This work is the outcome of several series of lectures on Cost Reduction, delivered in Germany and Austria in 1913 and 1914, in New York University in 1915 and 1916, and still later in the College of the City of New York; supplemented by an article on " Why Foundries Lose Money" in The Foundry, (reprinted twice in my Industrial Bulletin.

While it does not pretend to cover the ground exhaustively, or even concretely, it does name practically all the principal and most of the minor causes of loss; and should at least serve as food for thought and incentive to action.

The classifications, which have given me no end of trouble, may please my critics even less than they do me. They are, however, the best that I have been able to evolve from the great variety of possible treatments that suggested themselves.

WASHINGTON BRIDGE P. O., N. Y. CITY
August, 1922.