 Ernest Newton Boog placed much of the blame on the inactivity on the Panic of 1873, which occurred in September of that year, and "ruined most of the very capitalists who had agreed to back him".However, in late 1877 it was reported that Loomis was now conducting successful experiments in West Virginia, and also had the financing needed to test a bold plan to connect the western United States with Switzerland.According to this report, carried in numerous papers