FadetoBlack: As an aside: does anyone know if the jw's have always celebrated a memorial? Was it started in this form back in Russel's day?
Yes, Russell and the Bible Students have always celebrated Christ's supper. However, back in Russell's day, they all partook of the emblems.
http://www.mostholyfaith.com/Beta/bible/topics/Memorial_Meditations.asp
It was later, when the JWs split off and re-invented the wheel, that it was decided that only those with "heavenly hope" could partake of Christ's blood and flesh. I believe that happened around 1935. Or, at least, that is when the "other sheep" class was born. The rejection of the emblems likely happened sometime after that.
Coincidentally, 10 years later, the WT decided to not only block the JWs from partaking of the wine (Christ's blood), they also banned the JWs from partaking of the world's blood supply.
The rejection of blood transfusions is consistent with the rejection of the blood of Christ.