The short story that this movie is based on, comes from Jean Shepherd's collection: "In God We Trust All Others Pay Cash"
In the conclusion of the book when the reminiscing friends call it a day, Shepherd (Ralph) mentions that their friend Schwartz, was ". . . shot down over Italy. They never found the body."
The book makes it clear that this is the depression, just prior to WW2.
For all the rivet counters who want perfection in an ephemeral movie:
http://www.imdb.com/title/tt0085334/trivia?tab=gf
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