Plasma corticosterone levels and the weight of adrenal glands were studied in rats deprived of olfactory bulbs. The bulbectomy was performed in two groups: (A) adult rats; and (B) 30-day-old immature rats. It was found that plasma corticosterone decreased significantly in adult rats, 30 and 45 days after bulbectomy: from 29.6 ± 1.77 to 22.2 ± 1.12 µg/100 ml (p < 0.01) 30 days directly following the operation, to 12.8 ± 2.03 (p < 0.001) after 45 days. The weight of the adrenal glands was also significantly lower: 30.5 ± 1.57 mg/100 g body weight in normal subjects and 25.5 ± 1.22 mg/100 g in those bulbectomized (p < 0.05). Bulbectomized immature rats showed corticosterone levels significantly lower than those of normal rats, 5 months following operation: 25.2± 5.1 in normal subjects and 10.1 ± 1.1 µg/100 ml in those bulbectomized (p < 0.05). The weight of the adrenal glands was, however, similar to that of normal subjects. It is concluded that the olfactory bulbs in the rat have a tonic stimulating effect upon the hypothalamus-hypophysis-adrenal complex.