Nice observation about National Studios, Adam. National Studios branding appeared on R311 Leathers as well. The R premiums can get confusing. Burdick referred to R311 Leathers as Diamond Stars and that very well may be correct. From my understanding, Goudey gobbled up some of the crumbs of National Chicle in 1937. Diamond Stars shows up again in R303. There are also some thoughts that 1938 Goudey may have had some origins from within National Chicle. Add in the Canadian issues and it is fun attempting to figure it all out.
Anyhow, it’s going to be tough figuring out exactly what that Ruth is. There are going to be differing opinions. There have been claims of it being some sort of an unreleased Goudey premium. If the Goudey angle is correct, there might be an actual proof or two and test prints. If this was something in the works, who knows. Or maybe there was a small distribution by National Studios or someone they partnered with.
A bunch of these images were printed in 1990, so most of what is out there will probably be modern reprints. There was a small version numbered /714 and a larger format 8x10. I would imagine there were then reprints of reprints.
Goudey “Proof”
https://robertedwardauctions.com/auc...-photo-letter/
/714 Example
https://www.worthpoint.com/worthoped...udey-526080188
I would use caution either way. In three replies, there are three different answers. The framed /714 from 1990 is a decent wall hanger and a conversation piece at least.