[1] Originally from Peoria, Illinois, Davis' uncle was Shelby Moore Cullom, who served in the U.S Senate for 30 years and introduced the legislation to create the Interstate Commerce Commission.
Shelby joined the staff of District Attorney Thomas E. Dewey as an economist and research assistant.
His generous support of the Society of Colonial Wars is recognized in part through the Shelby Cullom Davis Lecture.
In December 2013 it was announced that through his charitable fund a $10 million donation was made to Colby College, Waterville, Maine.
He was survived by his wife of 44 years, Kathryn Wasserman Davis; two children Shelby M. C., of Manhattan; a daughter, Diana D. Spencer, and eight grandchildren.