This is a cartoon in the Gandy Goose series produced by Terrytoons. There will be spoilers ahead:
Terrytoons often repeated basic ideas and plots in their cartoons and I swear I've seen another variation of the "Chicken Little" tale from Terrytoons, though I can't for the life of me remember the title just now. This one's cute but rather mundane.
Gandy is reading a book on the end of the world (written by "U.R. Dunn) when a few drops of rain fall on his head. Given that Gandy isn't the shiniest pebble in the pond, he immediately decides that the sky is falling. That he gets four other animals to buy into his delusion is proof that they aren't all that swift themselves.
The five set off to tell the king of the impending "disaster". They're briefly sidetracked by a Russian-sounding wolf who tries to turn their foolishness to his advantage, but he winds up knocking himself out and the group wind up at the castle. There's a nice little bit with a couple of musicians at the castle (probably the best part of the short) before Gandy relates his story to the king, who doesn't believe a word and turns Gandy over to the learned men of his court.
After a chase sequence composed largely of sight gags which are quite old-hat, the king loses his temper and Gandy is jailed. A storm comes up and caves in part of the castle roof, convincing the king Gandy was right. Gandy is released and appears to calm the storm and become a hero. I won't spoil the ending, which is cute.
This cartoon is worth watching once.