Story: "The Phantom of the Fair Act Two" (22 Pages)

Credits: Matt Wagner and Stephen T. Seagle (plot, script); Guy Davis (pencils, inks); David Hornung (colors); John Costanza (letters); Karen Berger (edits)

Feature Character: Sandman I

Guest Star: Jim Corrigan (last in ???)

Supporting Characters: Dian Belmont, Lawrence Belmont (last in issue #40), Tony Burke, Hubert Klein (next in issue #48), Robert Li, Ross O'Donald (in between issue #38 and #47)

Villain: Phantom of the Fair

Other Characters: Fiorello Henry La Guardia, Winthrop Aldrich, Grover Whalen, Floyd Carlisle, Gary, Ling; Irving Spelling (first appearance; a gay man; dies)