Joe Harris, preparing a eulogy for popular radio commentator Herb Fuller, finds that nobody has a good word to say about him.

An eccentric millionaire and his grandchildren are embroiled in the plights of some forest gnomes who are searching for the rest of their tribe. While helping them, the millionaire is suspected of being crazy because he's seeing gnomes! He's committed, and the niece and nephew and the gnomes have to find him and free him.

Beleaguered professor Ned Brainard has already run into a pile of misfortunes with his discovery of the super-elastic substance "Flubber." Now he hopes to have better luck with a gravity-busting derivative he's dubbed "Flubbergas." Ned's experiments, constantly hampered by government obstruction, earn the consternation of his wife, Betsy. But a game-winning modification to a football uniform may help Ned make the case for his fantastic new invention.