Herman is worried that Eddie is not home from school yet. Eddie is outside with a friend. The friend is very critical of parental control and says he is going to run away tonight. When Lily tells Eddie to come in and help set the table Eddie sees what he means.
Eddie tries to get in trouble at the dinner table but ends up leaving the table because no one will be strict with him. After dinner, Lilly, Grandpa and Herman are singing to an old song when Marilyn comes in and tells them Eddie is planning to run away. Herman says it is just a phase Eddie is going through. Everyone goes into the kitchen while Herman talks to Eddie (big mistake there!). Herman ends up letting him go figuring he will be right back. Which of course he does not (else there would be no story!).
When Eddie does not return everyone gets on Herman about it after they find a note from Eddie saying he is running away to the woods. Lily insists Herman go get him.
Eddie shows up at the house of his friend Charlie to run away with him. Charlie tells him he is not allowed out after dark! Meanwhile, Herman is looking in the woods for Eddie. At the same time some show people are looking for an escaped bear named Olga. Grandpa cannot find Eddie on his crystal ball.
Herman stumbles onto a cave where the bear cub of Olga is sleeping. Mistaking the cub for Eddie, Herman wraps it up and takes it with him. He arrives home saying he has found Eddie. Lily tells Herman that Eddie came home hours ago. It is then that Herman realizes his mistake. Lily tells him to put the cub back. Grandpa recognizes the cub as the one he saw in his crystal ball.
Herman returns the cub to the cave only to encounter Olga. Herman tries to "talk" his way out of the cave. Olga becomes friendly and Herman follows her out of the cave. Olga acts more human than a bear. Lily is worried when Herman does not come home and she and Grandpa go out after him. They find Herman and Olga dancing! Lily chases Olga up a tree and scolds Herman all the way home. The show men show up after they leave and talk Olga down out of the tree.