The Dow Jones Utility average hit a...

The Dow Jones Utility average hit a new all-time high last week, and San Diego Gas & Electric was also swept up, reaching an all-time high of 40 3/8, according to Irving Katz, director of research at San Diego Securities.

Investors seem to be seeking safe, secure, high dividend-paying stocks that yield more than money market investments.

GTI, which last week said it will sell all of its operating divisions, rose one-quarter in the week, to 2 3/4, after hitting a high of 2 7/8 after the announcement.

Sun Savings & Loan is no longer listed in the accompanying stock chart, Katz said, after a letter from the Federal Savings & Loan Insurance Corp., which recently closed the company, explaining that a preliminary audit shows that no Sun assets will be distributed to shareholders.

PSA Inc. sold 1.8 million shares of its airline subsidiary, down from 3 million registered for sale, at $7 per share. The stock, which trades over-the-counter, is listed as PSWA and closed at 6 5/8.

Issco rebounded 1 point, recovering from a low of 7 5/8 last week on announcement of sharply lowered earnings.

National Micronetics dropped to 1 1/8 as it announced continued losses and a relocation of its headquarters from San Diego to New York.

Cousins will add appliances to its Furnishings 2000 but did not find much support in the market as it hit a new low of 3 5/8, down seven-eighths for the week.

Some San Diego stocks seem to trade by appointment only, despite good news reports, Katz said.

Fabulous Inns, on no trades, was up one-eighth, to 3 3/8 bid as a former director sold nearly 200,000 shares to the company for $1.38 per share.

Northview Corp. was down one-half to 14 3/4 on a trade of 100 shares, despite reporting $1.60 per share earnings for the second quarter. Profits were primarily from arbitrage earnings of the company’s predominant shareholder, Ivan Boesky, Katz said.