A continuous wave ultrasonic instrument capable of measuring very small changes in acoustic attenuation and phase velocity is described. This transmission oscillator ultrasonic spectrometer (TOUS) exhibits high sensitivity because it oscillates marginally. In spite of this high sensitivity, the TOUS system is relatively simple, compact, and inexpensive. These features suggest that the TOUS is suitable not only for precise laboratory measurements of the physical properties of materials, but also for field applications in nondestructive testing.