Norfolk Southern Corp. reported third-quarter net income...

Norfolk Southern Corp. reported third-quarter net income of $127.8 million, down 9.7% from the third quarter of 1985. The third-quarter statement includes an after-tax gain of $16.4 million from the sale of 1.6 million shares of Santa Fe Southern Pacific Corp. common stock. Norfolk Southern reported third-quarter after-tax gains in 1985 of $19.7 million from a similar sale. The company blamed the decline in earnings on a sluggish industrial economy.