The fluid content of circulating blood was followed continuously by conductometric measurement of large vein hematocrit in the alert rat. Arterial pressure was registered simultaneously. 2.5-23% of the determined blood volume was withdrawn rapidly and the changes of fluid content (delta v) calculated. Determinations of plasma protein showed that calculated delta v(delta vapp) may exceed true delta v due to transvascular fluid inflow by maximally 38%. A very fast phase of fluid inflow into the circulation (delta vfapp, within 1 min) was observed at the beginning, followed by a slow phase (delta vsapp), the magnitude of both being proportional to the concomitant arterial pressure drop (delta p). At delta p = 0, delta vfapp was 20% of the volume of blood withdrawn, total replacement (delta vfapp + delta vsapp = volume withdrawn) being complete in 60 min. At delta p = -20 mm Hg the figures were 40% and 20 min, respectively. Experiments on splenectomized animals showed essentially the same relations, excepting that delta vsapp may have been underestimated in normal rats. An arterial pressure rise after hemorrhage may attenuate complete replacement. The results are discussed in terms of capillary fluid conductivity. Thus CFC may be in the order of 0.029 ml/min x mm Hg x 100 g.