As usual, Beaver and Larry are hanging out with Wally and Wally's friends, but as usual, Beaver and Larry aren't allowed to play baseball with them. But the guys all ask Beaver to mind their wallets and watches, a task that Beaver relishes until at the end of the game when all but one item is returned to its rightful owner, that one item being bully Lumpy Rutherford's $15 watch. Lumpy gives Beaver a 48 hour ultimatum to return the watch, the $15 or else he'll call the police to have Beaver arrested. Beaver doesn't tell either Wally or his parents of his predicament, his father who has already lectured Wally on an issue of responsibility. And Ward later speaks to Beaver in general about what happens to people who lose other people's property, not knowing why Beaver is asking. So Beaver does whatever he can to get the $15. But when both the watch is found and those in authority find out about the issue between Beaver and Lumpy, Ward and June come to a better understanding of the fears of children.
—Huggo