Ramsay, Stattman, Vela & Price 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Company	COM	88579y101	8,414	47,367	SH		SOLE		14,711	0	32,656
AT&T Inc.	COM	00206R102	1,290	52,441	SH		SOLE		27,650	0	24,791
Abbott Laboratories	COM	002824100	15,942	113,274	SH		SOLE		32,082	0	81,192
Alphabet Inc. Cl. A	COM	02079k305	232	80	SH		SOLE		21	0	59
Alphabet Inc. Cl. C	COM	02079k107	17,495	6,046	SH		SOLE		1,846	0	4,200
Apple Inc.	COM	037833100	32,186	181,261	SH		SOLE		50,919	0	130,342
Automatic Data Proc.	COM	053015103	14,534	58,942	SH		SOLE		16,110	0	42,832
Becton Dickinson	COM	075887109	11,450	45,532	SH		SOLE		12,803	0	32,729
Berkshire Hathaway Cl. B	COM	084670702	15,570	52,075	SH		SOLE		15,257	0	36,818
Caterpillar Inc.	COM	149123101	362	1,750	SH		SOLE		100	0	1,650
Chevron Corp.	COM	166764100	1,910	16,276	SH		SOLE		6,580	0	9,696
Cisco Systems Inc.	COM	17275r102	5,712	90,130	SH		SOLE		35,725	0	54,405
Coca-Cola Co.	COM	191216100	10,032	169,436	SH		SOLE		46,990	0	122,446
Colgate-Palmolive Co.	COM	194162103	8,271	96,920	SH		SOLE		23,851	0	73,069
Corning Inc.	COM	219350105	209	5,603	SH		SOLE		0	0	5,603
Costco Wholesale	COM	22160k105	315	555	SH		SOLE		335	0	220
Danaher Corp.	COM	235851102	22,851	69,455	SH		SOLE		18,896	0	50,559
Deere & Co.	COM	244199105	1,212	3,536	SH		SOLE		0	0	3,536
Diageo plc ADR	COM	25243q205	11,694	53,123	SH		SOLE		13,156	0	39,967
Emerson Electric Co.	COM	291011104	7,241	77,888	SH		SOLE		22,185	0	55,703
Exxon Mobil Corp.	COM	30231G102	1,579	25,805	SH		SOLE		3,344	0	22,461
Vanguard FTSE Devel. Mkts. ETF	COM	921943858	1,926	37,722	SH		SOLE		15,512	0	22,210
Vanguard FTSE Emerg. Mkts. ETF	COM	922042858	1,442	29,148	SH		SOLE		2,510	0	26,638
FedEx Corp.	COM	31428x106	9,826	37,990	SH		SOLE		11,285	0	26,705
Fiserv, Inc.	COM	337738108	6,206	59,797	SH		SOLE		22,211	0	37,586
Fortive Corp.	COM	34959j108	5,128	67,220	SH		SOLE		15,744	0	51,476
General Mills Inc.	COM	370334104	202	3,000	SH		SOLE		0	0	3,000
GlaxoSmithKline PLC ADR	COM	37733w105	783	17,761	SH		SOLE		0	0	17,761
Home Depot Inc.	COM	437076102	9,238	22,259	SH		SOLE		7,122	0	15,137
Illinois Tool Works	COM	452308109	13,006	52,699	SH		SOLE		13,968	0	38,731
Intel Corp.	COM	458140100	835	16,215	SH		SOLE		400	0	15,815
JPMorgan Chase	COM	46625h100	247	1,561	SH		SOLE		50	0	1,511
Johnson & Johnson	COM	478160104	11,918	69,669	SH		SOLE		21,987	0	47,682
MSCI Asia ex-Japan iShares	COM	464288182	649	7,850	SH		SOLE		4,000	0	3,850
MSCI EAFE iShares	COM	464287465	6,084	77,328	SH		SOLE		21,450	0	55,878
MSCI Emerging Markets iShares	COM	464287234	1,895	38,783	SH		SOLE		11,640	0	27,143
McCormick & Co.	COM	579780206	6,250	64,693	SH		SOLE		14,344	0	50,349
McDonald's Corp.	COM	580135101	568	2,120	SH		SOLE		1,505	0	615
Medtronic PLC F	COM	g5960l103	265	2,563	SH		SOLE		0	0	2,563
Merck & Co.	COM	58933y105	3,710	48,410	SH		SOLE		21,700	0	26,710
Microsoft Corp.	COM	594918104	27,333	81,272	SH		SOLE		22,029	0	59,243
Nestle S.A. ADR	COM	641069406	10,896	77,624	SH		SOLE		24,108	0	53,516
Nike, Inc. Cl. B	COM	654106103	14,132	84,788	SH		SOLE		19,531	0	65,257
Oracle Corp.	COM	68389x105	1,028	11,786	SH		SOLE		0	0	11,786
Otis Worldwide	COM	68902v107	254	2,922	SH		SOLE		0	0	2,922
PepsiCo, Inc.	COM	713448108	13,143	75,662	SH		SOLE		22,630	0	53,032
Procter & Gamble Co.	COM	742718109	11,803	72,154	SH		SOLE		21,853	0	50,301
Qualcomm Inc.	COM	747525103	1,306	7,140	SH		SOLE		0	0	7,140
Raytheon Technologies	COM	75513e101	1,767	20,530	SH		SOLE		8,765	0	11,765
Royal Dutch Shell Cl. A	COM	780259206	290	6,675	SH		SOLE		400	0	6,275
Russell 2000 iShares	COM	464287655	9,505	42,728	SH		SOLE		10,682	0	32,046
S&P Core Mid-Cap iShares	COM	464287507	8,802	31,094	SH		SOLE		8,206	0	22,888
S&P Core Small-Cap iShares	COM	464287804	910	7,951	SH		SOLE		2,121	0	5,830
SPDR S&P 500	COM	78462f103	2,644	5,566	SH		SOLE		1,181	0	4,385
Starbucks Corp.	COM	855244109	9,857	84,267	SH		SOLE		25,825	0	58,442
Stryker Corp.	COM	863667101	12,763	47,727	SH		SOLE		12,313	0	35,414
TJX Cos. Inc.	COM	872540109	830	10,932	SH		SOLE		0	0	10,932
Target Corp.	COM	87612e106	870	3,760	SH		SOLE		500	0	3,260
Vanguard Info. Technology ETF	COM	92204a702	1,833	4,000	SH		SOLE		0	0	4,000
Vanguard Mid-Cap ETF	COM	922908629	1,288	5,055	SH		SOLE		0	0	5,055
Visa Inc.	COM	92826c839	9,175	42,337	SH		SOLE		13,726	0	28,611
Walmart Inc.	COM	931142103	495	3,424	SH		SOLE		2,055	0	1,369
Walt Disney Co.	COM	254687106	10,668	68,876	SH		SOLE		19,116	0	49,760
Wells Fargo & Co.	COM	949746101	440	9,162	SH		SOLE		1,065	0	8,097
XCEL Energy	COM	98389b100	310	4,573	SH		SOLE		0	0	4,573
Zimmer Biomet	COM	98956p102	3,790	29,830	SH		SOLE		7,885	0	21,945
Schwab U.S. TIPS ETF	COM	808524870	2,980	47,385	SH		SOLE		12,315	0	35,070
Vanguard Shrt-Trm Corp. Bond ETF	COM	92206c409	6,123	75,356	SH		SOLE		20,121	0	55,235
iShares 1-5 Year Inv. Grade	COM	464288646	6,556	121,675	SH		SOLE		4,600	0	117,075