" The nature and etiology of leukemia are unknown " (1). Some authors (2,3,4,5,6,7,8) are in favor of classifying the leukemias as malignant neoplasms of the blood-forming organs, because of the formation of leukocytes in unaccustomed organs, the new growth of leukemic tissue, and the flooding of the blood stream with abnormal primitive cells. Others (9) prefer to consider leukemia as a type of benign tumor formation, or tissue metaplasia, or simply as an excessive, unregulated production and outpouring of essentially normal young tissue cells. To solve the problem by means of morphological histology has proved impossible (10).A new approach to this question was opened, however, by the methods of cellular physiology, and this paper presents experimental results obtained by these methods, which, it seems to me, give an unambiguous and definite answer to the question of the nature of leukemic cells.As Warburg (11) has found, cells of benign, and to an even greater degree of malignant tumors, differ fundamentally from normal cells in their energy supplying metabolic reactions. In all normal undamaged animal cells the magnitude of the oxidative metabolism is considerably greater than the magnitude of the glycolytic metabolism and, under aerobic conditions, no splitting of sugar into lactic acid (glycolysis) occurs. In the metabolism of benign tumor cells and even more of cancer cells, the respiration-glycolysis ratio is disturbed; the rate of glycolysis is high as compared to the rate of respiration and a great amount of lactic acid is formed under aerobic conditions. This aerobic glycolysis, however, may have a different origin; it can be produced, for example, by poisoning the cells with cyanide, carbon monoxide, or arsenious acid, by various injuries leading to the gradual death of the cell, or, in the more sensitive organs, simply by keeping the tissue in Ringer's solution instead of its own plasma. Aerobic glycolysis as such, then, is not specific for malignancy, but rather the fact that the cancer Common to all these experiments with mature animal leukocytes of various types, was the ambiguous result that the fermentative metabolism was high in comparison to the oxidative metabolism and that splitting of sugar into lactic acid took place under aerobic conditions. The original question remained unsolved, whether this me-291