The macrolide antibiotic valinomycin decreased short-circuit current (SCC, Na transport) across the isolated bladder of the toad. This effect was not overcome by increasing the K+ levels in the bathing medium or by the action of amphotericin B. The effects of vasopressin on both sodium and water transfer across the toad bladder were inhibited by valinomycin and the latter inhibition is non-competitive. The action of theophylline in increasing water transfer across the bladder was also inhibited. Cyclic AMP also increased water and Na+ transfer across the bladder but its action was not reduced by the macrolide. These results suggest that valinomycin inhibits adenyl cyclase. Aldosterone increases sodium transport across the toad bladder and this action was abolished by previous incubation of the tissue with the macrolide. Once the steroid-induced effect had been established subsequent addition of valinomycin did not alter the sodium transfer. Valinomycin thus appears to have several sites of action on the toad bladder.