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PCPaul -- not sure why his face is printed the way it is, but if the printer put red only where the black/grey was supposed to be (and not where the red was supposed to be), then you wouldn't necessarily see the red hat lines or collar.
Of course, there's a red Cincinnati at the bottom, which is supposed to be red. Maybe they were trying to figure out the placement of the word Cincinnati, and used red ink for the face and letters for a test print?
The "Cincinnati" appears to be the same Cincinnati used on Egan. I guess the Cincinnati could have originated with Bescher or Egan, or somewhere else. The Cincinnati on the final Bescher portrait is definitely altered (the black borders added), so maybe they were testing the style of Cincinnati to be used on the Bescher portrait?