In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp. In 1860 the U.S. Congress arranged among the telegraph companies a competition to create a national line. The winner was Western Union. In order to increase competitiveness and market expansion of its services, Western Union launched a program of loyalty Western Union Gold Card for customers, who has repeatedly made money transfers via Western Union. One of the common kinds of money transfer is a transfer via the international system of Western Union. 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. The Western Union Company is a financial services and communications company based in the United States. In 1856, in 7 years after the foundation of New York State Printing Telegraph Company, the company changed its name to Western Union Telegraph Company. Number of active holders of "Golden Card" of Western Union amounted to 9.5 million people worldwide. In 1884 Western Union has become a joint-stock company and was brought to the stock exchange. The company has entered in the first American stock index Dow Jones.