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What does the arrow (which I've highlighted) mean?

Ⅴ7 ⤻ Ⅳ

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Just a quick answer: that seems to indicate a secondary dominant ("five-seven of four"). I believe it is more common to show them with a slash, e.g., V7/IV. Check out this question --- What is a secondary dominant chord? --- for further discussion.

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    If you have something like C>D7>G7>C, I think that example is conventional enough that you're on the safe side to notate it I >V7/V>V7>I --- and probably the same thing with the above example. If you get something like C>D7>E7>B7, then they're not reasonably functioning as secondary dominants, and it would only be confusing to notate them as, oh... C>V7/V>V7/vi>V7/iii ...? Just my 2 cents. (I see you've discussed this before in that question I linked to.)
    – Neal
    Jan 10, 2018 at 15:14
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    Considering we're firmly locked into C major by the pedal note, it would have been more useful to call it I7 with, in parentheses, V7 of IV.
    – Laurence
    Jan 10, 2018 at 18:36
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    I disagree with the I7 suggestion. I7 is not a chord with harmonic implications, whereas V7/IV is (and the expectation of resolution is actually fulfilled here as well!). In a higher-level analysis, the entire passage is all a contrapuntal expansion of I anyway, which is why the three chords are in parentheses. (In my opinion, parenthetical Roman numerals under a pedal are written as if the pedal weren't there; otherwise e.g. the V7 would be a pretty dissonant harmony indeed. The ear also focuses on the moving part.)
    – Remy
    Jan 11, 2018 at 4:33
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    Agreed with Remy here - never “I7”. Jan 11, 2018 at 5:36
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    Just to chime in against the I7 heresy. I7 of C is c-e-g-b -- a major 7th chord. The chord in the example is a dominant 7th chord. So it definitely V7/IV (or V7 of IV as used by Piston). Jan 12, 2018 at 3:52

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