Not to beat a dead horse but I went out with a new expensive pressure tester that I borrowed from the local auto parts store and gave this compression testing another try.
I did as everyone here suggested and opened the choke and set the throttle to full open. Then I checked the compression again. But I'm confused.
When I tested by pulling the recoil starter just through one cylinder compression I got one reading ( 47 psi ):

Then when I pulled the recoil starter cord fully (like you would to start the engine) I got another reading (72 psi ):

Then when I plugged in the electric strarter and really spun the engine over I got a third reading ( 100 psi ):

I repeated each of these tests several times and always got the same results (pretty much). Could I be doing something wrong? So which one am I supposed to be looking at?