In his column on Nov. 18, 1991 ("Mutuals should Play 'Price is Right'"), Paul S. Nadler questioned the wisdom of the Comment we published in this newspaper last Aug. 22 on mutual-to-stock conversions of thrift institutions ("Low Prices Make Time Ripe for Stock Conversion").

We felt an obligation to respond because Mr. Nadler's article failed to recognize some of the fundamental elements of the mutual-to-stock conversion.

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