Philip D. Armour’s Grandchild, Now Two Years Old, a Sturdy and Pretty Child.
Chicago, November 20, 1898. — Lolita Armour, granddaughter of Philip D. Armour, just two years old, although an incubator baby, is one of the sturdiest girls of her age in Chicago. She is as pretty, weighs as much, and is as full of life to-day as a two-year-old baby ought to be.
She is the child of Mr. and Mrs. J. Ogden Armour of Michigan Avenue. When sh came into the world she weighed barely three pounds, and her doting grandfather was told that by the merest chance she might be saved in an incubator.
All dainty baby frocks and frills were put aside, and the millionaire’s granddaughter, rolled in a bit of linen and cotton, was laid in the new-fangled lifesaving machine. For a good many days the fate of the baby in the tin box was problematical. No one watched the incubator with more interest than the grandfather, and when it became evident the child would live the grandfather, considerable of a fighter himself, showed his admiration of the fight for life this grandchild had made by settling an even half million on her. Source: NY Times.
In case you were wondering, receiving $500,000 at birth in 1898 would be the equivalent today of receiving:
$12.8 million using the Consumer Price Index
$11.3 million using the GDP deflator
$60.5 million using the unskilled wage
$93 million using the nominal GDP per capita
$381 million using the relative share of GDP