Ringmaster gets fired as the leader of the Circus of Crime and instead the Circus hires some clown to run their organization. Seriously. They also change their name to become The Masters of Menace.
Spider-Man tracks them down by using Ringmaster’s hat against him, and then making him rat out his former buds.
But the new name won’t stick.
And Stan Lee introduces Princess Python in his typically sexist way.
B-. Because average Lee/Ditko is better than just about any other comic on the market in 1965.