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	1,663,576	15,827	SH		SOLE		8,754	0	7,073
AT&T Inc.	COM	00206R102	649,996	33,766	SH		SOLE		28,590	0	5,176
Abbott Laboratories	COM	002824100	11,476,505	113,337	SH		SOLE		39,608	0	73,729
Adobe Inc.	COM	00724f101	4,451,024	11,550	SH		SOLE		10,480	0	1,070
Advanced Micro Devices	COM	007903107	529,254	5,400	SH		SOLE		5,400	0	0
Air Products	COM	009158106	2,929,542	10,200	SH		SOLE		5,182	0	5,018
Alphabet Inc. Cl. A	COM	02079k305	3,955,225	38,130	SH		SOLE		35,730	0	2,400
Alphabet Inc. Cl. C	COM	02079k107	13,149,344	126,436	SH		SOLE		51,334	0	75,102
Amazon.com	COM	023135106	5,214,079	50,480	SH		SOLE		50,420	0	60
Apple Inc.	COM	037833100	33,710,146	204,428	SH		SOLE		100,656	0	103,772
Applied Materials	COM	038222105	3,175,770	25,855	SH		SOLE		25,855	0	0
Automatic Data Proc.	COM	053015103	13,761,577	61,814	SH		SOLE		25,233	0	36,581
Becton Dickinson	COM	075887109	12,931,242	52,239	SH		SOLE		23,912	0	28,327
Berkshire Hathaway Cl. B	COM	084670702	16,725,145	54,167	SH		SOLE		22,114	0	32,053
Biogen Inc.	COM	09062x103	2,118,589	7,620	SH		SOLE		7,620	0	0
Bristol-Myers Squibb	COM	110122108	2,049,843	29,575	SH		SOLE		29,575	0	0
Caterpillar Inc.	COM	149123101	434,796	1,900	SH		SOLE		1,900	0	0
Charles Schwab Corp.	COM	808513105	1,735,611	33,135	SH		SOLE		11,825	0	21,310
Chevron Corp.	COM	166764100	2,814,836	17,252	SH		SOLE		9,050	0	8,202
Cisco Systems Inc.	COM	17275r102	6,412,417	122,667	SH		SOLE		75,995	0	46,672
Coca-Cola Co.	COM	191216100	9,783,061	157,715	SH		SOLE		53,485	0	104,230
Colgate-Palmolive	COM	194162103	6,063,478	80,685	SH		SOLE		22,991	0	57,694
Costco Wholesale	COM	22160k105	6,791,219	13,668	SH		SOLE		8,267	0	5,401
Danaher Corp.	COM	235851102	16,830,475	66,777	SH		SOLE		22,442	0	44,335
Diageo plc ADR	COM	25243q205	9,153,214	50,520	SH		SOLE		15,255	0	35,265
Emerson Electric	COM	291011104	7,059,560	81,014	SH		SOLE		27,390	0	53,624
Estee Lauder Cos. Cl. A	COM	518439104	1,662,373	6,745	SH		SOLE		6,745	0	0
Exxon Mobil Corp.	COM	30231G102	2,845,567	25,949	SH		SOLE		4,649	0	21,300
Vanguard FTSE Dev. Mkts ETF	COM	921943858	825,798	18,282	SH		SOLE		5,702	0	12,580
Vanguard FTSE Emerg. Mkts ETF	COM	922042858	1,015,575	25,138	SH		SOLE		10,315	0	14,823
FedEx Corp.	COM	31428x106	4,089,057	17,896	SH		SOLE		6,857	0	11,039
Fiserv, Inc.	COM	337738108	9,543,575	84,434	SH		SOLE		51,003	0	33,431
Fortive Corp.	COM	34959j108	1,357,878	19,919	SH		SOLE		2,350	0	17,569
Home Depot Inc.	COM	437076102	10,679,507	36,187	SH		SOLE		22,190	0	13,997
IDEXX Laboratories	COM	45168d104	2,127,840	4,255	SH		SOLE		4,255	0	0
Illinois Tool Works	COM	452308109	13,072,291	53,696	SH		SOLE		18,685	0	35,011
Illumina Inc.	COM	452327109	1,162,750	5,000	SH		SOLE		5,000	0	0
JPMorgan Chase	COM	46625h100	1,269,350	9,741	SH		SOLE		8,950	0	791
Johnson & Johnson	COM	478160104	12,769,297	82,383	SH		SOLE		40,647	0	41,736
