1 EXHIBIT NO. 1. Members of the New England Manufacturing Jewelers' and Silversmiths' Association -Continued Evans Case Co., North Attleboro, Mass Federal Chain Co., 141 Georgia Ave., Providence, R. I.. Felch & Co., 21 Bucklin St., Providence, R. I.. Fiske & Conroy Co., 214 Oxford St., Providence, R. I. J. M. Fisher Co., Attleboro, Mass. Theo. W. Foster & Bro. Co., 389 Charles St., Providence, R. I.. Fulford Manufacturing Co., 107 Stewart St., Providence R. I Glines & Rhodes, North Attleboro, Mass Greene, William C. Co., 100 South St., Providence, R. I_ Number of employees August 19/1 850 90 15 45 70 Genser Manufacturing Co., 45 Waldo St., Providence, R. I. R. L. Griffith & Son Co., Abbott Park Pl., Providence, R. I. Guyot Bros. Co., Inc., Attleboro, Mass.-. Hadley Co., 297 Dexter St., Providence, R. I. Handy & Harman (branch office), 425 Richmond St., Providence, R. I... S. P. Harris, Inc., 183 Public St., Providence, R. I. Harvey & Otis, Inc., 46 Chestnut St., Providence, R. I.. Walter Hayward Co., Attleboro, Mass__ Heller-Hope Co. (branch office), 52 Dorchester Ave., Providence, R. I... Horton-Angell Co., Attleboro, Mass_ Hudson Co., Inc., North Attleboro, Mass_ Imperial Pearl Co., 7 Beverly St., Providence, R. I. Improved Seamless Wire Co., 775 Eddy St., Providence, R. I. Irons & Russell Co., 95 Chestnut St., Providence, R. I. Jewelry & Cutlery Novelty Co., North Attleboro, Mass.. Kestenman Bros. Manufacturing Co., 150 Chestnut St., Providence, R. I. J. R. Kilburn Glass Co., Chartley, Mass. R. H. Kimball, Inc., 60 Ship St., Providence, R. I. Kinney Co., 105 Gordon Ave., Providence, R. I. G. Klein & Son Co., 135 South St., Providence, R. I.. Kotler & Kopit, Inc., Pawtucket, R. I.. Kuehner & Co., Inc.. 116 Chestnut St.. Providence, R. I. L. & B. Jewelry Manufacturing Co., 36 Garnet St., Providence, R. I.. Henry Lederer & Bro., 150 Chestnut St., Providence, R. I_ LeStage Manufacturing Co., North Attleboro, Mass Levy Anderson Co., 45 Baker St., Providence, R. I. N. Levy Co., 212 Union St., Providence, R. I. T. W. Lind Co., 171 Eddy St., Providence, R. I. A. L. Lindroth Co., North Attleboro, Mass P. & A. Linton Co., 1199 Eddy St., Providence, R. I. M. S. Co., Attleboro, MassS D. E. Makepeace Co., Attleboro, Mass. Manufacturers Refining Co., 26 Ship St., Providence, R. I.. Mason Box Co., Attleboro Falls, Mass Mays Manufacturing Co., 236 Chapman St., Providence, R. I. Edw. H. Morse Co., Attleboro, Mass Morse Andrews Co., Attleboro, Mass. E. B. McAlpine, 85 Ellenfield, St., Providence, R. I.. !! EXHIBIT No. 1. Members of the New England Manufacturing Jewelers' and Silversmiths' Association-Continued Number of employees August 1941 Ostby & Barton Co., 118 Richmond St., Providence, R. I. New England Brass Co., Taunton, Mass. New England Glass Co., 150 Chestnut St., Providence, R. I. F. H. Noble & Co., Attleboro, Mass. Chas. Ohler Co., Pawtucket, R. I. Otis, Inc., 36 Garnet St., Providence, R. I.. P. & H., Inc., Attleboro, Mass. Pease & Curren, 780 Allens Ave., Providence, R. I.. L. S. Peterson Co., North Attleboro, Mass. Pilling Chain Co., 140 Benedict St., Providence, R. I. Plainville Stock Co., Plainville, Mass.. Plastic Craft Novelty Co., Attleboro, Mass. Progressive Ring Co., 101 Sabin St., Providence, R. I.. 69 60 15 5 25 350 20 32 10 28 110 85 25 25 90 Providence Art Metal Co., 137 Clifford St., Providence, R. I. 23 38 S. Rapaporte & Co., 116 Chestnut St., Providence, R. I.. Horace Remington & Son, 91 Friendship St., Providence, R. I Revere Copper & Brass (branch office), Industrial Trust Bldg., Providence, W. E. Richards Co., Attleboro, Mass. 20 6 5 50 Ripley & Gowen Co., Attleboro, Mass. Robbins Co., Attleboro, Mass.. Charles Rothman Co., 158 Pine St., Providence, R. I S. & S. Manufacturing Co., 1 Savin St., Providence, R. I. 115 250 25 24 115 70 50 Scovill Manufacturing Co. (branch office), 185 Public St., Providence, R. I. 8 644 420 290 316 25 Louis Stern Co., 70 Elm St., Providence, R. I. J. F. Sturdy Sons Co., Attleboro Falls, Mass. Swank, Inc., Attleboro, Mass. Sweet Manufacturing Co., Attleboro, Mass. T. & R. Jewelry Co., 430 Kinsley Ave., Providence, R. I.. Trifari, Krussman & Fishel, 162 Clifford St., Providence, R. I. Uncas Manufacturing Co., 623 Atwells Ave., Providence, R. I. A. T. Wall Co., 162 Clifford St., Providence, R. I A. E. Waller Co., 283 Chapman St., Providence, R. I. 85 