Which New Year's Eve event in New York City began in 1904 as a celebration for the opening of One Times Square?

Times Square New Year’s Eve began in 1904 as a celebration for the opening of One Times Square.

The event was organized by Adolph Ochs, publisher of The New York Times, after the newspaper moved its headquarters to the newly named Times Building, now One Times Square. A fireworks display was held on December 31, 1904, to mark the building’s opening and attract attention to the area.

After fireworks were prohibited for safety reasons, the newspaper arranged a time ball drop for December 31, 1907. The ball-drop tradition continued and became the defining feature of the annual celebration, while millions of people watched in person or through broadcasts.

This question concerns the event’s beginning, not the name of its first ball. The first ball was an iron-and-wood structure illuminated with electric lights, and its design has changed repeatedly over the decades.