You really have to like our heroic dude who is beating feet away from the scene, lower left:
Artwork is part of a two-page interior art spread illustrating the novel Girls Who Lust For Death, appearing in the January-February 1940 issue of Terror Tales.
"...the girls are prepared in the reformatory’s punishment room, naked, lying on their backs on special benches, bound with their legs spread above their heads, shamefully showing the two holes usually hidden..."