Measurement of polarographic limiting currents at equilibria made it possible at pH 3–7 to simultaneously determine concentrations of benzaldehyde, of its hydrazone and of the carbinolamine derivative. The dependence of concentration of carbinolamine at equilibrium on pH indicated presence of its di-, mono-, and unprotonated forms. Acid dissociation constants of the formation (pK a 1 ≈3.2) of the diprotonated form and of the dissociation of the monoprotonated form of carbinolamine (pK a 2 ≈4.7) were estimated. The equilibrium constants of formation (K 1 ) and dehydration (K 2 ) of the carbinolamine intermediate were determined.