The Hobgoblin has been causing Spider-Man trouble for weeks. A man named Lefty Donovan was killed wearing the guise of the Hobgoblin, but Spidey isn't convinced he was the real deal. In search of Hobby yet again, Spidey doesn't know he's about to get sidetracked.
Norton, an underworld informant gets a visit from our friendly neighborhood Spider-Man. He wants any info he has on the Hobgoblin. When Spidey doesn't get any answers, he leaves but tells Norton to inform him if he gets anything. Once our hero is gone, Norton checks under his bed to make his package (concealed in what looks like a trombone case) is safe.
Spidey ducks in an alley to change into his civilian identity and meets up with aunt May and Anna Watson. Peter comments that ever since Anna and Mary Jane came into town, everyone except Anna and May have been trying to set Peter and MJ up. Right on cue, MJ comes in with Nathan. After desert Peter tells May and Anna that he isn't angry with them. He just doesn't understand why everyone thinks he and MJ would make a good couple because they have nothing in common. May tells Peter that he and MJ have more in common than he thinks because they've both "lost so... so very much." Peter wonders what aunt May could mean by that.
On a bad side of town, Norton is walking around with his package, making sure no one is following him. He has no idea he's being tailed by Spider-Man, who slipped a tracer on his hat earlier. Norton exchanges the package for money and scoots. Since some stuff is obviously going down, Spidey sets up his camera to take pictures. The security lights switch on and Spidey's shadow can be seen over the skylight. Spidey busts into to do this thing, making light of the gang of thugs when his spider-sense goes off. He's nearly hit by a crate, thrown from the gang leader. Spidey thinks he may be the Hobgoblin but he can't seem him in the shadows. Things go sour when Frog-Man crashes though the skylight, gets in Spidey's way and consequentially allows the crooks to escape.
Developing his film in the Bugle's dark room, Peter finds one shot that really sticks out at him. Enlarging the photo, it turns out to be a map of Long Island. The next day, the goons that Spidey fought are setting up what looks like some kinda ray cannon (seriously, that's what it looks like. OK it looks like that to me, anyway). Spidey's riding atop a train to Long Island when he thinks he'll make better time on foot so he hops off. An armored car is struck by a blast from the ray cannon. The thugs move in, knock out the guards and take their prize. Unfortunately by the time Spidey arrives, the scumbags are gone.
The crooks take the package back to their boss, open it and find... a crowbar? Well to be precise, the thing is actually a wrecking bar and it isn't an ordinary piece of metal. The bosses stooges aren't too pleased with what they've stolen, thinking they were hired to steal gold. They all attack him but he's much more powerful than he appears. Spidey finds their hideout just in time to see one of the punks get tossed out a window. The hideout is destroyed with a crack of thunder and Spidey discovers that he's about to have his hands full fighting Thunderball.
This issue reads well but it just feels average. I suppose you could say that this is issue is a pit stop before continuing on with the Hobgoblin, but unlike The Daydreamers issue in ASM #246, this one, or at least this part of the story (since its to be continued), isn't as entertaining. I just felt board and disappointed reading it.
Two and a half webs.