1
 Norfolk Southern Corp. directors authorized the railroad company to buy back as many as 45 million of its shares, 
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which would have a current value of more than $1.7 billion.
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 The buy-back, 
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coupled with a nearly completed earlier purchase of 20 million shares, 
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would reduce shares outstanding by more than 26%.
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 The Norfolk, Va., company has 172.2 million shares outstanding. 
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 In a statement, Arnold B. McKinnon, chairman and chief executive officer, noted 
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that the new repurchase program should serve to enhance shareholder value. 
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A spokeswoman said 
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the company will finance the buy-back with cash on hand, borrowing and cash 
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Norfolk expects to generate. 
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 Analysts said 
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they expected the action, 
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and investors applauded the move. 
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In composite trading on the New York Stock Exchange, Norfolk Southern shares closed at $37.875, up $1.125. 
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 Still, analysts don't expect the buy-back to significantly affect per-share earnings in the short term. 
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The impact won't be that great, 
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said Graeme Lidgerwood of First Boston Corp. 
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That is in part because of the effect of having to average the number of shares outstanding,
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 she said. 
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In addition, Mrs. Lidgerwood said, 
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Norfolk is likely to draw down its cash initially 
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to finance the purchases 
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and thus forfeit some interest income. 
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 Longer term, however, the buy-back is expected to increase earnings, especially after 1990, 
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Mrs. Lidgerwood said. 
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 Moreover, the extensive program in effect establishes a floor for the stock price,
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 said Joel Price, analyst for Donaldson, Lufkin & Jenrette. 
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The buy-back is really a comfort to those 
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who want to buy the stock 
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that there is a {price} floor, 
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he said. 
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At a certain price, if the management thinks {the stock} is cheap, 
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they can go in and buy it. 
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 Under the program, Norfolk plans to acquire shares in the open market. 
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 Under the earlier plan, Norfolk was authorized in 1987 to buy up to 20 million shares. 
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It has purchased about 19 million of them. 
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