The engraving on the front of the Bandshell reads, "Presented to the City of New York and it's music lovers by Elkan Naumburg 1923." Today it would more appropriately read "its inline skaters" as the area around the Bandshell is used maily by inline skaters practicing some of their more acrobatic moves.
The Bandshell does still provide some great free summer concerts. Check the schedule tab for more information.