In an evaluation of the efficiency of trout culture, the author presents a detailed analysis of complete loss records from 288 individual lots of trout at twenty-two hatcheries in the western United States. Summarized data are given to show the percentage loss of eggs, fry, and fingerlings by progressive one-half inch size groups. The accumulative percentage loss is also included to indicate the losses, under average hatchery conditions, between the egg stage and each successive size-group. These data cover the individual species of trout commonly reared in hatcheries; summarized data are given also for all species combined. A brief discussion of hatchery losses, natural losses, and the cost of artificial propagation is included.