“POWERSTONE!” The treacherous Lex Luthor gains super-strength in order to battle Superman in hand-to-hand combat after Brett Calhoun announces that he is going to give away half of his fortune to anyone who can prove himself the worthiest man in Metropolis.
Since his last defeat at the hands of Superman, Luthor has been working on a plan of revenge. Using electricity, he has given himself powers almost the equal of Superman, including super-strength and invulnerability. Using his new powers, he goes on a crime spree in Metropolis and confronts Superman. However, the police show up and believe Superman is the criminal, and their intervention allows Luthor to escape.
Luthor now kidnaps wealthy young Brett Calhoun, and shortly afterwards, Calhoun issues a bizarre invitation. He offers to give three million dollars to the man who can prove he is the wealthiest in Metropolis, and invites all contenders to a meeting at his mansion. Lois and Clark attempt to get in to the meeting but are turned away. Lois sneaks in inside a delivery van, while Clark changes to Superman.
Inside the mansion, Luthor reveals that he is holding all the millionaires hostage, and demands that Superman retrieve the Powerstone from Skull Valley as his price for releasing them. Superman overcomes the dangers of the valley and retrieves the stone. Upon giving it to Luthor, of course, Luthor reveals that the stone will make him more powerful than even Superman and refuses to release his hostages.
The last laugh belongs to Superman who tells Luthor that the stone he gave him is only a copy, and without access to a power source, Luthor's powers desert him.
- "Powerstone" (Superman) story continues in Superman #17. Reprinted in Superman #252.
- "The Green Cowled Menace" (Vigilante)
- "Busy Bill the Bill Collector"
- "Go to War" (Three Aces)
- "The Skeletons in Armor" (Mr. America)
- "Chief Hot Foot"
- "V... for Vengeance"
- "The Red Khan" (Congo Bill)
- "Chief Hot Foot"
- "Nargo, the Ruler of Atlantis" (Zatara).
- First appearance of Lex Luthor on the cover.
- This was the first issue to be published after the United States officially entered World War II; it came out in mid December 1941.