1998 - the number of points of money transfers worldwide reached 50,000. The network of money transfers of Western Union is the world's largest. Money transfer is a matter of minutes, at any distance. In 1991, Western Union has sold some low-profit division of the company AT & T, GM Hughes Electronics, and to some others. In the same year the company changed its name to New Valley Corp. In 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company. Sibley, the founder of Western Union, did not build a new telegraph lines, and persuaded the other players to join. American Telegraph Company, however, still had to buy it.