The 1930s proved to be a tumultuous decade for La Salle, which was nearly bankrupt after being unable to sell the 1240 North Broad Street property. The main academic building on campus, College Hall was unable to be finished due to a lack of funds, and the college nearly closed in the late 1930s. The school's closing was prevented by a 75th Anniversary Fund Drive in 1938, spearheaded by Philadelphia businessman John McCarthy. Funds raised from this drive also enabled La Salle to purchase a tract of land to the east of 19th Street, where Philadelphia had intended to build a city college.