Exposure of normal human gastric juice to pH 10 for 30 minutes destroys peptic activity without materially affecting intrinsic factor. Pepsinogen containing 28 mg. N was inert when administered parenterally. Eighty cc. of normal juice collected by Greenspon's technique was inert but when added to 80 gm. of boiled liver accentuated the hematopoietic effect of the liver.