newman |
| Pencils | Tom Gill |
| Inks | Tom Gill |
| Notes | Script credit from Robin Snyder, taken from Paul S. Newman's personal files. |
| Characters | Wolf Brother; Prairie Rose |
| Synopsis | Fleeing a Sioux war party, Pawnee Wolf Brother and bride-to-be Prairie Rose take refuge on a rocky butte before a buffalo stampede scares off their enemies. |
| Genre | western |
| Script | Gaylord DuBois |
| Pencils | Jon Small |
| Inks | Jon Small |
| Letters | typeset |
| Notes | Text story with two illustrations. Second in a continuing storyline. Script credit from Robin Snyder, taken from Gaylord DuBois’ personal files. |
| Characters | Young Hawk; Little Buck; High Cloud |
| Synopsis | A flood on the Mississippi causes part of the bank Little Buck is standing on to cave into the river. Young Hawk must rescue him and the two float downstream on a tree before being rescued by High Cloud. |
| Genre | western |
| Script | Gaylord DuBois |
| Pencils | Jon Small |
| Inks | Jon Small |
| Notes | Part of a continuing storyline. Script credit from Robin Snyder, taken from Gaylord DuBois' personal records. |
| Letters | typeset |
| Notes | Subscription form for Lone Ranger comics. No art. |
| Reprinted | from Lone Ranger, The (Dell, 1948 series) #17 |
| Characters | Lone Ranger; Tonto (cameo) |
| Letters | typeset |
| Notes | Inside back cover; black and white. Promo for subscriptions to the Dell Lone Ranger Comic. Premium is five free Lone Ranger pictures. |
| Reprinted | from Lone Ranger, The (Dell, 1948 series) #35 |
| Genre | animal; fact |
| Pencils | American Museum of Natural History, N.Y. (photograph) |
| Inks | American Museum of Natural History, N.Y. (photograph) |
| Colors | American Museum of Natural History, N.Y. (photograph) |
| Letters | typeset |
| Notes | Back cover. Horizontal color photograph of a “wapiti” (the Indian name for a large elk-like animal) diorama “courtesy of the American Museum of Natural History, N.Y.” with a few lines of text below. |