Institutions of the United States are ranked by the ratio of Ph.D.'s in physics granted nationally during 1952 to 1956 to their undergraduate physics majors who received their bachelor's degrees during the period July 1, 1947, to June 30, 1952, as a means of measuring their efficiency in the training of Ph.D. physicists. The data used in calculating these ratios were obtained from the National Academy of Sciences and the United States Office of Education. The top ten institutions were found to be Hampden-Sydney College, Swarthmore College, University of Colorado, Haverford College, Drew University, Wesleyan University, University of Virginia, Johns Hopkins University, Whitman College, and Cornell University, in that order. As a means of comparing various groups of institutions, composite Ph.D.-bachelor ratios were calculated. From these ratios certain conclusions were drawn. This investigation differed from most other studies of this sort, for in it the Northeastern states were found to be the most productive. The technical schools surpassed the universities and colleges. It was found that the Ph.D. granting institutions had a much higher composite Ph.D.-bachelor ratio than the institutions not offering doctoral work in physics.