70 826 50 190 250 150 49 450 50 28 85 55 20 D. M. Watkins Co., 274 Pine St., Providence, R. I.. 71 160 E. E. Weller Co., 253 Georgia Ave., Providence, R. I 50 Wells Findings Corporation, 236 Aborn St., Providence, R. I. 210 85 Whitaker Fielding Co., 35 Baker St., Providence, Mass 40 30 J. J. White Manufacturing Co., 158 Pine St., Providence, R. I. 48 450 96 150 150 Belgard & Frank, Inc., 31 West 47th St., New York, N. Y. 25 100 EXHIBIT NO. 1. Members of the New England Manufacturing Jewelers' and Silversmiths' Association-Continued Number of employees August 1941 Burr, Patterson & Auld Co., 2301 16th St., Detroit, Mich.. 31 20 Ciner Manufacturing Co., 15 West 36th St., New York, N. Y. 54 The Dorst Co., 2100 Reading Road, Cincinnati, Ohio 50 Du Jay, Inc., 37 West 47th St., New York, N. Y. 50 Ralph DeRosa Inc., 404 Fourth Ave., New York. 25 Deknatel, J. A. & Son, Inc., 96–20 222d St., Queens Village, Long Island...... Eisenstadt Manufacturing Co., 317 North 11th St., St. Louis, Mo__! Engel Bros., 17 West 17th St., New York, N. Y__ 80 38 20 Fallon & Kappel, Inc., 151 West 46th St., New York, N. Y 44 Forstner Chain Corporation, 646 Nye Ave., Irvington, N. J. 332 48 Charles Grabhorn, 4 Washington Place, New York, N. Y. 4 281 Herff-Jones, 1411 North Capitol Ave., Indianapolis, Ind_ 351 Heyeck & Co., 40 Crawford St., Newark, N. J 20 Hickok Manufacturing Co., 850 St. Paul St., Rochester, N. Y. 150 Hess-Appel, 30 West 36th St., New York, N. Y. 28 Jacoby-Bender Inc., 161 6th Ave., New York, N. Y 410 J. Jenkins Sons Co., 20 West Redwood St., Baltimore, Md. J. V. Pilcher Manufacturing Co., Inc., 715 East Gray St., Louisville, Ky.. Style Metal Specialties, Inc., 15 West 27th St., New York, N. Y. Harry C. Schick, Inc., 105 Chestnut St., Newark, N. J. Wadsworth Watch Case Co., 5th and Clay Sts., Dayton, Ky. PROCUREMENT MATERIAL, NAVY DEPARTMENT Rear Admiral KELEHER. I am the Director of the Resources Division of the Office of Procurement Material, Navy Department, and, as the Senator just stated, in a sense representing the Secretary of the Navy. I shall read from my rather brief notes. From the data which we have in my office, the figures being in round numbers, we have free or unpledged silver in the amount of 46,000 tons; pledged silver in the amount of 40,000 tons; and in coins or in the mints, 26,000 tons—or a total of 112,000 tons. In addition to the above there is now available approximately 5,000 tons of silver annually, consisting of 3,125 tons of imports and 1,875 tons of domestic production. Of the total of 112,000 tons mentioned above, 46,000 tons of the free or unpledged silver has been committed as a loan to the Defense Plant Corporation, to be used as a substitute for copper in bus bars; 13,000 tons of said 46,000 tons have actually been authorized for transfer to the Defense Plant Corporation, of which 9,200 tons have actually been delivered. At the moment there appears to be an adequate silver supply available for military production, and it would not be until the beginning of 1943 that our military needs for silver would become pressing. The nearest estimate for silver requirements for essential war orders, other than for bus bars, between the two services, that is, the Army and the Navy, as of today, is 3,500 tons per year. The demand is going up at the rate of 5 to 10 percent monthly, indicating an essential demand of 5,000 tons shortly after the new year and an annual increase thereafter of approximately 3,500 tons. If we project the war for 5 years from now this would represent an average of approximately 13,000 tons annually, which indicates the likelihood of utilizing most or all of the present Treasury stocks. Of course, there would still be available a total of domestic production of 2,000 tons annually, plus the probable annual imports of 3,000 tons. In view of the likelihood that Great Britain and Canadian production will follow to something like the same extent, there will be a rapid rise in their needs for silver and, further, a coinage demand is likely to occur, which makes it obvious that we shall probably need every ounce of silver, including new supplies and in Treasury stocks, to meet these requirements. Now, I point out, of course, that we are projecting this on the basis of 5 years, and decisions that are made now we might make for a period of a year or so and then face