xxvi Trans. Acad. Sci. of St. Louis. 



classes, organized ferments, or those which cause fermentation during 

 the growth and reproduction of living organisms, and unorganized 

 ferments, or those secreted by the living organisms, which may be 

 extracted from the cells in which they have been found and are known 

 as enzymes. 



Solutions are of two kinds, crystalloidal, or those which are 

 known as true solutions, inasmuch as they show an osmotic pressure 

 and have a freezing point lower and a boiling point higher than the 

 original solution, and colloidal solutions, which have these properties 

 to a slight extent only, if at all. Colloidal suspensions resemble 

 true solutions less closely than colloidal solutions. The electrical 

 method of Bredig is the most important one in preparing these sus- 

 pensions, which have a homogeneous appearance under the micro- 

 scope. 



The features common to enzymes and colloidal suspensions are 

 that they act catalytically, especially upon hydrogen dioxide, as the 

 investigations of Bredig have shown; the activity of each increases 

 with a rise of temperature until a certain maximum is reached. Both 

 enzymes and suspensions are very sensitive to the presence of foreign 

 substances. Some substances act as inhibitors while others act as 

 accelerators to both. 



Professor F. E. Niplier presented an abstract of his 

 paper "On the Nature of the Electric Discharge. The 

 One-Fluid and the Two-Fluid Theories." 



The President then briefly set forth the present situ- 

 ation regarding the endowment fund, and the Secretary 

 read the form of contract which it was proposed should be 

 entered into by the Academy and the St. Louis Union 

 Trust Co. and certain subscribers. This contract pro- 

 vided for the establishment of an endowment fund of at 

 least $15,000.00, $7,000.00 of which is to be set apart 

 for that purpose by the Academy, and at least $8,000.00 

 to be contributed by certain individuals interested in the 

 welfare of the institution. This entire fund is to be 

 placed in the hands of the St. Louis LTnion Trust Co. 

 as Trustee, to be held by it for a period of twenty-five 

 years and may not be diverted or impaired in any way. 

 The net income during the twenty-five years of the trus- 

 teeship is to be paid to the Academy and at the end of 

 this period the trust property and accumulated income 

 is to be turned back to the Academy to be used as it may 

 determine. 



After reading and discussion of the contract, the fol- 



