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. CIRCUIT CITY STORES INC.

Edward Villanueva, a director of Richmond-based Circuit City Stores Inc., sold 19,000 common shares July 2 at $26 each. He owns 284,972 shares directly.DOMINION BANKSHARES CORP.

James W. McGlothlin, a director of Dominion Bankshares Corp. of Roanoke, Va., bought 25,000 common shares July 23 at $11.82 each. He now holds 25,000 shares directly and 339,000 shares indirectly.F&M NATIONAL CORP.

Wilbur M. Feltner, chairman of the board of F&M National Corp. of Winchester, Va., bought 1,000 common shares July 17 at $12.88 each. On July 25, he acquired 8,500 shares through the exercise of an option at $11 and disposed of 7,197 shares, also through the exercise of an option, for an unreported amount. He now owns 44,356 shares directly and 8,000 shares indirectly.

The following F&M National directors reported transactions: Betty H. Carroll, also an officer, bought 2,357 shares through a plan July 1 at an undisclosed price. On July 20 Carroll exercised options to acquire 6,812 shares at $11 each and disposed of 5,769 shares at an unreported price, also through the exercise of options. She holds 24,486 shares directly and 207 shares indirectly.

William H. Clement paid $12.88 each for 2,000 shares July 6 and holds 23,140 shares directly.

J. Frank Loy, also an officer, exercised an option to acquire 6,812 shares July 3 at $11 each and also exercised an option to dispose of 5,600 shares for an undisclosed amount on the same date. He owns 29,868 shares directly and 2,572 shares indirectly.

Frank Armstrong III bought 2,243 shares through a stock plan July 1 for an undisclosed amount and now holds 12,256 shares directly.

George L. Romine bought 1,477 shares at $13.13 each and 1,088 shares for an undisclosed amount, both through a stock plan July 12. He holds 14,488 shares directly.

Alfred B. Whitt exercised options to acquire 4,542 shares at $11 each July 3 and to dispose of 2,948 shares for an unreported price on the same date. Whitt holds 34,396 shares directly and 1,756 shares indirectly.

F. Dixon Whitworth Jr., also an officer, exercised options for 4,542 shares July 20 at $11 each. On the same date, he exercised an option to dispose of 3,846 shares at an undisclosed price. He owns 13,281 shares directly and 1,640 shares indirectly.

James L. Bowman bought 4,354 shares through stock plan purchases July 24 at an undisclosed price. Bowman owns 189,377 shares directly and 244,377 shares indirectly.FIRSTFEDERAL FINANCIAL SERVICES CORP.

Robert F. Belden, a director of FirstFederal Financial Services of Norfolk, bought 4,000 common shares at $14.75 each July 5. He owns 2,100 common shares directly and 88,875 common shares indirectly.HEILIG-MYERS CO.

Arthur D. Charpentier, a director of Richmond-based Heilig-Myers Co., sold 6,000 shares July 10 at $28.25 each. He owns 5,675 shares directly and 1,700 shares indirectly.

Director George A. Thornton III sold 5,000 shares July 5 at $26.13 each and still holds 104,173 shares directly.MEMORY SCIENCES CORP.

June P. Williams, a shareholder of Memory Sciences Corp. of Manassas, bought 487,500 shares on June 29 at 25 cents each. She holds 540,100 shares directly.MONTGOMERY BANCORP INC.L. Phillips, a shareholder of Bethesda-based Montgomery Bancorp Inc., bought 1,000 common shares at $9.75 each June 6. He now holds 46,125 common shares directly and 17,187 common shares indirectly. THE WASHINGTON POST CO.

Katharine Graham, chairman of the board of The Washington Post Co., gave 4,000 class B common shares as a gift July 16. She holds 1,193 class B shares directly and 514,640 class B shares indirectly.