The relationship between the production and consumption systems of energy-rich phosphates (ATP, adenosine triphosphate) was investigated in slices of guinea-pig olfactory cortex by an electrical method and spectrophotometry. Potentials from brain slices were evoked by the orthodromic and repetitive stimulation of the lateral olfactory tract. The changes in the evoked potential amplitudes induced by various modes of electrical stimulus frequency and duration, were regarded as the consumptive index of ATP. On the other hand, the nervous tissues became hypoxic when ATP was aerobically produced during the acceleration of oxygen consumption in mitochondrial oxidative phosphorylation process. This hypoxic state caused the redox state of the cytochromes to shift to the reduction side, so the shift was thought to reflect the kinetics of the production of bioenergic metabolites