the other situation perhaps later. The Navy would prefer to have the silver available when actually needed rather than to permit its dissipation for nonessential uses, causing serious interference with essential war contracts, such as has been experienced in other metals, due to lack of foresight in having obtained sufficient quantities to meet Navy requirements. That last, I think, is the stand the Navy takes, that we had better be safe than sorry. We have been sorry in many instances, notably rubber. We are having difficulties with nickel and copper, and even steel and things of that nature. Senator CLARK of Idaho. You want the silver and you don't care where you get it. Rear Admiral KELEHER. No. We simply want a reserve. Senator CLARK of Idaho. That is what I mean; you want the silver. Senator CLARK of Idaho. That is a perfectly proper attitude. Senator CLARK of Idaho. And it is just a question of mechanics. Senator MALONEY. I think we all share your view, Admiral. You are not opposing the bill, as I understand it? Rear Admiral KELEHER. Not opposing the bill in principle. I think, however, that if we turn to page 2, line 1, starting at the comma, where it says— including but not limited to the making of munitions of war and the supplying of civilian needs contributing to the war effort, and the converting of existing plants to those purposes― I am not a lawyer, but it does seem to me that an interpretation of that would permit the use of this silver for things other than for war purposes. Senator MALONEY. That is entirely right, and that is the intent and purpose of the bill, but under the direction of the Commander in Chief of the Navy, of course. Rear Admiral KELEHER. But I rather think that this silver, particularly the free or unpledged silver which we have, most certainly should be reserved on the basis of these estimates for the use of the armed services. Now, there has been some discussion about the domestic production and more particularly about imports. That is, of course, beyond my field, but I do think that we must protect by a reserve, a substantial reserve, the stocks of silver that we have. We cannot predict too accurately. These figures I have given you, I think, are very sound figures. On the other hand, we go from one thing to another. We shifted, for example, from copper cartridge cases to steel, and we find that steel is scarce, and so it goes. Each thing becomes scarce in turn, so that I can say almost with certainty that everything now is scarce; everything is critical, including silver. Senator CLARK of Idaho. Then, after all, if I understand you, on the basis of the figures you have worked out, you believe that all the free silver in the Treasury should, as a wise and prudent policy, be held for the armed services and the war effort? Rear Admiral KELEHER. That is correct, sir, including in the war effort the Allies. You included them, I believe, but I think I should make that clear. Senator MALONEY. Thank you very much, Admiral. Rear Admiral KELEHER. Yes, sir. Senator MALONEY. Now, we are prepared to hear Mr. Richard J. Lund of the War Production Board. You may proceed, Mr. Lund, and identify yourself completely for the record, please. STATEMENT OF RICHARD J. LUND, CHIEF, MISCELLANEOUS MINERALS BRANCH, WAR PRODUCTION BOARD Mr. LUND. Mr. Chairman, in view of the rather sweeping changes that have occurred in the silver situation in a relatively short time, it was felt that it might be advisable to go into a little more detail than might customarily be the case, for the help, perhaps, of the committee, in its deliberations, so I have prepared a statement that I should like to read. My name is Richard J. Lund, Chief of the Miscellaneous Minerals Branch of the War Production Board. One of the minerals under the jurisdiction of the branch is silver, and I have been asked by Mr. Donald Nelson to appear before your committee and outline in some detail the silver situation in connection with the war effort, and to state the views of the War Production Board relative to S. 2768, a bill to authorize the use for war purposes of silver held or owned by the United States. I will first present a brief review of recent developments in silver, then present a concise picture of the current situation, followed by a presentation of our best estimates on the long-term picture regarding |