Heir to the family department store fortune. He founded the Chicago Sun-Times newspaper and the Parade magazine supplement.
He went to work as a bond trader in Chicago after World War I, eventually founding his own investment firm.
He was a noted philanthropist with substantial gifts to the New York Philharmonic Symphony Orchestra and the Metropolitan Museum of Art, where he was a trustee.
His first wife, Audrey James Coats, was the goddaughter of King Edward VII.
He bought the Simon & Schuster publishing company in 1944, but his heirs returned it to its founders, Richard L. Simon and M. Lincoln Schuster.