The effects of hypoxia and hypercapnia on the electric activity of cerebral vesicles have been studied in 48 unrestrained eels placed in water in a soundproof location. 1. Hypoxia (PwO2 less than 5 torr) was well endured for 8 hours after which sharp bursts appeared, rapidly followed by cerebral death. 2. Hypercapnia (PwCO2 congruent to 14 torr) gave an amplitude decrease in cerebral activity beginning with the first hour, and after 8 hours there was an appearance of slow waves which progressively invaded the recording while the latency of average VER increased. 3. The large resistance of eels to hypoxia, is discussed in relation to the importance of anaerobic glycolysis in fish. The effects of hypercapnia on cerebral electric activity in eels are comparable to those observed in mammals and may be due to metabolic and electrolytic modification in CRL and in nervous cells.