It was pretty common for the earliest comic anthology titles to include among its features a story adapted from classic literature. NEW FUN/MORE FUN carried an adaptation of Treasure Island (pictured on the cover of the mockup "Masterpieces Illustrated") in 1935-36-dated issues, and DOC SAVAGE COMICS carried another adaptation of the same story in 1940-41. Undoubtedly Lloyd Jaquet's shop had worked on a number of features of that type placed in those early anthologies, so the theory that he may have recycled some of those old features for "Masterpieces Illustrated" (MASTERPIECES clearly being superior to mere CLASSICS) might hold some truth.
Anyone interested in classic literary adaptations that parody the specific styles of old comics should check out MASTERPIECE COMICS by R. Sikoryak:
https://www.ebay.com/p/Masterpiece-Comics-by-R-Sikoryak-2009-Hardcover/72731193?iid=303192256231&chn=ps&norover=1&mkevt=1&mkrid=711-117182-37290-0&mkcid=2&itemid=303192256231&targetid=474173380509&device=c&mktype=pla&googleloc=9001910&poi=&campaignid=1669934825&mkgroupid=65058350099&rlsatarget=pla-474173380509&abcId=1139296&merchantid=7870994&gclid=CjwKCAjw36DpBRAYEiwAmVVDMKT1pIh7eUbE7J12tbRC3NKfioFgteP0cWJXc7NKfmTc44hQjvW0MxoChPUQAvD_BwE
Link to the book:
Lucky Comics 5
