I found this summary on Internet. Please rephrase this paragraph.
Soon after Bilbo and the rest of the dwarves escape the spiders, they are surrounded by a company of wood elves and brought blindfolded to the Elvenking’s halls. Bilbo, still wearing his ring, remains undetected. The other dwarves are brought before the king and questioned. Like Thorin, they refuse to reveal their plan to reclaim the treasure from Smaug for fear that the elves will demand a share. Also like Thorin, the dwarves are thrown into the dungeon. Meanwhile, Bilbo, having followed the captured dwarves, walks invisibly through the halls, whispering to the dwarves in their cells and plotting an escape. The elves exchange goods with the men of Lake Town via barrels that are floated on a river that flows under the elves’ dwelling. Empty barrels are sent floating back down the river from a storeroom. In the storeroom, Bilbo catches a guardsman napping. He steals the guardsman’s keys, frees the dwarves, and puts his plan into action. He helps pack each dwarf into an empty barrel just before the elves return and shove the barrels into the river; then, still invisible, he hops onto an empty barrel. The trapdoors open and the dwarves speed out along the river toward Lake Town.