1. A chemically pure hemolysin-leucocidin has been isolated from beta hemolytic streptococci, but not from other species of bacteria studied. 2. It does not give rise to antibodies, but precipitates immune sera against hemolytic streptococci, and is therefore a hapten. 3. A highly purified sample of S. H. up to a dilution of 1:128,000 hemolyzes red blood cells. Its hemolytic activity is not specifically neutralized by antiserum versus beta hemolytic streptococci. It is leucocidic in that it inhibits the reduction of methylene blue by leucocytes. 4. The hemolysin-leucocidin is stable to oxygen, to heat and to moderate changes in hydrogen ion concentration. Its chemical structure has been determined in part. Its molecular weight is 2260. 5. A crystalline derivative has been isolated as the sodium salt from the hemolysin-leucocidin. As the free acid it has a molecular weight of 720. Its hemolytic and leucocidic activity parallels that of S. H., although it is not serologically active. It possesses a high degree of toxicity for mice and rabbits.