Our story begins with Spider-Man stopping in on the
recently released Ringmaster and his Circus of Crime! Spidey warns them not to
try pulling anything like they did last time (referring to ASM #16), while
slyly placing one of his spider tracers on the Ringmaster’s hat. Satisfied that
he can now track them any time, Spidey departs. Unluckily for Spidey though,
the rest of the Circus has become disillusioned with the Ringmaster, with
Princess Python suggesting that the Clown should be their new leader! They toss
the Ringmaster out, humiliated, as they plan their next moves. A few days
later, Liz Allan asks Peter to walk home from school with her but Peter
declines, knowing that he’ll soon encounter Betty Brant, who finally gives Pete
the chance to explain their misunderstanding with Dorrie Evans from last issue.
Betty then tells Peter about an art exhibit she has to be at, hosted by
J. Jonah Jameson, and invites him along.
At the exhibit, Peter seems less than enthused as
Jameson talks up the guests. Just then, the former Circus of Crime shows up to
rob the exhibit, as the Clown distracts the guests. Jameson goes to see what
all the commotion in the back room is and gets knocked out by the human
cannonball. The villains get away as Peter and Betty have to tend to Jameson,
sending him to the hospital due to his injuries. After taking Betty home, Pete
immediately switches to Spider-Man to use his tracer to track down the Ringmaster,
not knowing that he was ousted from his little group. Spidey finds the
Ringmaster at the police station, and after he’s let go due to his innocence,
follows the Ringmaster back to his little lair. While eavesdropping, Spidey
learns of the split in the villainous group. Spidey then sneaks in and uses the
Ringmaster’s own hat to hypnotize him, learning where the group is hiding out
at, and keeping the Ringmaster immobile. Spidey then calls to see how Jameson
is doing, learning that he’s still unconscious, before heading out to find the
Clown and his cronies.
At their lair, the once Circus of Crime tries to come
up with a new name until eventually Princess Python lands on the Masters of
Menace! Spider-Man then arrives and tackles the group, dodging and dancing
around, as they try to keep Spider-Man off balance. Princess Python then grabs
Spider-Man, causing Spidey to hesitate, being reluctant to fight a woman,
giving the Masters of Menace the opportunity to surround him! Back with the
Ringmaster, the webbing keeping his hat in place dissolves, as the Ringmaster slowly
begins to come to his senses! Then, at the hospital, Betty learns that Jameson
won’t suffer any long-lasting effects, and should regain consciousness soon, as
she wonders where Peter is. Back with Spidey, the Masters of Menace have him
surrounded, which just gives him the opportunity to knock them all out, leaving
the human cannonball for last, giving him an extra wallop for Jameson!
Spidey chases down Princess Python, who tries to charm
Spider-Man, offering to betray the others and run off together! The freshly
awakened Clown hears this and begins to plot betrayal himself! Meanwhile, the
Ringmaster finally snaps out of it completely, heading for the hideout, while
secretly being followed by an undercover cop! Unable to persuade Spider-Man,
Princess Python zaps Spidey with an electric prod, locking him in the room with
her giant python! This only serves as a momentary setback for Spidey, as he
quickly ties the giant snake in a knot and chases after Princess Python! All of
the various villains end up running straight into the waiting police, allowing
Spidey to snap some pics, which he shows to the freshly awakened Jameson,
putting the spring back in his step! Our story ends with Peter getting chewed
out by Aunt May after coming home too late, as he thinks of how much worse it
would be if she knew his secret!