This story has the later ( and better known ) version of the Phantom Lady with a skimpier costume. She also has the "black light ray" she used against the bad guys in this period.
Reblogged from http://pappysgoldenage.blogspot.com/
This page was actually on the inside of the front cover, which is why it looks different. The cover was made of a different paper stock, and for some reason the publishers would color the first page differently when it was on the inside of the cover like this.