1. Intact pneumococci, possessing specific antigenic powers unimpaired by cultural or other procedures, give rise to agglutinins for organisms of the homologous type and to precipitins for the type-specific carbohydrate derived from them. 2. Solutions of pneumococci free of all formed elements, but containing the carbohydrate and protein of the original cell, fail to stimulate the formation of type-specific antibodies. Sera prepared in this manner do not react with the carbohydrate constituent of the cell and do not agglutinate organisms of the homologous type. The loss of this antigenic function is related to changes incurred during dissolution of the bacterial cell. 3. Solutions of the cellular substances of Pneumococcus, although lacking the specific antigen of the whole cell, induce the formation of antibodies reactive with pneumococcus protein regardless of the type from which the latter is derived.