Insider Transactions is a weekly report of stock transactions involving officers and directors of publicly owned local companies.

Stock trading by corporate insiders often is a bellwether of corporate health. Most insiders buy stock or exercise options to make a profit. And insiders may be selling stock for tax reasons, estate planning or cash needs.

The following insider transactions involving local companies were compiled by States News Service from reports to the Securities and Exchange Commission.

AMERICAN MANAGEMENT SYSTEMS

Frank A. Nicolai, an officer and a director of American Management Systems Inc. of Arlington, acquired 1,000 shares of the company's common stock in an open-market purchase on Nov. 2. Nicolai currently owns 19,000 common shares indirectly.

B.F. SAUL REAL ESTATE INVESTMENT TRUST

B. Francis Saul II, chairman and president of B.F. Saul Real Estate Investment Trust of Chevy Chase, purchased 43,800 company common shares on the open market between Nov. 2 and Nov. 13. Saul now owns 4.05 million common shares of the company indirectly.

C3

Martin Seldeen, a director of C3 Inc. of Herndon, Va., acquired 35,000 common shares of the company's stock in an open-market transaction on Nov. 5. Seldeen now holds 73,922 common shares indirectly.

ERC INTERNATIONAL

David C. Acheson, a director of ERC International Inc. of Fairfax, purchased 1,000 shares of the company's common stock in an open-market transaction Nov. 18. Acheson now holds 2,100 common shares directly.

FEDERAL REALTY INVESTMENT TRUST

Samuel J. Gorlitz, a trustee of Federal Realty Investment Trust, purchased 2,000 common shares of the Bethesda company in open-market transactions on Oct. 21. Gorlitz currently holds 93,712 common shares directly and 2,000 common shares indirectly.

FIGGIE INTERNATIONAL

Alfred V. Ganges, a director of Richmond-based Figgie International Inc., disposed of 4,289 common shares in a private sale on Nov. 18. Ganges now holds 3,168 common shares directly.

JAMES RIVER

Judd H. Alexander, a vice president of Richmond-based James River Corp., exercised an option to acquire 4,050 common shares on Nov. 23. Alexander now owns 8,800 common shares directly.

KAY JEWELERS

Kay Jewelers Inc. Chairman Anthonie Van Ekris purchased 18,300 common shares of the Alexandria-based company's stock on the open market between Nov. 5 and Nov. 30. Van Ekris now holds 713,176 common shares directly.

Director Joerg Bucherer reported to the SEC that he purchased 36,000 common shares on the open market between Nov. 5 and Nov. 30. Bucherer, who owns more than 10 percent of the company's stock, now holds 959,602 common shares directly.

Oliver M. Stahel, a company director and owner of more than 10 percent of its common stock, purchased 14,100 common shares on the open market between Nov. 12 and Nov. 18. Stahel currently holds 795,273 common shares indirectly.

ROUSE

Alton J. Scavo, a vice president of Rouse Co. of Columbia, exercised an option to acquire 7,500 company common shares on Dec. 7. Scavo now owns 22,500 common shares directly.

RYLAND GROUP

Richard D. Strachan, a vice president of Ryland Group Inc. of Columbia, sold 700 company common shares in an open-market transaction on Dec. 21. Strachan now owns 13,821 common shares directly.

SUTRON

Thomas N. Keefer, an officer, director and major shareholder of Sutron Corp. of Herndon, sold 15,000 company common shares between Jan. 1, 1986, and Oct. 2, 1986. Keefer now owns 560,000 common shares directly.

VIE DE FRANCE

Food Research Corp., a major shareholder of Vie de France Corp. of McLean, purchased 12,410 company common shares on the open market between Nov. 30 and Dec. 7. Food Research now owns 3.82 million common shares indirectly.

GMP International F.O., another of the company's major shareholders, purchased 12,409 common shares on the open market between Nov. 30 and Dec. 7. GMP International currently holds 2.04 million common shares indirectly.

Insider Trading is written by Consensus of Insiders Inc., a registered investment adviser in Fort Lauderdale, Fla. Insider's computer data bank is maintained by Invest/Nat Inc. in North Miami.

The listed trades were made directly or indirectly by the named officer and were taken from documents filed with the Securities and Exchange Commission and the New York and American stock exchanges.