The localized content of lactic, malic, and glucose-6-phosphate dehydrogenases, phosphoglucoisomerase, alkaline phosphatase, and total phosphate at five selected stages of deer antler formation has been investigated by means of quantitative microchemical methods. Generally, the antler tine has a higher over-all level of enzyme activity than do the epiphyseal plates previously studied. Alkaline phosphatase in the preosseous zones of the tine rises to extremely high levels, much above anything reported in the epiphyseal plate. However, no increase in phosphate content was observed to be associated with the increase in alkaline phosphatase. The source of the seasonal elevation of circulating alkaline phosphatase occurring in male deer is shown in this paper, as well as in the previous paper of the series, to be the preosseous areas of the proliferating antler tine.