1. 1. Respiring cell-free baker's yeast extracts have been prepared by 10-sec high-speed mechanical disintegration. 2. 2. Increasing the disintegration period reduces the oxidate ability of the extracts. 3. 3. Whole extracts have a low blank respiration at or above pH 7·4. At pH 6·5–7·1 a high blank respiration is found. Addition of small amounts of ATP or A–5–P to the blank at pH 7·4 also induces this high respiration. 4. 4. The blank respiration is due to catabolism of polysaccharide. The R.Q. of the reaction is about 1 or sometimes higher. Considerable amounts of pyruvate and acetate are formed, but these are insufficient to account for either carbohydrate disappearance, O 2 uptake, or CO 2 formation. Some pentose formation occurs. 5. 5. Various acids of the Krebs tricarboxylic acid cycle are oxidized by the extracts, succinate most and malate least rapidly. 6. 6. Quantitative balances of the metabolism of each of the Krebs cycle acids show that they can largely be accounted for by the reactions of the cycle. Only small amounts of citrate are formed from oxaloacetate, acetate and CoA. Considerable amounts of glutamate are formed from α-ketoglutarate but not from citrate. 7. 7. The results are discussed in the light of the Krebs cycle being a major pathway of yeast respiration. Other pathways exist and may account for the high blank respiration observed under certain conditions.