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. The size of the commission fee for the transfer is charged according to the Western Union tariffs and depends on the amount of money sent. 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. 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.