Character is called Fantom of the Fair on the cover but is renamed Fantoman in the interior story.
In 1940, the Fantom strip was written by George Kapitan as well as Paul Gustavson and Frank Thomas. No extant evidence exists that is known as to who wrote this particular story.
Same applies to the artist of the story. Besides Gustavson, other known artists include Will Roland.
This is a similar or reworked feature to American Ace from Funnies, Inc in Motion Picture Funnies Weekly #1 http://www.comics.org/issue/529629/#1060172 and Marvel Mystery Comics #2-3 http://www.comics.org/issue/580/#10658 http://www.comics.org/issue/629/#11179
Next appearance in The Arrow #2