This is more of a mixed bag than the third Marvel title, Mystic Comics. This one starts off well with the origin of the Fiery Mask going on for twelve pages--a rarity in Golden Age Comics, but he isn't seen again in this volume, though he does come back during the Golden Age. Then we get Monako, who has all the powers of Dr. Strange (such that Stan Lee was probably influence by him), but starts totally in medias res, totally familiar with his opponent (an Asian stereotype) and opponent's henchman. Then there's Marvex, the Super Robot, who looks like Kirk-era William Shatner in his first appearance (Shatner was turning nine around the time this came out and would not have been known to anyone outside his local circle). An eerie image that seems to have influenced Dr. Strange again in the form of Asti the All-Seeing is just that--Dennis Burton, the Laughing Mask, throws down an extra mask to scare his foe. He's The Punisher of his day, only worse, not only does he gun down an opponent who pleads for mercy, he's also an assistant district attorney who gets off on being judge, jury, and executioner. As much as I like Maurice Gutwirth's image, I found the character morally reprehensible as a hero and not treated very critically by writer Will Harr. I suspect Martin Goodman didn't like The Laughing Mask either, because in issues 3 and 4, Dennis Burton is the Purple Mask (in #3, the word "purple" looks like a substitution in one of the dialogue balloons), and he rounds up villains for the police.
The other standouts include Mr. E and the Phantom Reporter, although the former seems a bit too formulaic, even for the time, with a villain already familiar to the hero, the art by Al Carreno is excellent. Because the 3X's were a one-off in Mystic, I forgot to mention them in my review, but Robert O. Erisman is an above average writer of the time, and The Phantom Reporter has an innovation--a character with not one, but two secret identities. He is both a wealthy playboy van Engen and cub reporter Dick Jones. I can't think of too many characters who try to maintain three secret identities--I can think of only one case in which a third identity is more than a one-off ruse. Daredevil tried it with Mike Murdock, but he ultimately had to make it appear that Mike had been killed because the extra identity was too much to handle.
This volume is more willing to call enemies Nazis than Mystic was, perhaps because a different studio was involved in much of the work, although the heavy borders common to Mystic are sometimes present. Trojak the Tiger Man fights Nazis, apparently a couple of years before Tarzan's first encounter with them (although, not being a follower of Tarzan, I'm going based on a Google search that brings up Tarzan Trimphs, a 1943 film, whereas this material is from 1940).
I loved the artwork in "Captain Strong of The Foreign Legion," the character's only appearance until after this collection was released, and wonder if the artist has any connection to the "Harry/Douglas" of Blue Blaze, an unexpected favorite of mine from Mystic.
By far, the worst portion is "Whirlwind Carter of The Interplanetary Secret Service," which reminds me of some of the most amateurish and unknown of 1980s black and white comics. The artwork is truly appalling even by the standards of the comics industry in 1940, and I think I might actually be able to do a better job, although I have never thought too much of my drawing skills. It also sucks in terms of continuity (a term I'm sure would have been foreign to Goodman at the time in a cross-story context), since it portrays Martians completely differently than they were portrayed in the The Human Torch story.
It's also good to see the first part of the Zephyr Jones story, which includes a detour to a small fragment separated from Earth where dwell two races of bird people (one, of course, is evil) from Mystic Comics. It takes only two stories for Jones to complete his stated goal of reaching Mars, and the first adventure doesn't even mark a step forward in getting there.
I will probably add more to this review when I have the book in front of me before I return it to the library, but overall, I found the book of less interest than Mystic or Marvel, and what interest there is being predominantly historic, albeit both in the sense of the fictitious Marvel tapestry and the real-life publication history of the company.