Music, Cigars, Woolworth

A great "temple of art," having been sold to a cigar store corporation, will eventually be turned into a five-and-ten-cent store. Aeolian Hall, Manhattan, bought two weeks ago by the Schulte Cigar Stores for $6,000,000 (TIME, Aug. 11), has been leased to the Woolworth Co. for a term of 63 years. Says the official announcement:

"The ground floor (the present concert hall), which will be occupied by the Woolworth Co., will probably represent the most important store in their large chain of approximately 1,350 five-and-ten-cent stores, including stores in England and Canada. The deal emphasizes the tremendous growth of this company, which started about 40 years ago with one small store at Lancaster, Pa."

The structure will probably be retained by the Aeolian Co. until May 1, 1929, on which date cigarettes and cheap cutlery will oust Art from the premises. Meanwhile, five more seasons of concerts will be heard inside the 43rd Street entrance, and for five years talking machines, radio apparatus and electric pianos will be sold from the 42nd Street side. Then the five-and-ten will raise its scarlet standard, and the tobacco company will begin to profit on its $6,000,000 outlay.

Woolworth will pay a rental of $400,000 a year for the first 21 years. A graduated rental scale has been arranged for the second and last periods. These three periods have doubtless been fixed to correspond to Beethoven's famous "three periods," out of respect for the composer's shade, which undoubtedly haunts the hall. The rent for the entire 63 years will amount to the neat little sum of $27,500,000. In addition, the tenant has agreed to pay taxes, insurance and running expenses.