The figure of Captain Marvel on this cover was traced and used on the splash to the first Captain Marvel story in Captain Marvel Adventures (Fawcett, 1941 series) #4, information provided by Craig Delich (November 2005).
Paul C. Hamerlinck says, in Alter Ego (Twomorrows, 1999 series) #130 (January 2015), that Captain Marvel co-creator C.C. Beck told him that he had penciled this cover and that Pete Costanza had inked it.
Except for the masthead, Captain Marvel wears no cape in the story.