The velocity of propagation of a disturbance wave in a liquid flowing in a distensible tube is computed. The mathematical model is more general than those used in previous analyses: the tube wall properties are realistic; the convective part of the axial inertia forces is taken into account; radial inertia forces of both the fluid and tube wall are present; viscous stresses are present. Four parameters influencing the velocity of propagation are obtained and discussed. Curves are plotted illustrating the effects of the parameters. Contrary to the results of previous analyses, viscous effects are shown to be appreciable in blood flow. It is also shown that radial inertia effects can be important in laboratory set-ups.