The Flash is accosted by Al Desmond on the street. Desmond pulls a gun on himself, and transmutes his clothing into the costume of his villainous alter-ego, Mr. Element. After setting the Flash afire, Mr. Element flees. After two attempts to smother the fire fail, the Flash races out to, then dives into, a lake. Still the fire rages around him. Realizing that it is his costume that is burning, and not himself, the Flash doffs his uniform, then runs home, naked, faster than the eye can see. Reporting for work, the Flash, as police forensics scientist, Barry Allen, is accosted by Rita Desmond.
Rita reveals the true nature of her husband's dual personality. Desmond's father, astronomer Peter Desmond, had discovered a pulsating star in the "eye" of the Dragon Constellation. The pulsating solar rays of the star were focused through Desmond's telescope, into his ring. While holding his infant son, the pulsating energy erupted from Desmond's ring, bathing his newborn son in it's unstable radiation. With each pulsation of the "Dragon's Eye", Desmond's evil persona of Mister Element was brought to the surface. Allen takes possession of the ring for further study.
In a jealous rage, Mr. Element accosts Allen on the street. Allen flees, escaping Mr. Element just long enough to switch into his Flash costume. The Flash tackles Mr. Element from behind, then takes possession of Mr. Element's gun. The Element-Gun, though, will not work for the Flash. Mr. Element reveals that the power is actually his, the gun merely focuses his elemental energies. To prove it, Mr. Element transmutes the Flash into neon gas, then traps him inside a neon sign. Exercising his complete control of the atoms of his own body, the Flash is able to resume a human shape, albeit one composed of neon gas.
Suddenly, the Flash is returned to normal. In a moment of clarity, Desmond's psyche has become momentarily dominant. Desmond begs the Flash to kill him, before he destroys the world. Desmond reveals that the "Dragon's Eye" has gone super-nova. When the power of it's dying rays reach him, it will cause his elemental energies to explode, taking the planet with him. The Flash races around the planet, faster and faster, until he reaches escape velocity, and slingshots off the Earth. With a cone of air clinging to him, the Flash ejects thousands of atoms per second, from his own body, giving him enough propulsion to continue accelerating.
After the Flash has broken through the negative light barrier, he collects the negative starlight in Desmond's ring. Returning to Earth, the Flash confronts Mr. Element. Bombarding Mr. Element in negative starlight, the Flash is able to cancel out the effects of the positive starlight of the exploding "Dragon's Eye". With Desmond finally free of the "curse" of the "Dragon's Eye", the Flash returns Desmond's father's ring to him.
Wally West picks up a hitchhiker, Hildy, en route to his college interview at Valley State College. Upon arrival, West finds the campus deserted. Responding to Hildy's screams, West investigates, as Kid Flash. The Fastest Boy On Earth discovers monstrous alien creatures carrying Hildy to the college's art center. Kid Flash attacks the creatures, and rescues Hildy. After searching the art center, Kid Flash can find no trace of the creatures.
Upon discovery of a large canvas depicting an alien vista, Kid Flash plays a hunch, and "falls asleep" before the canvas. Astonishingly, one of the alien horrors emerges from the canvas to collect Kid Flash's "unconscious" form. Kid Flash discovers the faculty of Valley State College working in an alien mine. Kid Flash takes out the alien monstrosities by generating miniature tornadoes at super-human speed.
When one of the instructors reveals that they were unable to return from the alien side of the painting, Kid Flash realizes that the headbands the aliens wear allow them to traverse the dimensional interface, through the painting, to Earth. After leading the faculty home, Kid Flash sees to it that the painting is destroyed.
This story was originally published in All-Flash Quarterly #30 (August-September, 1947). A plot synopsis for this story can be found at the link.