One Panel #608: Batman vs. Octopus

From "Four Birds of a Feather" by Bill Finger, Bob Kane, Jerry Robinson and George Roussos, Batman #11 (July 1942)

Yeah, yeah, yeah, the Joker's the cover feature and the Penguin is in this story proper, but I know where MY priorities lie. A fight with an octopus?! Sold!

Is that red in the water octopus blood? I cut away before it gets too violent.