| Issue | #40 |
| Published | February 1943 |
| Cover Price | 0.10 |
| Pages | 68 |
| Editing | Vince Fago? |
| Genre | superhero |
| Pencils | Alex Schomburg |
| Inks | Alex Schomburg |
| Characters | V: A Japanese spy ring (I) |
| Synopsis | The Japanese build an airfield beneath the sands of the Mojave desert in order to launch air strikes against San Francisco with planes that disperse a napalm-like substance. Torch and Toro track them down when the army fails to locate them. |
| Genre | superhero |
| Pencils | Harry Sahle |
| Inks | Harry Sahle |
| Characters | GS: Betty Dean; V: Herr Brunder (I, D), Hans (I), and Hermann (I) |
| Genre | superhero |
| Pencils | Carl Pfeufer |
| Inks | Carl Pfeufer |
| Characters | GS: Deadline Dawson; V: Oleg (I); I: The Princess of Borsnia |
| Genre | detective |
| Script | Ray Gill? |
| Pencils | Bob Oksner |
| Inks | Bob Oksner |
| Script | W. Cuthbert (Cifo Uthbert) |
| Letters | typeset |
| Characters | V: Morgan (I) |
| Genre | superhero |
| Pencils | Syd Shores |
| Notes | Inks credits originally given to Mike Sekowsky in error (per Tony Isabella, March 30, 2006) |
| Characters | GS: Knobby the Marionette, Ra |
| Genre | children; fantasy |
| Script | Ed Robbins |
| Pencils | Ed Robbins |
| Inks | Ed Robbins |
| Notes | continued next issue |
| Characters | V: Drums Toggins (I), Eric (I), and a Nazi spy ring (I) |
| Genre | superhero |
| Pencils | Syd Shores |
| Inks | Al Fagaly? |
| Characters | V: Hash-Head (I; Steve Strong), Dream-Girl (I), Jelly-Face (I) |
| Genre | superhero |
| Script | Roy Garn? |
| Pencils | Gustav Schrotter |
| Inks | Gustav Schrotter |