1. 1. The increase in intrapericardial pressure caused by an acute pericardial effusion produces a fall in arterial blood pressure. 2. 2. If the intrapericardial pressure be increased by stages, there is a definite blood pressure established for each stage. This blood pressure is maintained for a minute or more, but there finally occurs a stretching of the pericardium which tends to restore normal conditions. 3. 3. If the intrapericardial pressure be slowly and continuously increased, there is a definite mathematical relationship between the pressure in the pericardial sac and the arterial blood pressure. 4. 4. During an increase in the intrapericardial pressure there occur changes in the electrocardiogram, as described by Katz, Feil and Scott, consisting chiefly of a gradual diminution in the voltage of the QRS segments and development of and increase in negativity of the T-waves, this latter change extending even to the production of T-waves of the coronary type. 5. 5. An intrapericardial pressure of 3 to 8 mm. Hg is sufficient to produce an obviously negative T-wave. 6. 6. When the intrapericardial pressure is sufficiently high to produce negative T-waves, the intravenous injection of adrenalin or ephedrine sulphate solutions will restore the electrocardiogram to normal. This change commences before the pressor effect of the drugs is evident on a carotid pressure tracing and persists after that effect has worn off. It is shown also even if the rise in arterial pressure is accompanied by a rise in intrapericardial pressure. 7. 7. If the intrapericardial pressure be sufficiently high, the circulation is hindered to such an extent that neither adrenalin nor ephedrine will cause a rise in arterial pressure. But this rise occurs immediately on rerise in intrapericardial pressure. 8. 8. The negative T-wave may resemble in all respects that seen in coronary occlusion. Since the rapid accumulation of a purulent exudate in the pericardium may be accompanied by intense pain, lowering of the blood pressure, fever and leucocytosis, suggesting coronary occlusion, the presence of a coronary T-wave in such a case may offer great diagnostic difficulties.