The most striking effect of a lowered oxygen tension in tissues on the growth of transplanted bone-marrow cells has been observed in the anemic animals previously depleted of a large quantity of blood daily so as to keep the erythrocyte count under two millions per cu. mm. In the liver, spleen, and probably in the lymphnodes of these animals the transplanted bone-marrow cells proved to be surviving through the whole course of the experiment lasting for two weeks, and showing an active proliferation in the sinusoids of the liver and in the sinuses of the spleen and sometimes in the lymphnodes, giving the picture like those of embryonal hematopoiesis seen in these organs.