High Quality Content by WIKIPEDIA articles! The Great Railroad Strike of 1877 began on July 14 in Martinsburg, West Virginia, United States and ended some 45 days later after it was put down by local and state militias. 1873 saw a significant economic depression in Europe. The effects of this downturn reached the United States on September 18 with the failure of banking firm Jay Cooke and Company. As Cooke was the country’s top investment banker, the principal backer of the Northern Pacific Railroad as well as a prime investor in other railroads, and as the company which had handled most of the government’s wartime loans, its failure was catastrophic. In response, the U.S. economy sputtered and then collapsed. Shortly after Cooke’s demise, the New York Stock Exchange closed for 10 days, credit dried up, foreclosures and factory closings became common. Of the country's 364 railroads, 89 went bankrupt, over 18,000 businesses failed between 1873 and 1875.

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