In this episode I describe the circumstances around the publication of Funny Pages #21, the people involved in its publication, what's inside it, and the sole important strip in the issue: the one introducing Paul Gustavson's The Arrow. The Arrow is a killer vigilante, so I discuss the cultural context for that. The Arrow is an angry killer vigilante, and I discuss that. And I argue that the Arrow--the first non-DC superhero to appear after Superman's debut--is historically important, because he established that independent superheroes--that is, superheroes who weren't published by DC--could be successful. As such, the Arrow is the grandfather of every modern independent superhero, from Invincible to Atomic Robo.