CURVE A, speculation, now appears in the index of general business conditions, substantially as developed in the I923 revision.' The curve is obtained by averaging cycles for bank debits in New York City and for the DowJones average of industrial stock prices. It did not appear in I923 that any secular trend was present in these two constituents; and, although the accumulation of data since that time has rendered the presence of an upward secular trend in each series increasingly evident, it is only recently that we have become confident of the possibility of measuring even approximately such trends. In Curve A as it has been appearing, therefore, no correction for trend has been made; and, for each constituent, the actual items are expressed as per cent deviations from assumed horizontal lines. These deviations are then used in determining the cycle figures. In the case of the'New York bank debits an adjustment is necessary because of the presence of seasonal variation.2 The seasonal correction for the bank debits figures allows not only for annually recurrent fluctuations which are essentially seasonal in character, but also for the effect of extraordinary financial transactions which take place quarterly. It is believed that the present Curve A gives a substantially accurate record of the short-time fluctuations of the speculative type since the war. The fact, however, that this curve is not corrected for secular trend accounts for its extraordinary elevation during the last three years, and leaves room for a misunderstanding of the current position of the curve because of its apparent extreme departure from a supposed horizontal normal. It is therefore desirable to revise the curve by making due allowance for secular trend, so far as it is now possible to measure such trend. Moreover, it has now become apparent that Curve A can be improved by excluding from it the series for New York bank debits. Finally, it is desirable to replace the Dow-Jones average of industrial stock prices by new averages which rest upon a wider sampling of market transactions. It is the object of the present article to discuss these several changes by which the revised Curve A is substituted for that heretofore used in the index chart.