"Beware of the water devil." That was what the editor said to the star reporter as he sent him off to Florida to investigate the mysterious water denizen that was causing a panic among the residents on the shores of Crystal Lake. The reporter laughed; he was not a bit worried about the water devil, for his assignment was taking him to the spot where his sweetheart lived and where he suspected a great treasure in gold bullion that had been stolen from her father was buried. Four crooks had stolen the gold from the mine of his sweetheart's father in Mexico and had carried it by boat to Florida, where one of them had double-crossed his pals, marooned them on an island in a lake, buried the gold and went north, expecting to join his wife and disappear with her, returning to Florida later for the gold, but the other crooks got away sooner than he expected, followed him North and besieged him in his own house. Cut off from all help, he wrote a note to his wife.