The Fantom somehow senses that something is amiss, but we don't know how. Perhaps he was using Super-Hearing for some reason and overheard the man at the tank, far below, over the din of the crowd. Perhaps the Fantom just has a really good sense of volume and figured out that the water was low from looking at it. Or maybe he was using some kind of heretofore unknown Detect Danger power/spell (or would Find Traps duplicate that?).
Then The Fantom defies physics by leaping after Jane, and less aerodynamically than Jane (and with the drag of the cape no less), and still manages to hit the water before her. Some new power called Fall Faster?
And then there's The Fantom throwing the guy and him landing dead. In Hideouts & Hoodlums you cannot kill in one hit, no matter how much damage it does. I could change that rule -- say, adding an amendment where if you do 10 or 20 points of damage more than what would drop you to zero hit points, then it can be an instant kill, but this is a throw attack that shouldn't possibly do that much damage. Unless The Fantom is using some new power called Super-Throw (with increased grappling damage), or Killing Blow (that gets around the not killed at "zero hp" rule).
this list) will get a stat.
(Scans courtesy of Comic Book Plus)