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September / , 1955 Internal Memorandum Concerning Mr* Samuel Reyburn Mr* Reyburn takes the credit for having invented the use of retail figures as a measurement of expenditure and prosperity. He says that he kept talking to Mr* Strong about the existing indices of production and prosperity and saying he saw no reason why farm figures should be the ones most favored*in this commercial world* Strong finally said, "Take it up with Shepard Morgan.n In the summer of 1920 Mr* Reyburn and Mr. Shepard Morgan woriced out the retail stores series at the Morgan house in Norfolk, Connecticut* When they came back to town, Mr* Reyburn got cooperation from all but Woolworth and Wanameker, and finally got them* In those days the Retail Diy Goods Association had rules about filching each other1 s employees and not using women if it was possible to avoid it* Mr* Reyburn said that his mother was a better businessman than his father, and he saw no reason why women should not be useful* Once he got Woolworth to agree to furnish tiie Board with retail figures, the others followed* He said that his technique was a policy of mutual praise* Mr* Reyburn said that he met Montagu Noiman in 1923 in Fnelpftflj thanks to a letter from Benjamin Strong. Noiman came to this country at least once after Strong died, and Mr* Reyburn remembers that Owen Young gave him a dinner at the University Club* Post Script - (concerning dinner at University Ci u b). Mr* Young read the prospectus of the Bank of England and went on to praise it* Mr. Noiman said that the Federal Reserve System was greater than the Bank of England. MA:IB
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