Back in the 1930s, Allan Lewis was a reporter for the Daily Bulletin. His did not do this for the paycheck, because he was a relatively wealthy man. He simply took on smaller news stories as a journalism hobby.
Phantom Bullet was created by Joe Simon and first appeared in Daring Mystery Comics issue 2 (1940).
Major Story Arcs
A Hero is Born
Lewis became the mystery man called the Phantom Bullet in 1939. His reasons for pursuing this brand of justice were unknown, or perhaps he had no reason beyond wanting to try to help. An inventor provided him with a gun capable of firing bullets of ice, hence his choice of identity. The bullets would melt after being fired, leaving evidence of a gunshot but no bullet. Along with the likes of the Angel, Fiery Mask and Mr. E. Phantom Bullet was among the first wave of costumed heroes to hit the streets of New York City.
Sadly, the Phantom Bullet's pursuit of justice was short-lived. Lewis was only able to adventure in his costumed identity for a few months. In the spring of 1939, his body was found by two police officers in an alley. He was long dead, having been shot multiple times. The Angel also looked on from the rooftops and even attended Lewis' funeral despite the two men never having met. Silently, the Angel made a vow to bring Lewis' killer to justice.
Lewis seamed to have patrolled the docks where he discovered a Nazi spy ring smuggling people and guns into America. That is why he was murdered.