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United States securities and exchange commission logo





                              March 13, 2024

       Nick Ramphal
       Partner, Cadwalader, Wickersham & Taft LLP
       Norfolk Southern Corporation
       650 West Peachtree Street, NW
       Atlanta, GA 30308

                                                        Re: Norfolk Southern
Corporation
                                                            PREC14A filed March
4, 2024
                                                            Filed by Ancora
Advisors, LLC et al.
                                                            File No. 001-08339

       Dear Nick Ramphal:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

               Please respond to these comments by providing the requested
information or advise us as
       soon as possible when you will respond. If you do not believe our
comments apply to your facts
       and circumstances, please tell us why in your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       PREC14A filed March 4, 2024

       General

   1.                                                   Please identify
EdgePoint Investment Group, Inc. and any of its relevant affiliates as
                                                        participants in your
solicitation, and make required associated disclosures accordingly.
                                                        See Instruction 3 to
Item 4 of Schedule 14A.
       Background of the Solicitation, page 8

   2.                                                   We note the following
statement at the top of page 9: "On February 19, 2023, the EPA
                                                        reported it had
conducted 533 indoor home screenings and continued to monitor
                                                        community air and water
quality, sampling 52 wells in Ohio and Pennsylvania." We
                                                        understand that Norfolk
Southern's contractor, CTEH (not the EPA), conducted the indoor
                                                        air screenings, under
EPA oversight, and that Columbiana County and Norfolk Southern's
                                                        contractor, Stantec
(not the EPA), sampled private wells. Please revise accordingly, or
                                                        advise.
 Nick Ramphal
FirstName  LastNameNick  Ramphal
Norfolk Southern Corporation
Comapany
March      NameNorfolk Southern Corporation
       13, 2024
March2 13, 2024 Page 2
Page
FirstName LastName

3.       On page 11, please clarify that the $803 million and $966 million
figures cited are not per-
         quarter amounts, but in each case reflected the total of such expenses
for the year to date.
4.       We note the following statement at the bottom of page 11: "Ultimately,
the Company
         representatives agreed that the proposed meeting should include only
representatives from
         the Ancora Parties and members of the Board" (emphasis added). It
appears that the
         Company reluctantly agreed to Shaw's absence at the meeting in the
interest of facilitating
         dialogue. Please revise to remove the impression that the Company
preferred Shaw's
         absence.
Reasons for the Solicitation, page 16

5.       We note the reference on the bottom of page 16 to the company's
employees "on average"
         making less than 1% of Shaw's annual compensation. Please provide
factual support for
         such claim, or revise to reflect the fact that the relative pay cited
is not based on
         the company's "average" employee, but rather on the "median" employee,
as publicly
         disclosed pursuant to SEC rules.
Voting and Proxy Procedures, page 31

6.       We note the statement on page 31 that proxy cards "in the absence of
specific instructions,
         will be voted...'FOR' the election of the Acceptable Company
Nominees." This differs
         from the lead-in to the proxy card itself, which does not yet indicate
how discretionary
         authority as to Acceptable Company Nominees will be used. Please
clarify. Please also
         consider revising the "absence of specific instructions" phrasing,
which appears both on
         page 31 and on the proxy card, so as to avoid any possibility of such
disclosure being
         interpreted in a manner inconsistent with the disclosure on
undervoting that immediately
         precedes the list of director nominees on the proxy card.
7.       At the bottom of page 32, we note the following statement: "Therefore,
a proxy marked
         'WITHHOLD' with respect to a specific nominee will result in such
nominee receiving
         fewer 'FOR' votes." Please revise or delete such disclosure so as to
remove any impression
         that the casting of withhold votes directly reduces the number of
"FOR" votes.
8.       We note the disclosure at the top of page 33 referring to the
company's proxy statement
         being "expected to disclose" the voting approval standard for the
Bylaw Proposal. Please
         ensure that this statement is ultimately reconciled with the
disclosure on page 29, which
         presents the applicable standard in a definitive manner and without
reference to the
         company's proxy statement.
        We remind you that the filing persons are responsible for the accuracy
and adequacy of
their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.

         Please direct any questions to David Plattner at 202-551-8094.
 Nick Ramphal
Norfolk Southern Corporation
March 13, 2024
Page 3


FirstName LastNameNick Ramphal              Sincerely,
Comapany NameNorfolk Southern Corporation
                                            Division of Corporation Finance
March 13, 2024 Page 3                       Office of Mergers and Acquisitions
FirstName LastName
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