Wild Bill Donovan would have loved the Internet. The American spymaster who built the Office of Strategic Services in the World War II and later laid the roots for the CIA was fascinated with information. Donovan believed in using whatever tools came to hand in the 'great game' of espionage—spying as a 'profession'. These days the Net, which has already re-made pastimes as buying books and sending mail, is reshaping Donovan's vocation as well. The last revolution isn't simply a matter of gentlemen reading other gentlemen's e-mail. That kind of electronic spying has been going on for decades. In the past three or four years, the World Wide Web has given birth to a whole industry of point-and-click spying. The technical talents call it 'open source intelligence', and as the Net grows, it is becoming increasingly influential. In 1995 the CIA held a contest to see who could compile the most data about Burundi. The winner, by a large margin, was a tiny Virginia company called Open-Source Solutions, whose clear advantage was its mastery of the electronic world. Among the firms making the biggest splash in the new world is Straitford Inc., a private intelligence-analysis firm based in Austin, Texas. Straitford makes money by selling the results of spying (covering nations from Chile to Russia) to corporations like energy-services firm McDermott International. Many of its predictions are available online at www. straitford, com. Straitford president George Friedman says he sees the online world as a kind of mutually reinforcing tool for both information collection and distribution, a spymaster's dream. Last week his firm was busy vacuuming up data bits from the far comers of the world and predicting a crisis in Ukraine. 'As soon as that report nms, we'll suddenly get 500 new Internet sign-ups from Ukraine,' says Friedman, a former political science professor. 'And we'll hear back from some of them.' Open-source spying does have its risks, of course, since it can be difficult to tell good information from bad. That's where Straitford earns its keep. Friedman relies on a lean staff in Austin. Several of his staff members have military-intelligence backgrounds. He sees the firm's outsider status as the key to its success. Straitford's briefs don't sound like the usual Washington back-and-forthing, whereby agencies avoid dramatic declarations on the chance they might be wrong. Straitford, says Friedman, takes pride in its independent voice. The emergence of the Net has ______.