In fact, as Boldak examines the elevator, it seems that his guess is correct. It does appear trapped, and, indeed, it appears that the elevator does not go down at all, but rather would crush any that step inside.
Boldak also notices, looking closer at the rags, that there is a pouch among them that doesn't look empty. The dwarf is able to snag the rags from the elevator easily enough. Inside he finds 35 gold, 15 silver, and a small red ruby.