Part 4 of the Captain Marvel vs. Spy Smasher storyline, which continues in the Spy Smasher story in this issue.
The splash page figure of Captain Marvel is also found on the cover of Whiz Comics #16.
Beck sometimes drew Pete Costanza into the Captain Marvel stories (which Costanza then inked), as in this one where he appears as an un-named salesman. Information verified by P. C. Hamerlinck in Alter Ego #126 (July 2014) and added by Craig Delich.
Part 5 of the Captain Marvel vs. Spy Smasher storyline, which continues in the Captain Marvel story in the next issue.
Part 1 of Golden Flask Quest.
Story continues in next issue.