1. Observations are described which indicate that the axoplasm of the giant nerve fibre of the squid is normally in a gelatinized state and behaves iike a solid.
2. Extruded axoplasm disperses rapidly in sea water, but not in calcium-free solutions of 0.58M-sodium chloride or potassium chloride.
3. The addition of calcium chloride in concentrations of 1 mM. or more causes the axoplasm to disperse, the time for complete disintegration decreasing as the calcium concentration is raised. No comparable effect is produced by the other constituents of sea water.