For his initiation into a club, Arnold attempts to steal a comic book from a store. When he gets caught, he and Drummond are shocked to learn that the comic is a collector's item worth $400 and he is charged with grand theft.
Arnold wants to join a "club" called the Barracudas with his old rival The Gooch, but to become a member, he is asked to participate in an initiation that Arnold knows he should not do.