When a movie lets out later than expected, Arnold and the gang have no choice but to take the subway home. Though they are worried about going into the subway after dark, Arnold convinces them everything will be OK. Then the adventure really begins. Arnold and the gang set out on a quest to find the hidden treasure of the mysterious "Wheezin' Ed" on Elk Island. They recruit a salty old sea captain to ferry them to the island where they find themselves pitted against a couple of penny counterfeiters hiding out in the island's caves.
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