 Peter is assigned to cover a parade for the Daily Bugle, and disguised as Spidey, he sits atop a building taking pictures. Among the floats is a movie star with a fortune in jewels on her - and in the crowd is a group of thieves. When a gas-filled balloon released by the thieves explodes, it knocks everyone out, except Spidey, who goes into action. The thieves escape in a hot-air balloon, but Spidey discovers their identities. They are led by a huge man named Dr. Humperdinck Dumpty, who has his thugs rain sandbags on Spidey, knocking him off the balloon. Spidey lands on a parade-balloon likeness of himself, and helps the movie star, who has just recovered to find her jewels missing. When an announcement appears in the Bugle about a priceless jewel collection on display at a gala, Dumpty - and Spidey - make plans to attend. Dumpty & his henchmen release a laughing gas that distracts the guests, and the thieves grab the jewels. Spidey, however, has his own gas mask that he accosted from one of Dumpty s henchmen, and sprays I.B.P. - Instant Banana Peel - over the floor, which traps the fleeing thieves so police can arrest them. Dumpty escapes to a window, where he inflates his hat to a huge size & drops to the street below. Unfortunately for him, the police are waiting for Dumpty on the street below and arrest him after he traps himself in his hat.