XXV1 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. Nipher 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 Union 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- 
