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mutuals. By extending their activities over too large a 

 territory, personal supervision could not be exercised over 

 the risks accepted, and powers delegated to employees 

 were too often abused or inefficiently exercised. The rates 

 were too low and the hazardous risks too many, and the 

 result could riot be other than failure. We are informed 

 that at a recent date only two or three out of the seventy- 

 four state mutuals in New York in 1853 were still in exist- 

 ence. To insure their greater safety, a number of states 

 have passed laws with special reference to their organiza- 

 tion and operation. The number of applications for in- 

 surance which must be in hand before their organization 

 is perfected is usually much larger than is required for 

 local mutuals. The class of business which they may ac- 

 cept is carefully limited in certain states, while in others 

 a limit is placed upon the amount of insurance which may 

 be written on any one risk." 



