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 CAPITAL AND RESEARCH CORP.

Several officers and directors of Fairfax-based American Capital and Research Corp. reported July 23 transactions:

Elizabeth L. Anderson, a director, disposed of 10,000 class A common shares through an exchange at an unreported price and privately sold 5,000 class B common shares at $12.71 each. She owns 10,000 class A shares and 152,000 class B shares directly, and 5,142 class A shares and 4,083 class B shares indirectly.

Michael C. Barth, a divisional officer, sold 10,000 class B shares at $12.85 each and currently holds 330,000 class B shares directly and 4,764 class B shares indirectly.

James O. Edwards, an officer and director, acquired 10,000 class A shares through an exchange at an undisclosed amount and privately sold 40,000 class B shares at $12.71 each. Edwards holds 10,001 class A shares directly and 320,000 class B shares directly, and 2,842,661 class A shares and 272,824 class B shares indirectly.

William C. Stitt, president, privately sold 30,000 class B shares at $12.71 each and now controls 470,000 class B shares directly and 2,842,661 class B shares indirectly. CITIZENS BANCORP

Several directors of Citizens Bancorp of Laurel reported transactions:

Woodrow W. Miller purchased 5,000 common shares July 13 at $18 each. He owns 384,329 shares directly and 53,776 shares indirectly.

Alfred H. Smith Jr., chairman of the board, purchased 2,000 shares July 5 through July 6 at $17.88 each, disposed of 650,000 shares through exchanges July 19 at an unreported price, and acquired 643,000 shares through exchanges also July 19 at an unreported price. Smith now holds 337,798 shares directly and 680,712 shares indirectly.

Albert W. Turner purchased 5,000 shares at $17.50 each July 10 and now controls 297,252 shares directly. CSX CORP.

Woodruff M. Price, vice president of CSX Corp. of Richmond, sold 2,073 common shares July 17 at $36.25 each and now holds 7,786 common shares directly. ERC ENVIRONMENTAL AND ENERGY SERVICES CO.

Charles S. Higgins Jr., a vice president of Fairfax-based ERC Environmental & Energy Services Co., sold 1,000 common shares July 27 at $12.38 each and now owns 1,500 common shares directly. ETHYL CORP.

Floyd D. Gottwald Jr., chairman of Ethyl Corp. of Richmond, acquired 1,778 common shares through a plan June 30 at an unreported price. He controls 5,732,723 common shares directly and 4,874,441 common shares indirectly.

William M. Gottwald, vice president, exercised options for 1,058 common shares at $11.37 each July 12. He currently holds 274,296 common shares directly and 261,280 common shares indirectly.


David N. Freedman, an officer of Giant Food Inc. of Landover, acquired 4,220 class A common shares July 31 at $3.11 each. Freedman currently holds 63,379 class A shares directly. HECHINGER CO.

Lois H. England, a beneficial owner of Hechinger Co. of Landover, gave a gift of 2,132 class A common shares worth $12.50 each July 25 and now owns 206,388 class A shares directly and 184,900 class A shares indirectly.

Richard England, a director, gave a gift of 61,868 class A shares, worth $12.50 each, July 25. He currently holds 391,288 class A shares indirectly. JAMES RIVER CORP.

Sovran Bank N.A., a trustee of James River Corp. of Richmond, disposed of 186,106 common shares at undisclosed amounts July 3 through July 30, purchased 121,882 common shares at $26.43 to $26.83 each July 10 through July 26, and acquired 24,532 common shares at $25.31 to $25.46 each Aug. 3 through Aug. 6. Sovran presently controls 8,472,303 common shares directly and 9,368,904 common shares indirectly.

Several vice presidents have reported transactions at undisclosed prices.

Ronald B. Estridge disposed of 1,033 common shares July 2 and currently owns 25,907 shares directly and 4,162 shares indirectly.

Stephen E. Hare acquired 10,000 shares June 14 and now holds 10,000 shares directly.

David J. McKittrick acquired 3,900 shares through a plan July 3. He owns 49,654 shares directly and 6,200 shares indirectly.

Ronald L. Singer disposed of 1,132 shares July 2 and presently holds 42,578 shares directly and 924 shares indirectly. MARRIOTT CORP.

The Marriott J. Willard Trust, a beneficial owner of Bethesda-based Marriott Corp., gave a gift of 437,100 common shares to the Willard J. Marriott Foundation July 24. The trust currently controls 3,409,675 shares directly and the foundation controls 794,497 shares directly.

William O. Kafes, vice president, exercised options to purchase 3,500 shares at $5.74 each Aug. 15 and presently owns 10,724 shares directly and 1,244 shares indirectly. MCI COMMUNICATIONS CORP.

Roy C. Nash, vice president of Washington-based MCI Communications Corp., sold 4,700 common shares at $37.50 each July 31 and no longer holds any common stock.

Bert C. Roberts, president, exercised options to purchase 7,362 common shares at $7.63 each July 31 and currently holds 154,354 shares directly. PHH CORP.

Robert D. Kunisch, chairman of PHH Corp. of Hunt Valley, Md., exercised options to purchase 2,360 common shares July 30 at $23.38 each. He owns 20,328 shares directly and 13,200 shares indirectly. PROVIDENT BANKSHARES CORP.

Peter M. Martin, president of Provident Bankshares Corp. of Baltimore, purchased 1,000 common shares at $7.44 each July 24 and now owns 1,100 common shares directly.

Norman J. Louden, a director, purchased 1,429 common shares at $7.38 each July 24. He presently holds 5,050 common shares directly and 3,571 common shares indirectly. SIGNET BANKING CORP.

Thomas G. Layfield III, a vice president of Signet Banking Corp. of Richmond, acquired 1,000 common shares at $16.25 each July 30. He now owns 5,704 shares directly and 100 shares indirectly. SYSTEMS CENTER INC.

Kevin A. McNerney, vice president of Reston-based Systems Center Inc., exercised options for the purchase of 4,875 common shares at $8 to $9 each July 18 and now owns 4,375 common shares directly. UNC INC.

Marc R. Jartman, an officer of UNC Inc. of Annapolis, purchased 1,000 common shares July 18 at $4.25 each. He currently holds 2,000 common shares directly.

Dan A. Colussy, chairman, acquired 50,000 common shares July 27 at an unreported price and now owns 91,000 common shares directly.