It's really hard to find information on The Masquerader online (his real name is Hank Smith!). GCD lists him as having 4 appearances (A-1 COMICS #3, 7, 8 & 10). It also says the genre is "crime drama." So he's probably only wearing a costume in this story because it's a costume party and not because he's a costumed heroic-type.
I don't care. Close enough for me. ;)
from A-1 COMICS #10 (1947) writer and artist unknown