Where did you get your real wage number of "several hundred thousand", Robert? I checked out the U.S. Bureau of Labor Statistics website which has a calculator for comparing real dollars. It only goes back to 1913, but should be somewhat close to 1907. $5,000 in 1913 is the equivalent of just under $105,000 in 2007 dollars.
For $5,000 in 1907 to be worth even just $200,000 in 2007, that $5,000 in 1907 would have had to "grown" to $9,550 by 1913. I'd guess prices didn't nearly double between 1907 and 1913.
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