A SERIES OF ARTICLEs have appeared in the Analysts journal over the past two years advancing a number of ingenious techniques for appraising the investment attractiveness of fire and casualty shares. These techniques include comparing: (1) the discounts from liquidating value, (2) the price-earnings ratios based on investment income, (3) the relative growth of net asset values from reinvested earnings, (4) relative investment earnings assuming a constant annual portfolio appreciation, and (5) total earnings adjusted to normal profit margins.