Adenohypophyses were incubated in plasma obtained from adrenalectomized rats and pressure dialyzed against Krebs–Ringer bicarbonate. Corticosterone, in concentrations between 20 and 40 μg/100 ml of ultrafiltered plasma protein, suppressed the augmented release of adrenocorticotropin induced by a crude acid extract of rat hypothalamus–stalk–median eminence. Thus corticosterone, in concentrations and conditions comparable to those found in the circulation, will act directly on the adenohypophysis to decrease its response to corticosterone-releasing factor activity.