From my point of view, the most interesting aspect of this cartoon is that Fred "Tex" Avery is listed as one of the artists who worked on it. Otherwise, there's nothing terribly good or bad about it. It's done without dialog and there's some enjoyable animation and a few good gags, but it isn't anything special.
The premise here is that a stork is flying into Fairy Tale Land with a less than welcome bundle. Oswald spots it and races ahead to give various animals warning. The best bot in here is a turtle serving as a taxi after Oswald starts his engine.
Oswald successfully warns an old bird and a family of squirrels before the stork drops a load of bugs on the Old Woman Who Lived In a Shoe and they become here "children". There's a nice bit of animation showing the old lady dancing.
Cue next menace-a puppy which is huge compared to the other characters. A fondness for chewing shoes is established before he spots the old woman's shoe. Oswald tries to save the shoe by calling help by blowing his whistle, but the dog eventually chews up the shoe. Oswald ultimately saves the day in a novel fashion.
This cartoon is available on DVD, Lantz Studio Treasures Starring Oswald, which was produced by Thunderbean. The DVD is well worth getting and this cartoon is worth watching.