This is Terror Tales for January-February 1940, cover artist unrecorded. The ISFDB entry for this issue is here. This version of the cover comes from (I think, there are the usual indexing issues) this picssr cover-art gallery.
Pulp Parade #45: Flesh cages
Looks like these Evil Red Robed Guys have a penchant for putting flesh toned pasties on their victims. Never a nipple to be seen even when there’s no handy ropes, plants, smoke, apparatus etc to block the view.
I think this gang all suffers from thelephobia. They should go to grope therapy or something.