As methods for dynamic characteristics estimation of surface layers, investigation of boreholes and a method which employs microtremors are well known. Borehole investigation, one of the most accurate methods, is costly and time-consuming and is not available all the time. The method that employs microtremors is handy but has not produced satisfactory results to this day. This paper describes a new processing method that employs microtremor observations yet produces accurate estimates of the characteristics of the ground motion. The method uses a vertical component and horizontal components. As a result, the spectrum ratio of the horizontal components and the vertical component of the microtremors bears a resemblance to the transfer function for the horizontal motion of the surface layers.