Handwritten on the back, "January 1929. Left to right- E.C. Lipman, F.W. hatch, Andrew Laier, T.W. Sullivan, Lawrence Warner, H.S Fisher, J.C. Smith." The seven men are standing in a row, smiling. They all are wearing glasses. E.C. Lipman is made vice president of H.C. Capwell Co. in 1929. He also becomes the manager of H.C. Capwell Co. in 1930. In 1936 he is made the managing director of H.C. Capwell Co. In 1937 he gives up this position to succeed R.P. Connally as the managing director of the Emporium. F.W. Hatch is most likely the same Hatch that was made Sales Manager of Capwell's in 1929 (He is listed in the history file as F.M. Hatch), he is replaced this same year by H.L. Warner. Andrew Laier is unknown T.W. Sullivan is the merchandise manager at H.C. Capwell in 1927. In 1929 he resigns to open, "Capwell, Sullivan and Furth.". Lawrence Warner, he is recognized in another photo and labeled as H.L. Warner. He replaces F.W. Hatch in 1929 as Capwell's sales manager and is succeeded in 1930 by R.M. Watson. H.S. Fisher is elected Vice President of the Emporium Capwell Corporation in 1929. In 1931, he is Vice President and assistant to the president. In 1936 Fisher is made president. In 1937 he is listed as president of the Corporation and also as president of the Emporium Capwell Company. The Company was not listed in the Annual Report until this year. Also his full name is listed as Haldane S. Fisher. The next annual report in 1941, still has Fisher listed as the president of only the Emporium Capwell Co.(In 1940 the Corporation and the Company merged to become the Emporium Capwell Company. J.C. Smith is unknown.