Umbilical arterial and venous blood samples were obtained at term, and analyzed for human chorionic gonadotropin, progesterone, and unconjugated and total estriol. Levels of these hormones in arterial plasma were 1,577 ± 209, 378 ± 54, 30.5 ± 9, and 1,389 ± 115 ng. per milliliter (± standard error of the mean), respectively. The corresponding levels in venous plasma were 1,285 ± 188, 677 ± 94, 95 ± 19, and 1,302 ± 111 ng. per milliliter, respectively. These results confirm that the placenta produces progesterone and hydrolyzes estriol conjugates, and the fetus actively conjugates estriol and metabolizes progesterone arriving from the placenta. Higher levels of human chorionic gonadotropin were associated with female fetuses (P < 0.0.5). Umbilical arterial and venous blood samples were obtained at term, and analyzed for human chorionic gonadotropin, progesterone, and unconjugated and total estriol. Levels of these hormones in arterial plasma were 1,577 ± 209, 378 ± 54, 30.5 ± 9, and 1,389 ± 115 ng. per milliliter (± standard error of the mean), respectively. The corresponding levels in venous plasma were 1,285 ± 188, 677 ± 94, 95 ± 19, and 1,302 ± 111 ng. per milliliter, respectively. These results confirm that the placenta produces progesterone and hydrolyzes estriol conjugates, and the fetus actively conjugates estriol and metabolizes progesterone arriving from the placenta. Higher levels of human chorionic gonadotropin were associated with female fetuses (P < 0.0.5).