Part 1 of the Torch/Namor battle, continued in Human Torch story in this issue.
Part 2 of the Namor/Torch battle, which is continued next issue, as the last 1/3 of the page announces in illustrated form.
Lettering credit added by Craig Delich 2008-11-15.
Gustavson credits from Terry Gustafson, son of Paul Gustavson.
The last part of page two features the "Marvel Comics Contest Winners, February 1940 issue No. 4". The 1st prize of $5 went to Kris Dalman and the 2nd prize of $2 went to Frank Salvaldare Quarttrocchi. An additional 18 winners of $1 each were also listed (information listed added by Craig Delich 2008-11-15]; credit for Sam Gilman by Dr. Michael Vassallo through the GCD newsgroup, November 2007. Original credit said "? [as J.G.]"(R. Schenk).
Story continued next issue.
Character created by Bob Byrd.