Measurements of acid and pepsin in gastric juice and the pepsin concentration in the fundic mucosa were performed in 4 patients who underwent partial gastrectomy for bleeding from acute gastric mucosal erosions (“stress ulcers”) and in 30 patients who underwent partial gastrectomy for chronic gastric or duodenal ulcers. The most striking finding was a significantly higher level of fundic mucosal pepsin in the patients with acute gastric erosions than the chronic ulcer patients. This finding was associated with a significantly lower concentration of pepsin in gastric juice, a low level of acid secretion, and the expected high plasma level of corticosteroids associated with stress. As a result, the ratio of gastric mucosal pepsin to gastric juice pepsin was significantly higher in patients with acute gastric erosions than in those with chronic ulcers. It is possible that a rapid increase in endogenous corticosteroid levels induces an increase in intracellular pepsin in the fundic mucosa, and that this sequence of events plays a role in the pathogenesis of stress ulcer.