Iola's purse is stolen, and Frank and Joe track the suspected thief onto Silas Applegate's property. They spot Silas' plumber and hired hand before Silas comes out and orders them off the property.
The boys find a stash of stolen items from the community in Perry's living quarters. Though he is innocent of the thefts, Perry runs away to avoid capture by the police, when Joe stumbles upon his hiding place and learns the truth.
The Boys follow Boles back to his apartment but what they see from there leads them to deduce the location of the hidden treasure and bring the case to a conclusion.