Based on what little I remember I think it was set in the 50s or around that time.

A U.S. submarine is submerged out at sea. There’s a scene where a man with papers in his hand, some kind of inspector, is talking to one of the submarine’s  officers when a gust blows the papers out of his hand. The officer remarks there is never wind in a submarine and then all hell breaks lose and the submarine ends up on the ocean floor unable to move or surface.

The crew launch a buoy with an emergency phone inside allowing them to communicate with the rescue team on the surface but at some point  it gets severed.

There is also an emotional scene where a list of survivors is being read to a crowd of concerned wives.

I thought is was called submerged but I searched that and got a different movie with the same title,