Frank and Joe Hardy were driving along on their motorcycles one pleasant afternoon when a roadster driven by an apparent madman almost ran them down. The event happened so fast that all the boys noticed was the drivers's bright red hair. Later, that same red-haired driver attempted to rob a ferry boat office, and successfully made off with a yellow roadster called Queen from the Hardys' friend, Chet Morton. Since one witness reported that the villain had dark hair, the Hardy Boys assume The man was wearing a red wig when they saw him.

When the boys hear a report that there has been a robbery of forty thousand dollars in securities and jewels from the Tower Mansion owned by siblings Hurd and Adelia Applegate they decide it's time to follow in their father's footsteps and become private investigators.