Linde plc	COM	g54950103	6,534,054	18,383	SH		SOLE		5,410	0	12,973
MSCI EAFE iShares	COM	464287465	5,538,008	77,433	SH		SOLE		31,590	0	45,843
MSCI Emerging Markets iShares	COM	464287234	1,468,188	37,207	SH		SOLE		12,185	0	25,022
McCormick & Co.	COM	579780206	5,610,934	67,431	SH		SOLE		20,329	0	47,102
McDonald's Corp.	COM	580135101	2,139,016	7,650	SH		SOLE		7,060	0	590
Merck & Co.	COM	58933y105	4,585,409	43,100	SH		SOLE		23,720	0	19,380
Microsoft Corp.	COM	594918104	35,044,595	121,556	SH		SOLE		70,380	0	51,176
Moderna Inc.	COM	60770k107	645,036	4,200	SH		SOLE		4,200	0	0
Nestle S.A. ADR	COM	641069406	8,951,395	73,559	SH		SOLE		27,055	0	46,504
Nike, Inc. Cl. B	COM	654106103	9,877,671	80,542	SH		SOLE		21,100	0	59,442
Nvidia Corp.	COM	67066g104	7,643,953	27,519	SH		SOLE		27,519	0	0
PNC Financial Services	COM	693475105	1,271,000	10,000	SH		SOLE		10,000	0	0
Palo Alto Networks	COM	697435105	2,918,201	14,610	SH		SOLE		14,610	0	0
PepsiCo, Inc.	COM	713448108	13,358,397	73,277	SH		SOLE		26,073	0	47,204
Procter & Gamble	COM	742718109	10,569,480	71,084	SH		SOLE		26,627	0	44,457
Qualcomm Inc.	COM	747525103	1,748,484	13,705	SH		SOLE		10,500	0	3,205
Raytheon Technologies	COM	75513e101	1,385,710	14,150	SH		SOLE		8,260	0	5,890
Russell 2000 iShares	COM	464287655	7,244,289	40,607	SH		SOLE		14,694	0	25,913
S&P Core Mid-Cap iShares	COM	464287507	7,663,902	30,636	SH		SOLE		10,118	0	20,518
S&P Core Small-Cap iShares	COM	464287804	578,363	5,981	SH		SOLE		1,926	0	4,055
SPDR S&P 500	COM	78462f103	2,223,806	5,432	SH		SOLE		1,302	0	4,130
Shell plc	COM	780259305	498,296	8,660	SH		SOLE		2,385	0	6,275
Starbucks Corp.	COM	855244109	10,953,643	105,192	SH		SOLE		51,240	0	53,952
Stryker Corp.	COM	863667101	15,492,171	54,269	SH		SOLE		22,316	0	31,953
Target Corp.	COM	87612e106	779,289	4,705	SH		SOLE		2,470	0	2,235
Tesla Inc.	COM	88160r101	3,582,834	17,270	SH		SOLE		17,270	0	0
Thermo Fisher Scientific	COM	883556102	3,501,448	6,075	SH		SOLE		6,075	0	0
Vanguard Info. Technology ETF	COM	92204a702	1,387,692	3,600	SH		SOLE		3,600	0	0
Vanguard Mid-Cap ETF	COM	922908629	1,066,201	5,055	SH		SOLE		5,000	0	55
Vanguard S&P 500 ETF	COM	922908363	632,697	1,682	SH		SOLE		0	0	1,682
Verizon Communications	COM	92343v104	331,032	8,512	SH		SOLE		0	0	8,512
Visa Inc.	COM	92826c839	12,881,206	57,133	SH		SOLE		29,312	0	27,821
Walmart Inc.	COM	931142103	483,489	3,279	SH		SOLE		2,120	0	1,159
Walt Disney Co.	COM	254687106	8,734,340	87,230	SH		SOLE		49,132	0	38,098
XCEL Energy	COM	98389b100	352,914	5,233	SH		SOLE		1,200	0	4,033
Zimmer Biomet	COM	98956p102	1,655,698	12,815	SH		SOLE		2,330	0	10,485
Schwab U.S. TIPS ETF	COM	808524870	2,073,635	38,680	SH		SOLE		17,015	0	21,665
Vanguard Shrt-Trm Corp. Bond ETF	COM	92206c409	3,154,092	41,376	SH		SOLE		6,294	0	35,082
iShares 1-5 Year Inv. Grade C	COM	464288646	739,148	14,625	SH		SOLE		4,600	0	10,025