Named after the loggia next-door to the famous Sponza Palace, Loggia Square was formerly the market square. In its centre stands Orlando's column (Orlandov stup), carved with an effigy of Roland who is said to have rescued Dubrovnik from the Arabs. The statue, built in 1418, used to serve as a unit of measurement: the length of the forearm (51.2cm) was known as the "Raguse elbow" and in its base are notches in the stone to measure goods. The Clock Tower, built in 1444 and reconstructed in 1929, completes the square.