Through the 1920s, the school was often on the edge of financial failure, but was of a caliber that prompted Anna Pavlova to call it "the kind of school other schools should follow." Although the mortgage was paid off and the building had been donated to the school in 1929, financial difficulties inevitably grew during the Great Depression. Ultimately, convinced that finances would not allow the school to do more than "tread water", Nellie Cornish resigned her position as head of the school in 1939.