One example of this item has been documented; It was posted on eBay a few years ago by a seller in Texas, and more recently the same pennant was sold through Hake's auction house. It seems to be a previously undocumented promotional item (or premium?) for The Spider's Web. The style of logo is unique, but the "CPC" logo ties-in convincingly with "Columbia Pictures Corp." (If someone could point me to another example of Columbia using this circled "CPC" logo it would help confirm that this is a genuine Spider collectible. E-mail me.) It is not known whether this item would have been made by Columbia Pictures, or initiated by a local theater owner, akin to the membership cards.

EBAY VALUE $250 | HAKE'S PRICE $800

Below are the original pictures from eBay:

Background photo from hakes.com
The Spider's Web © Columbia Pictures Corp.
The Spider TM & © Argosy Communications, Inc.