The Next Generation
In 1902, Carnegie Steel was bought by a consortium led by the famed J.P. Morgan. With it, the new company, US Steel, attained Rockefeller’s interests in iron and iron ore transportation. Rockefeller traded his iron investments for a share of stock in US Steel. The deal was arranged by Henry Clay Fricke, between Rockefeller and his son, John D. Rockefeller Jr. The arrangement left them with memberships on the controlling board.
John D. Rockefeller Sr. and Jr. attending a servant’s wife’s funeral on March 28th, 1933. Photo by Everett Collection / Shutterstock
This allowed John Rockefeller Jr. to completely retire at the age of 63 from the operations of Standard Oil. Despite his removal from operations, and his charitable donations, Rockefeller continued to receive negativity from the press. He was condemned for his domination of the oil industry, as well as for his personal fortune and power.