FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

GRAY WILLIAM T 		2. Issuer Name and Ticker or Trading Symbol

MIDLAND CO [ MLAN ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Executive VP & CFO
(Last)          (First)          (Middle)

7000 MIDLAND BOULEVARD 		3. Date of Earliest Transaction (MM/DD/YYYY)

4/3/2008
(Street)

AMELIA, OH 45102
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   4/3/2008     D    7064.5   D   (1) 0   D    
Common Stock   4/3/2008     D    376.45   D   (1) 0   I   By 401(k)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option   $11.375   4/3/2008     D        550    2/21/2001   2/21/2010   Common Stock   550   $53.625   (2) 0   D    
Stock Option   $11.375   4/3/2008     D        550    2/21/2002   2/21/2010   Common Stock   550   $53.625   (2) 0   D    
Stock Option   $11.375   4/3/2008     D        550    2/21/2003   2/21/2010   Common Stock   550   $53.625   (2) 0   D    
Stock Option   $11.375   4/3/2008     D        550    2/21/2004   2/21/2010   Common Stock   550   $53.625   (2) 0   D    
Stock Option   $16.594   4/3/2008     D        500    2/15/2002   2/15/2011   Common Stock   500   $48.406   (2) 0   D    
Stock Option   $16.594   4/3/2008     D        500    2/15/2003   2/15/2011   Common Stock   500   $48.406   (2) 0   D    
Stock Option   $16.594   4/3/2008     D        500    2/15/2004   2/15/2011   Common Stock   500   $48.406   (2) 0   D    
Stock Option   $16.594   4/3/2008     D        500    2/15/2005   2/15/2011   Common Stock   500   $48.406   (2) 0   D    
Stock Option   $20.78   4/3/2008     D        476    2/15/2003   2/14/2012   Common Stock   476   $44.22   (2) 0   D    
Stock Option   $20.78   4/3/2008     D        476    2/15/2004   2/14/2012   Common Stock   476   $44.22   (2) 0   D    
Stock Option   $20.78   4/3/2008     D        474    2/15/2005   2/14/2012   Common Stock   474   $44.22   (2) 0   D    
Stock Option   $20.78   4/3/2008     D        474    2/15/2006   2/14/2012   Common Stock   474   $44.22   (2) 0   D    
Stock Option   $17.23   4/3/2008     D        689    2/14/2004   2/13/2013   Common Stock   689   $47.77   (2) 0   D    
Stock Option   $17.23   4/3/2008     D        689    2/14/2005   2/13/2013   Common Stock   689   $47.77   (2) 0   D    
Stock Option   $17.23   4/3/2008     D        689    2/14/2006   2/13/2013   Common Stock   689   $47.77   (2) 0   D    
Stock Option   $17.23   4/3/2008     D        688    2/14/2007   2/13/2013   Common Stock   688   $47.77   (2) 0   D    
Stock Option   $20.4   4/3/2008     D        543    2/18/2005   2/17/2014   Common Stock   543   $44.60   (2) 0   D    
Stock Option   $20.4   4/3/2008     D        542    2/18/2006   2/17/2014   Common Stock   542   $44.60   (2) 0   D    
Stock Option   $20.4   4/3/2008     D        543    2/18/2007   2/17/2014   Common Stock   543   $44.60   (2) 0   D    
Stock Option   $20.4   4/3/2008     D        542    2/18/2008   2/17/2014   Common Stock   542   $44.60   (2) 0   D    
Stock Option   $33.21   4/3/2008     D        476    2/17/2006   2/16/2015   Common Stock   476   $31.79   (2) 0   D    
Stock Option   $33.21   4/3/2008     D        477    2/17/2007   2/16/2015   Common Stock   477   $31.79   (2) 0   D    
Stock Option   $33.21   4/3/2008     D        476    2/17/2008   2/16/2015   Common Stock   476   $31.79   (2) 0   D    
Stock Option   $33.21   4/3/2008     D        476    2/17/2009   2/16/2009   Common Stock   476   $31.79   (2) 0   D    
Stock Option   $32.1   4/3/2008     D        774    2/24/2007   2/23/2016   Common Stock   774   $32.90   (2) 0   D    
Stock Option   $32.1   4/3/2008     D        774    2/24/2008   2/22/2016   Common Stock   774   $32.9   (2) 0   D    
Stock Option   $32.1   4/3/2008     D        773    2/24/2009   2/23/2016   Common Stock   773   $32.90   (2) 0   D    
Stock Option   $32.1   4/3/2008     D        774    2/24/2010   2/23/2016   Common Stock   774   $32.90   (2) 0   D    
Stock Option   $44.11   4/3/2008     D        3655    2/21/2017   2/21/2017   Common Stock   3655   $20.89   (2) 0   D    

Explanation of Responses:
( 1)  Disposed of pursuant to a merger agreement between issuer and an unaffiliated acquiror for a cash payment equal to $65.00 per share.
( 2)  Options, whether vested or unvested, disposed of pursuant to a merger agreement between issuer and an unaffiliated acquiror for a cash payment equal to the product of (i) the number of common shares underlying the unexercised stock option, multiplied by (ii) the excess, if any, of $65.00 over the per share exercise price of such option.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GRAY WILLIAM T
7000 MIDLAND BOULEVARD
AMELIA, OH 45102

Executive VP & CFO

Signatures
Lori Birkenhauer as Attorney-in-Fact for William T. Gray 4/3/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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