The activity of the bacterial hemolysins in vitro can be measured quantitatively by the spectrophotometric determination of liberated hemoglobin, and is specifically inhibited by homologous antibody. The antigen-antibody reaction can be made both quantitative and sensitive and should constitute a useful model for a variety of purposes. Exploratory studies with a number of bacterial hemolysins suggested that the a-toxin of Clostridium welchii might be one of the most satisfactory, in part because of its stability in dry form, and because it is one of the better known bacterial hemolysins. This toxin has been differentiated from the other toxic components of filtrate of CI. welchii cultures and has assumed some general interest because of its predominant role in the pathogenesis of infections by this microorganism, and because it is known to have, or be associated with, lecithinase activity. The literature to 1943 has been summarized by Oakley (1943). Preliminary experiments indicated that the kinetics of a-toxin hemolysis and its inhibition by antitoxin are too poorly understood to allow the accurate titration of toxin and antitoxin. Macfarlane and Knight (1941), who established the enzymatic basis of the Nagler reaction and associated it with a-toxin,