The event was sponsored by The New York Times to celebrate the opening of their new headquarters at One Times Square. At midnight, a fireworks show was held for 200,000 spectators. The event took the place of the traditional New Year’s Eve celebrations normally held at Trinity Church. It was such a hit that the Times continued the celebration and for further promotion of the newly named Times Square, in 1908, they constructed an electrically lit, time ball, which was lowered from a flag pole from the roof of One Times Square. Long out of date, time balls were used to ensure accurate time keeping, originally used by navigators for their ships while offshore and were made from wood or metal. The ball has only been replaced five times since 1904 and are now made out of Waterford Crystal