EXHIBIT 99.2


              REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS



CSXT Trade Receivables Master Trust
c/o Chemical Bank, as Trustee


We have examined the twelve monthly CSXT Trade Receivables Master Trust
Certificateholders' Distribution Date Statements filed on Forms 8-K with the
Securities and Exchange Commission during the year ended December 31, 1996
with respect to the 5.05% Trade Receivables Participation Certificates,
Series 1993-1 (the "Statements"), prepared by CSX Transportation, Inc. as
Servicer, pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated
as of October 28, 1993 to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Supplement"), among CSX
Trade Receivables Corporation, Seller, CSX Transportation, Inc., Servicer,
and Chemical Bank, Trustee.  Our examination was made in accordance with
standards established by the American Institute of Certified Public
Accountants and, accordingly, included such procedures as we considered
necessary in the circumstances.

In our opinion, the Statements referred to above present the information, in
all material respects, in compliance with Section 5.02(a) of the Supplement,
and the servicing has been conducted in compliance with the terms and
conditions as set forth in Article III, Article IV and Section 8.08 of the
Amended and Restated Pooling and Servicing Agreement dated as of October 27,
1993, among CSX Trade Receivables Corporation, Seller, CSX Transportation,
Inc., Servicer, and Chemical Bank, Trustee.

We have also compared the mathematical calculations of each amount set forth
in the Statements referred to above with the Servicer's computer reports
which were the source of such amounts and found them to be in agreement.

This report is intended solely for the use of CSX Trade Receivables
Corporation, Seller, CSX Transportation, Inc., Servicer, and Chemical Bank,
Trustee, and should not be used for any other purpose.



                                    /s/  ERNST & YOUNG, LLP
                                    -----------------------
                                    Ernst & Young LLP


March 11, 1997
Richmond, Virginia