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These fungi, Red-banded Polypores, are so common in our area that we seldom stop to photograph them. They are often found with these secretions, however, and that always makes them more interesting. I've tasted the secretions (these fungi are not poisonous) and they are completely tasteless as far as I can tell. That fits with the explanation given below. The process of producing these drops is called "guttation." A friend here on Ipernity, Fizgig, explained it thus: "This is a great example of a process called Guttation --- a term used in botany to describe the process by which plants excrete excess water through drops from their leaves. For some mushrooms, like the Red-Banded Plolypore, this is so common that it is a reliable identification feature." This example was photographed at Goose Rock in Deception Pass State Park.