Mobil Corp. reported net income of $688 million (85 cents a share) for the third quarter, up 35 percent from $509 million (63 cents) for the same three months in 1998, as rising prices for oil and gas helped offset weaker results in refining and marketing.

The third quarter of 1999 included a special charge of $17 million for costs related to Mobil's proposed merger with Exxon Corp., while last year's third quarter included a special benefit of $12 million.

The merger awaits agreement between the two companies and the Federal Trade Commission on how the oil giants will divest more than 1,500 service stations on the East Coast and some refining facilities.

Third-quarter earnings fell short of Wall Street expectations of 89 cents a share, according to First Call/Thomson Financial.

"In this year's third quarter, overall industry fundamentals helped our earnings," said chief executive Lucio Noto. "While worldwide crude oil and natural gas prices were up significantly, margins in refining and marketing, especially in Mobil's international markets, came under severe pressure."

Shares of Mobil fell $4.93 3/4 to close at $97.06 1/4 on the New York Stock Exchange.

The Fairfax-based company reported revenue of $16.35 billion in the third quarter, up from $13.63 billion a year ago.

For the first nine months of 1999, Mobil earned $1.90 billion ($2.36), compared with $1.86 billion ($2.28) in the comparable 1998 period. Revenue rose to $42.78 billion from $40.50 billion.

* Charles E. Smith Residential Realty Inc., the Arlington apartment landlord, reported improved results in the third quarter because of higher rents and strong occupancy rates.

Smith reported that funds from operations, the standard gauge of real estate company results, rose 17 percent in the quarter, to $30.1 million (83 cents a share), from $25.8 million (75 cents) in the same period last year. Results were in line with analysts' estimates. Funds from operations is a financial measure that adds back charges for property amortization and depreciation that otherwise reduce net income.

Revenue in the quarter was $79.2 million, up 20 percent from $66 million. Net income more than doubled to $14.7 million (72 cents) from $5.4 million (32 cents).

For the first three quarters of the year, funds from operations was $84.2 million ($2.35), up 19 percent from $70.8 million ($2.11) in the same period last year. Revenue was $218.7 million, up 19 percent from $183.4 million. Net income was $35.6 million ($1.81), up 94 percent from $18.4 million ($1.15).

* First Washington Realty Trust Inc., a Bethesda-based owner of mid-Atlantic strip shopping centers, said results improved in the third quarter as rents at its properties rose.

Funds from operations, the most widely followed gauge of real estate company results, rose 16.5 percent, to $10.6 million, from $9.1 million in the same period last year; on a per-share basis, funds from operations rose 9 percent, to 61 cents, from 56 cents. That was 1 cent higher than analysts forecast, according to First Call/Thomson Financial. Funds from operations is a financial measure that adds back charges for property amortization and depreciation that otherwise reduce net income.

Revenue in the quarter rose 16 percent, to $21.6 million, from $18.6 million. Net income rose 21 percent, to $6.3 million (40 cents), from $5.2 million (34 cents).

* Human Genome Sciences Inc. of Rockville said it lost $9.7 million in the third quarter, compared with a loss of $2.1 million in the same period in 1998.

Revenue for the quarter totaled $7.4 million, down from $11.3 million a year earlier.

The genetic biomedical research company said the larger loss in the quarter reflects more investment in the development of preclinical and clinical drug candidates, the beginning of operations at its manufacturing plant and a loss of revenue from a venture with Pioneer Hi-Bred International Inc., a seed firm.

CAPTION: Mobil Corp. (This graphic was not available)