What does the arrow (which I've highlighted) mean?
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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.
Neal
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I7heresy.I7of C isc-e-g-b-- a major 7th chord. The chord in the example is a dominant 7th chord. So it definitelyV7/IV(orV7 of IVas used by Piston). – Dean Ransevycz Jan 12 '18 at 03:52