comparable to it. It does not in general think, calculate, or judge at all, but limits itself to transforming. It can be exhaustively described if the conditions which must be satisfied at its creation are kept in mind. This product, the dream, must at any cost be withdrawn from the censor, and for this purpose the dream activity makes use of the displacement of psychic intensities up to the transvaluation of all psychic values; thoughts must exclusively or predominatingly be reproduced in the material of visual and acoustic traces of memory, and this requirement secures for the dream-work the regard for presentability, which meets the requirement by furnishing new displacements. Greater intensities are (probably) to be provided than are each night at the disposal of the dream thoughts, and this purpose is served by the prolific condensation which is undertaken with the component parts of the dream thoughts. Little attention is paid to the logical relations of the thought material; they ultimately find a veiled representation in the formal peculiarities of the dream. The affects of the dream thoughts undergo lesser changes than their presentation content. As a rule they are suppressed; where they are preserved they are freed from the presentations and put together according to their similarity. Only one part of the dream-work—the revision varying in amount, made by the partially roused conscious thought—at all agrees with the conception which the authors have tried to extend to the entire activity of dream formation.