As B-films go, PHANTOM RAIDERS is just a slight cut above a serial cliffhanger, the kind that the poverty row studios churned out in the '30s and '40s. Surprisingly enough, this one comes from MGM and has a certain gloss.
It's fast moving, neatly developed and, except for some unnecessary comic interludes, provides a satisfying look at the pre-WWII era. Nick Carter (Pidgeon) is assigned to find out who is blowing up cargo ships in Panama for insurance money. We learn early on that the culprit is the cruel and cunning Joseph Schildkraut, always one step ahead of the authorities until the very end.
Donald Meek has a rather annoying role as a bee-keeper who happens to be Carter's sidekick. His unlikely role is a departure from his usual "meek" roles but it becomes tedious after some comic interludes in a mystery that tries to blend corny humor with suspense. Thankfully, the good supporting cast includes Florence Rice, John Carroll, Cecil Kellaway and Nat Pendleton.
Not bad, but easily a programmer you can afford to miss. Obviously made before Walter Pidgeon became a big name at Metro via being teamed with Greer Garson in a series of successful films.