Abstract
The exudates from three species of fleshy fungi growing in their natural environment were collected and examined. The total solids varied from 1.7 to 2.72 per cent. The pH value of each was low, being for Polyporus dryadeus 2.6. The water contained bacteria, actinomyces, reducing substances, a material giving the formaldehyde reaction and certain inorganic constituents. About 500 p.p.m. of potassium and about 1 p.p.m. of phosphorus were present. The exudate was highly buffered and contained a gelatinous material that was not studied.

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