In 1845, it took six months to get a message from the east coast of the United States to California, and by the time it arrived the news was old. In the late 1850s, after a half million people had migrated west and wanted up-to-date news from home, faster mail service and better communication became increasingly important. On January 27, 1860, the Central Overland California and Pikes Peak Express Company, a subsidiary of Russell, Majors, and Waddell, announced the Pony Express, planning to carry letter mail between St. Joseph, Missouri and Sacramento, California in only ten days. Because a healthy horse could run at a full gallop for only 10 to 12 miles, the service used existing stage stations on the eastern end of the route and built many new stations across the remote Great Basin so riders could change mounts. Alexander Majors said that 400 to 500 mustang horses were purchased, 200 men were hired to manage the stations, and 80 riders signed on to begin the run, with home stations every 75 to 100 miles and riders changing horses six or eight times at relay stations before turning the mail over to the next rider at the next home station. Although the Pony Express captured the admiration and imagination of the public, it proved a financial disaster for its founders, and its era ended not because of financial failure, weather, or problems with Indians, but with the completion of the Transcontinental Telegraph on October 26, 1861.