In the early forties of the 20th century, Western Union has used the first time a commercial intercity microwave transmission system. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. One of the common kinds of money transfer is a transfer via the international system of Western Union. In October 1871 the company has implemented the world's first telegraph money order. After a century money transfers have become a major source of income for 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.