Phantom Lady was one of the few good girl art superheroines to survive the onset of the Comic Book Code in 1954 - - - but only for a couple of years and then a near total phase out. This issue of Wonder Boy came out several months after the code and represents one of 7 or 8 appearances she made before she went off the scene. This issue was actually released proudly displaying the seal of the code on the cover, but Atlas was soundly chastised by the Code people for the bondage pics in this episode, and under such close scrutiny they put their sexy "gravy train" into deep hibernation that lasted over 30 years. In this story a crooked politician is dealing with the Kremlin (1955 was the era of the cold war), is suspected by a few associates, has a woman murdered to protect his reputation, and ends up being trailed by Phantom Lady. He tricks her by running away and then hiding and launching a suprise attack on her. Caught off guard, she is captured, tied up and scheduled for extinction. But she gets loose, and single handedly defeats the politician and three of his cronies just before the Secret Service arrive and make the final arrest. Scenes below show her tricked, getting her black ray knocked out of her hand, grabbed, tied up, getting loose, thrown down again, getting up and capturing four bad guys all by herself. This version of her costume -- after the code came out -- is toned down a lot from the sexy one Matt Baker designed for her in the mid 40's. Even so, she still remains one of the sexiest superheroines of all time.
Source: Golden Age Comics Downloads