Thus Robert G. Wiese of Scudder, Stevens & Clark wrote in 1930: "Theoretically, the proper price of any security, whether a stock or a bond, is the sum of all future income payments discounted at the current rate of interest in order to arrire at the present value" (Wiese 1930, p. 5). Williams quoted Wiese's article to this effect (Williams 1938, p. 55).

Donald MacKenzie, An Engine, Not a Camera, loc. 1428