rlap and interweave in every way.

Next to the transformation of one thought in the scene (its
"dramatization"), condensation is the most important and most
characteristic feature of the dream work. We have as yet no clue as to
the motive calling for such compression of the content.

In the complicated and intricate dreams with which we are now concerned,
condensation and dramatization do not wholly account for the difference
between dream contents and dream thoughts. There is evidence of a third
factor, which deserves careful consideration.

When I have arrived at an understanding of the dream thoughts by my
analysis I notice, above all, that the matter of the manifest is very
different from that of the latent dream content. That is, I admit, only
an apparent difference which vanishes on closer investigation, for in
the end I find the whole dream content carried out in the dream
thoughts, nearly all the dream thoughts again represented in the dream
content. Nevertheless, there does remain a certain amount of difference.

The essential content which stood out clearly and broadly in the dream
must, after analysis, rest satisfied with a very subordinate role among
the dream thoughts. These very dream thoughts which, going by my
feelings, have a claim to the greatest importance are either not present
at all in the dream content, or are represented by some remote allusion
in some obscure region of the dream. I can thus describe these
phenomena: _During the dream work the psychical intensity of those
thoughts and conceptions to which it properly pertains flows to others
which, in my judgment, have no claim to such emphasis_. There is no
other process which contributes so much to concealment of the dream's
meaning and to make the connection between the dream content and dream
ideas irrecognizable. During this process, which I will call _the dream
displacement_, I notice also the psychical intensity, significance, or
emotional nature of the thoughts become transposed in sensory vividness.
What was clearest in the dream seems to me, without further
consideration, the most important; but often in some obscure element of
the dream I can recognize the most direct offspring of the principal
dream thought.

I could only designate this dream displacement as the _transvaluation of
psychical values_. The phenomena will not have been considered in all
its bearings unless I add that this displacement or transvaluation is
shared by d