The precipitin indices for a number of monovalent and polyvalent antipneumococcus sera were determined under known conditions, and found to vary as did the number of protective units. The ratio precipitin index/protective units in monovalent sera was found to lie between 2.8 and 4.8 for Type I and to be about ten times greater for Type III. Lower values were found in polyvalent horses and when mixing heterologous monovalent sera with each other. The influence of the duration of treatment upon the quotient was studied. Several refined and concentrated preparations showed a relative increase in precipitin activity.