Christopher Crumpet has an imaginary elephant for a playmate. Christopher's father begins to see the elephant. Mr. Crumpet reveals this to his co-worker, Mr. Bilgewater, who quickly plays office politics by telling their boss that Mr. Crumpet is crazy. The boss has recently awarded Crumpet a junior partnership, which Bilgewater thought he had deserved. The boss visits the Crumpet home, and finds that Crumper does indeed see his son's imaginary playmate. But instead of taking the junior partnership away from Crumpet, he makes him a full partner. The boss himself has an imaginary hyena.