The Scarecrow, with the help of his two Strawmen, Otto and Raymond, develops a chemical that produces phobophobia, the fear of one's own fears, and then releases the most supreme dread in a specific victim. His latest modus operandi is to have his men use the chemical on persons suspected of unsolved crimes, force the victims to return the loot at a specific place and time, and snatch the swag while they are delivering it. Their first target is Jarvis Skibo, who fearfully returns $50,000 in stolen bonds to a bank. But Batman discovers Skibo's identity through an informant, and has Commissioner Gordon leak the information that the bonds returned were counterfeit. The Scarecrow attempts to terrorize Skibo again, but Batman appears to fight him and the Strawmen. The villains manage an escape.