With the savings-and-loan rescue bill finally on...

With the savings-and-loan rescue bill finally on its way to President Bush, some of the provisions seem to have had an immediate effect on San Diego savings-and-loan stocks, said Irving Katz, director of research at Thomas Green/San Diego Securities.

Great American Bank gained $1.625 after Monday’s Wall Street Journal featured it on the front page as a potential takeover candidate.

The new legislation permits commercial banks to acquire healthy as well as failing S&Ls.; The article noted that Wells Fargo, which has been trying to expand in Southern California, is believed to be interested in Great American’s excellent branch system.

With Great American stock selling at 65% of tangible book value, an acquiring bank could offer twice its present market price of $11.25 a share and still obtain a bargain.

Another good gainer was Home Federal, which was up $1.75 as it got closer to exiting FSLIC and its high premiums in favor of the FDIC and its lower costs.

A new high of $25.25 was made by Mail Boxes Etc., which opened its 1,000th franchise. First National Corp. issued a 10% stock dividend, a dilution that was reflected in the $.875 drop in the stock price.

Although the American Stock Exchange averages have continued to record new highs, some of the San Diego stocks listed on the AMEX have been falling to new lows, including Precision Aerotech, which was down to $2.50. TCS Enterprises, whose 19% stake formerly held by Lincoln Savings is now in the hands of government regulators, hit a new low of $3.50.

Biomagnetic Technologies, which just went public last week at $9, hit a new low of $8.