| Issue | #40 |
| Published | August 1940 |
| Cover Price | 0.10 USD |
| Pages | 52 |
| Editing | ? |
| Pencils | Paul Gustavson |
| Inks | Paul Gustavson |
| Characters | The Arrow; Maise |
| Synopsis | Foreign spies swarm into the US trying to obtain military secrets. |
| Genre | Superhero |
| Pencils | Paul Gustavson |
| Inks | Paul Gustavson |
| Notes | cover story |
| Characters | Dr. Chang (Mad Ming) |
| Synopsis | Dr. Chang alias Mad Ming has for sometime been the guest of Detective Gene Gerald. Gene save Ming's life some time back and he was so grateful he promised to reform. |
| Genre | Adventure |
| Characters | Randal Ross |
| Synopsis | Randal Ross ingenius private detective has been procured by Miss Joan Brent to investigate thoroughly the murder of a jewelery shop-keeper |
| Genre | Adventure |
| Pencils | Dahl |
| Inks | Dahl |
| Synopsis | centerfold contest for prize train |
| Characters | Kid Kopper |
| Synopsis | It's midnight and a man has just broken into an uptown office in the Reed building. |
| Genre | Adventure |
| Pencils | Ed Moline |
| Inks | Ed Moline |
| Synopsis | 2 pages of jokes with illos |
| Genre | Humor |
| Characters | Sue; Carlo |
| Synopsis | Sue stands vigil at the bedside of the hospitalized Carlo |
| Genre | Adventure |
| Pencils | Claire S. Moe |
| Inks | Claire S. Moe |
| Synopsis | 1 pager on how to draw political cartoons and 2 pages of drawings sent in by readers |
| Pencils | Ed Wood |
| Inks | Ed Wood |
| Characters | Steve West |
| Synopsis | Steve West in Rio De Janiero is asked to sail a cargo of coffee to Mogodoro in Morocco |
| Genre | Adventure |
| Pencils | Chas Pearson |
| Inks | Chas Pearson |