SUMMARYA lethal mixture of the three factors (I, 11, 111) of anthrax toxin had none of the following enzyme activities : adenosine triphosphatase, alkaline or acid phosphatase, catalase, collagenase, ribonuclease, desoxyribonuclease, gelatinase, hyaluronidase, lecithinase, lipase, proteinase. The mode of action of anthrax toxin is unknown. Although factor I1 is the only factor which is immunogenic when injected alone, the addition of factor I results in an increased immunizing activity; however, the activity of this mixture can be decreased by adding factor 111. The possible effect of these results on preparations used to immunize against anthrax is discussed.