The investigation dealt particularly with the combination of pneumococcus hemotoxin with red blood cells. The reduced or hemolytically active form of the hemotoxin was known to possess the property of erythrocyte combination. The results obtained in this study indicate that the hemolytically inactive, reversibly oxidized form exists in two different modifications; one retains the property of erythrocyte combination while the other lacks this property.

The influence of the combining property of the hemotoxin upon the mechanism of hemolysis and upon the inhibition of the hemolytic reaction was also investigated.

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