Original art as used for the November, 1938 issue, courtesy of the owner. On the back of the picture is a set of notes: "The Cap 'n' o Ships / Aug. '37 / pd. 6/11/37" but there doesn't seem to be a story by that title in that issue. We're not sure if the cover represents a particular story in the November, 1938 issue, either.
The owner will be putting this item up for auction.