Drawing with a Water Polo subject by Fred Guardineer, USA.
Frederick B. Guardineer (October 3, 1913 – September 13, 2002) was an American illustrator and comic book writer-artist best known for his work in the 1930s and 1940s. Guardineer contributed a feature to the seminal Action Comics #1, the comic book that introduced Superman.
Source: The March 1939 issue of 12 SPORTS ACES.