In 1860 the U.S. Congress arranged among the telegraph companies a competition to create a national line. The winner was Western Union. Another invention of Western Union - time synchronization. In the early 60s Western Union has put into operation transcontinental microwave system of data transmission via radio waves, completely replacing the web of telegraph poles and wires. The Western Union Company is a leader in global payment services Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. 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. In the summer of 1990 top managers of the Western Union Company spent day and night in the main office in Englewood (Colorado, USA). They needed to meet the challenge: to save the Western Union from bankruptcy, paying off the debts of the company millions of dollars. 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.