Starting in the 1870s, railroad were built connecting Northern Michigan to larger industrial areas to the south. The Grand Rapids and Indiana Railroad reached Traverse City in December 1872 (via Walton Junction and Traverse City Rail Road Company) and reached Petoskey (known up to that point as "Bear River") in 1873. The Flint and Pere Marquette Railroad completed its terminal at Ludington in 1874. While the Michigan Central Railroad reached Otsego County in the fall of 1872, rail investments slowed for several years due to the financial panic of 1873 and the ensuing five year economic slowdown. Cheboygan and Mackinaw City did not have rail service until the early 1880s.