Seeking a job, Spider-Man decides to join the Fantastic Four. Breaking into the Baxter Building, he fights the foursome to prove his worth only to be told the FF is a nonprofit organization that offers no salaries. Across town, the Chameleon, a master of disguise and a spy impersonates Professor Newton, a defense scientist and steals vital documents. Hearing of Spider-Man's FF visit he deduces the web- slinger is desperate for money and sets him up by broadcasting a message attuned to Peter's spider-sense, offering a profitable venture, then steals missile plans disguised as Spider-Man. The wall-crawler arrives at a rendezvous just as the Chameleon escapes, taking the fell for the robbery. Escaping, Spider-Man tracks down the Chameleon, prevents the missile plan safe, and turns the spy over to the police. However, the Chameleon breaks free, disguises himself as an officer and convinces the police that Spidey is the Chameleon. Fleeing, Spider-Man rips the Chameleon's police uniform, revealing his Spider-Man outfit underneath. The police take the Chameleon away with a sobbing Spidey unaware of his victory.
1st spider-sense, web-parachute & web-slingshot, & 1 st time Spider-Man runs out of web fluid. Peter accidentally called "Peter Palmer." Fight with FF retold in more detail in FF Ann #1, '63.