The image is of Rod Stephens and Starling Burgess at what I have to assume is Bath Iron Works of Maine, inspecting the installation of the ballast keel on Ranger.

The lead ingots do not mean the boat was ballasted in this way, although internal lead ingots were used. There is an external lead keel weighing in at 102 tons. Here is an image of the ballast casting prior to installation.

December 22, 1936.- LEAD KEEL MOLDED FOR NEW CUP YACHT - Work Is Started on Vanderbilt's New America's Cup Boat. Keel for New Cup Yacht Required 109 Tons of Lead