Despite the fact that the cover mentions the Spinner, the image is unrelated to either the Spinner himself or the story he tells in this issue.
The "Funny Picture Stories" banner at the top of this page includes drawings of six characters, although it is not clear if they are specific characters from anywhere in the book.
This issue has the same cover month as Funny Pages v1#7 but the plot in this story is unrelated to the continuing storyline in that series.
Much of this story is copied and reused in The Clock story in Feature Funnies #7 (April 1938). The main difference is that target of the police operation is that of a villain named The Owl.
While there is no "Rat Larson" feature logo, stories featuring Rat Larson appear in multiple issues of this book. Pages 1-2 are color; 3-4, 7 black, red and white; 5-6 black and white.
Pages 1-2 color; 3-4, 7-8 black and white; 5-6 black, white and red.
Page 7 is a full-page splash panel (black and white). Pages 1-2 are color; 3-4, 7-8 black and white; 5-6 black, red and white.
Page 5 is a full-page splash panel (duo-tone). Pages 1-2 are color; 3-4 black and white; 5-6 black, red and white.
Part one of a multi-part story.
The Spinner is an old man who tells stories to his grandchildren. Page 4 has a panel that covers about 5/6 of a page (all but the lower left-hand corner).