I have finally placed my first cache and a travel bug is apparently missing. I haven't checked it out myself but will do so soon. My question is: What do I do if the travel bug is missing? It happens to be one of the Jeep TB's. I don't want others going to the cache only to discover that it isn't there.

Once you are sure it is gone, as the owner of the geocache, you can mark Travel Bugs missing.

Be sure to be logged in to geocaching.com
Go to the geocache page.
Click on the bug link showing on the page.

On the right side of the bug page you will see a selection "Mark Bug missing". You use that

It doesn't cause problem for the bug, if someone has gotten it and just haven't had or taken the time to log it, they still can and the bug is automaticly marked as in their hands when they log it. But if it is really gone, it will not be marked as in any geocahe.

Thanks so much! I'll try to get out and check on the cache this weekend and do what needs to be done. I still have lots to learn, but that's ok because it's fun too.