The New York Times held the first Times Square New Year's celebration in 1904. The newspaper organized the event to mark the opening of its new headquarters, the Times Building, at the intersection later known as Times Square.
The celebration featured fireworks launched from the building's rooftop and drew a large crowd. The area had previously been called Longacre Square, but it was renamed Times Square after the newspaper's arrival. The 1904 event established the location as a major public New Year's gathering.
The famous ball drop came later, in 1907, after city officials banned the fireworks display. The two dates are therefore easy to mix up: 1904 marks the first Times Square celebration, while 1907 marks the first descent of the illuminated ball.