WASHINGTON -- The Office of Thrift Supervision last week put appraisers on notice that they will be penalized if stock prices of savings and loans rise too high after initial public offerings, sources said.

The agency summoned about a dozen of the leading appraisers to an 11 a.m. meeting last Thursday with a handful of its officials. For more than an hour, the OTS officials "read the riot act" to appraisers, according to one source who attended.

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