(Spy Smasher 002, 1941)
Spy Smasher occupies a niche in the crimefighting community: he smashes spies, and since he also stars in a comic book, the spies he smashes adopt increasingly baroque themes as time goes on. Take the Red Death, a master spy who also dresses like a skeleton man out of an Edgar Allen Poe story, and who also happens to be the only one of Spy Smasher's 1941 foes to creep far enough over the line of plausible deniability that I'd call him an outright Nazi. It's the swastika on the forehead what does it, even if that's just an affectation for splash page drama.
The Red Death is in fact such a feared figure in military/ espionage circles that a General Noosan calls a meeting to brief various high-ups about the possibility that he may have made his way to the US, which he certainly has because he crashes the get-together about one minute after it begins.
Both General Noosan and the Red Death himself do a little oblique name dropping ("just look what he did to France, Norway, Poland... and others!") to indicate that the Red Death is responsible for the Nazi successes of World War II, though the Red Death throws in a reference to Russia that Noosan leaves out - perhaps Noosan has a better idea of how the Siege of Moscow will turn out than the Read Death does.
Oddly, though Noosan is the one who called the meeting to discuss the Red Death's presence in the US he is also the one to be so skeptical about the identity of the skeleton-faced man who just burst into the room that he ends up serving as an example of the villain's signature weapon: a deadly gas that is also called the Red Death and which turns its victims a stylish red as they die.
It is at this point that Spy Smasher shows up and rescues the remaining officials, though the Red Death and his cronies get away.
(bonus Looming Spectre of Death image featuring the Red Death as Death and also a reappearance of the telltale swastika)
Spy Smasher attempts to infiltrate the Red Death's organization and learn his plans by posing as a low-level henchman named Mousey. He is successful insomuch as he does learn that the Red Death is going to subject the population of NYC to his gas by bombing them with it, but this is leavened by the fact that he has to get himself captured along the way.
Spy Smasher is left behind to suffer in the knowledge that he was unable to save NYC, only to be set free by an abused Red Death henchman named Hermann, proving once again that it doesn't pay to be a bad boss, even in the supercrime game.
Spy Smasher makes his way onto the Red Death's bomber thanks to his Gyro-Sub's superior airspeed and engages the entire plane in a fistfight that doesn't have time to resolve before the rack of Red Death bombs break loose and start stinking up the joint. Spy Smasher escapes but the Red Death and his cronies die to their own gas as the bomber crashes just off the shore of Liberty Island, which is probably symbolic somehow.
