Slim, rich, sharp-nosed Nathan Straus, whose late Cousin Jesse Isidor was Ambassador to France, and whose other cousins Percy and Jack run the big R. H. Macy department store in Manhattan, last week proclaimed proudly to the Institute of Public Affairs at the University of Virginia :

"For more than a century the slums of America have each year grown in size. In 1939, they have begun to shrink."

Mr. Straus knew this because for nearly two years he has run United States Housing Authority, with $800,000,000 to lend to local authorities for...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!