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Copyright © 1986, 2000 Lost Treasure, Inc.
Lost Treasure Magazine (from the New York Post)December, 1986
SECTION: Pg. 56
LENGTH: 297 words
HEADLINE: Russians Eye Salvage Operation
Russian officials are keeping an eye on a New York businessman's attempts to salvage the $500 million cargo of the Russian liner Republic, which sank in 240 feet of water, 26 miles off Nantucket, in 1909.
Martin Bayerle, founder of Maritime Analysts Group, and a team of 20 divers began salvaging the cargo of the 15,000-ton White Star Liner last August. The ship was carrying $3 million in gold to the government of Czar Nicholas II, bought by the Russians to refinance loans from the British and French governments. At today's gold prices, that would be worth $40 million, but the cargo is in Gold Eagles rather than bullion and the mint-condition coins may be worth 10 times their gold value.
Meanwhile, the Russians, whose documentary records of the loan were apparently lost in the 1917 Revolution, are keeping a close eye on the project.
"If we decide that something may be the property of the Soviet Republics, then we will pursue appropriate channels," a Russian embassy spokesman said.
Gerard Spring, the project director, said Bayerle had already made an offer to the Soviets on sharing the cargo.
"We did in fact ask them for help and told them that if they could produce documentation and details on the cargo, we would give them a share," he said.
Apart from $400 million in gold, there is also believed to be millions of dollars in jewels and silver plate aboard the wreck. (From the New York Post. Submitted by Ed Johnson, Cornwall, N.Y.)