4. In unstimulated slices respiration, glucose consumption and lactic acid formation increased with rise of temperature (30-. 041-5o). In electrically stimulated preparations the functions mentioned above increased from 300 to 37.50 but decreased at 41-5. Ethanol had no effect at 300. 5. The relationship of these results to those obtained in earlier investigations with ethanol and other depressants is discussed. It is concluded that the action of ethanol is non-competitive and directed towards some process linked with the physiological functioning of nerve tissue.