On a snowy February 14, Freddy learns his friend Mr. Boomschmidt ran out of money for his circus during the war years, when performances were restricted.

On a different matter, on Freddy's advice, the bank puts out cheese so the mice will not eat the money.

The canary turns out to be a chickadee dyed yellow; he gives Freddy enough information about Leo to confront Mrs. Guffin.

Soon they are earning good money toward restarting the circus, but Old Whibley the owl has a better plan: to rent a place for the town mice to stay the winter.

Freddy decides to stage a little theater, and the move into the new place is done in a parade with the pig leading as the Pied Piper.

Freddy decides to take the money earned and travel with Jinx and the circus animals to Mr. Boomschmidt.

To save Mr. Boomschmidt's pride, Freddy concocts a séance reading where the money he earned is discovered as hidden treasure.

There are 32 black and white, pen and ink drawings by Kurt Wiese, endpapers, and a full color cover, both depicting scenes from the book.

The New York Times (October 13, 1946) "If parents who have been forced to read the other twelve books aloud are a bit weary of Freddy's adventures, the children are certainly not.