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Making a sign? I'm declaring the creek back in the woods 'Calvin's creek.' When you discover something, you're allowed to name it and put up a sign. But suppose you didn't discover that creek. Of course I did! Nobody else has a sign there, right?
Calvin is making a sign declaring the creek back in the woods 'Calvin's Creek'. He informs Hobbes that when you discover something, you can name it and put up a sign. Hobbes wonders what happens if you didn't really discover it. Calvin says that he did discover it because there isn't any other sign at the creek. When they arrive at the creek, there is already a sign. The sign reads 'Hobs Crk', as Hobbes rolls his eyes and tries to look innocent.