A Betty and Veronica story from ARCHIE #27, which was published in 1947. The art ( by Irv Novick ) was quite different than the look we are accustomed to today.
Reblogged from http://pappysgoldenage.blogspot.com/2011/12/number-1073-in-swim-with-betty-and.html
Incidentally, you can't punch anyone with any force under water, because of the resistance of the water to anything moving through it. I found this out when I tried to punch Darryl Allen under water.
Veronica appears to be using the word "nylons" as a cuss word in the second to the last panel. Nylon stockings were new during the second World War and a rich gal like Veronica might not think too highly of them as they were less expensive than silk.
Kind of a rough story with Betty and Veronica being subjected to a number of indignities and injuries, but it's supposed to be all in fun.