UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13D-102)
INFORMATION STATEMENT PURSUANT TO
RULES 13D-1(b) AND (c) AND AMENDMENTS
THERETO FILED PURSUANT TO 13D-2(b)
(AMENDMENT NO. 1)*
VALLEY RESOURCES, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
920062106
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP NO. 920062 10 6 13G PAGE 2 OF 4 PAGES
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEW YORK LIFE TRUST COMPANY EIN # 13-3808042
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK, NEW YORK
NUMBER OF 5. SOLE VOTING POWER 801,642
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 0
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER 801,642
REPORTING
PERSON 8. SHARED DISPOSITIVE POWER 0
WITH
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 801,642
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 16.3%
12. TYPE OF REPORTING PERSON*
BK
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP NO. 920062-10-6 13G PAGE 3 OF 4 PAGES
Item 1(a) Name of Issuer: VALLEY RESOURCES, INC.
Item 1(b) Address of Issuer's principal executive offices:
1595 MENDON ROAD
P.O. BOX 7900
CUMBERLAND, RI 02864
Item 2(a) Name of person filing: NEW YORK LIFE TRUST COMPANY
Item 2(b) Address of principal business office:
51 MADISON AVENUE, ROOM 117A
NEW YORK, NY 10010
Item 2(c) Citizenship: SEE ITEM 4 OF COVER PAGE
Item 2(d) Title of class of securities: SEE COVER PAGE
Item 2(e) Cusip No.: SEE COVER PAGE
Item 3(b) Type of Person: SEE ITEM 12 OF COVER PAGE
Item 4(a) Amount beneficially owned: New York Life Trust Company, in its
capacity as trustee of the Valley Resources, Inc. 401(k) Employee
Stock Ownership Plan, may be deemed the beneficial owner of 801,642
shares of common stock of the issuer which are owned by the Plan on
behalf of numerous participants.
Item 4(b) Percentage of class: 16.3%
Item 4(c) For information regarding voting and dispositive power with
respect to the above listed shares see items 5-8 of Cover Page.
Item 5 Ownership of 5 percent or less of a class: NOT APPLICABLE
Item 6 Ownership of more than 5 percent on behalf of another person:
Shares as to which this schedule is filed are owned by Valley
Resources, Inc. 401(k) Employee Stock Ownership Plan, on behalf
of numerous participants, which participants receive dividends
and the proceeds for the sale of such shares. No such participant
is known to have such an interest with respect to more than 5% of
the class except as follows: NONE
<PAGE>
CUSIP NO. 920062-10-6 13G PAGE 4 OF 4 PAGES
Item 7 Identification and classification of members of the subsidiary which
acquired the security being reported on by the parent holding
company: NOT APPLICABLE
Item 8 Identification and classification of members of the group:
NOT APPLICABLE
Item 9 Notice of dissolution of the group: NOT APPLICABLE
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of
and do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purpose or
effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete, and correct.
Dated: February 5, 1998
/S/ WILLIAM V. ZALESKI
-----------------------------
Name: William V. Zaleski
Title: President
