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, 1997 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, in all  material
respects.

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 12, 1998
Richmond, Virginia