His search lasted from 1934 to 1936, when he helped arrange for New York University engineering professor Edwin Hamilton to take over. Hedden bought the east end of the island in 1935 and attempted to drain the so-called Money Pit with a pump. His discoveries during the search included finding an inscribed "H + O" stone, believed to be Knights Templar related, at Joudrey's Cove in 1936.
His investigation took place from 1934 through 1936, during which he facilitated Edwin Hamilton, a New York University engineering professor, taking over. Hedden purchased the eastern portion of the island in 1935 and attempted to pump out what was called the Money Pit. His discoveries included an inscribed "H + O" stone at Joudrey's Cove in 1936, which he believed might be related to Knights Templar.