In 1920, Western Union has implemented the world's first transmission of images over the ocean. In the 80's of Nineteenth century, Western Union was repeatedly tried capture by the railroad tycoon Jay Gould. He worked with Alexander Graham Bell, inventor of the first phone. 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.