1. 1. Lipolysis in pigeon adipose tissue in vitro was stimulated by epinephrine and glucagon. 2. 2. Tissue from males was less sensitive to glucagon than that from females. 3. 3. Stimulation of lipolysis did not occur anaerobically. 4. 4. The molar ratio of FFA to glycerol produced under hormone stimulation was three to four and was not altered by the presence of glucose even though considerable glucose consumption did occur. 5. 5. Lack of re-esterification of FFA and the possible accumulation of mono- and diglycerides is suggested. 6. 6. Both epinephrine and glucagon stimulated lactate production in the presence of glucose. 7. 7. A significant increase in O 2 consumption was seen only when both epinephrine and glucose were present. Insulin had no observable effect on lipolysis or glycolysis.