Changes in gill function, acid–base balance and pituitary activation occurring during standard 200 ppm formalin treatments of juvenile rainbow trout (Salmo gairdneri) and coho salmon (Oncorhynchus kisutch) were compared. Plasma Cl−, Ca++, total CO2, and interrenal vitamin C in the trout declined continuously and in proportion to the exposure time, but the salmon were able to maintain these metabolic parameters at approximately initial levels. Blood pH and alkaline reserve regulation of the salmon was also less affected by formalin treatments, especially during prolonged exposures. The oxygen consumption of both species was depressed, but substantially more so in the trout than could be accounted for by decreased ventilation rates. Little frank hemolysis occurred in either species, but there was a significant bilirubinemia in the trout.