With the exception of the small bank...

With the exception of the small bank stocks, most San Diego stocks seemed to be marking time, even as the major averages continue to move toward new highs, according to Irving Katz, director of research for Thomas Green/San Diego Securities.

New highs following the announcement of Wells Fargo’s proposed acquisitions of Torrey Pines Bank were made by First National Corp. at $23, La Jolla Bancorp at $10, and BSD Bancorp at $10.125. Wells Fargo had agreed to purchase Torrey Pines at a price equal to 2.4 times its book value.

“It would be interesting to compare these small banks and the relationships of their stock prices to their book values,” Katz said. BSD Bancorp would probably offer the best value because it is trading at just 1.36 times its June 30 book value of $6.79, he added.

First National is selling at 2.12 times its book value of $10.85, adjusted for a recent 10% stock dividend. La Jolla Bancorp is selling at 2.02 times its $4.94 book value.

During the week, more new highs were recorded, by HomeFed Corp. at $46.50, and PSICOR at $13.50. Both stocks moved up on analysts’ recommendations, Katz said.

Good gains also were made by Chart House Enterprises, up $1.25, and Maxwell Laboratories, which gained $1.25 in continued reaction to its good fourth-quarter and fiscal year earnings.

A new low was hit by Cipher Data Products at $6, with investors evidently anticipating a large loss during its coming first fiscal quarter.