UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)

                       INFORMATION STATEMENT PURSUANT TO
                              RULES 13d-1 AND 13d-2
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (Amendment No.   )*

                              VALLEY RESOURCES INC.
                                (Name of Issuer)


                                  COMMON STOCK
                         (Title of Class of Securities)


                                  920062 10 6
                                 (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).







                                 SCHEDULE 13G


CUSIP NO. 920062 10 6                                        PAGE 2 OF 4 PAGES

1.    NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      NYL 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                   821,379
SHARES
BENEFICIALLY            6.    SHARED VOTING POWER                       0
OWNED BY
EACH                    7.    SOLE DISPOSITIVE POWER              821,379
REPORTING
PERSON                  8.    SHARED DISPOSITIVE POWER                  0
WITH

9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
      REPORTING PERSON                                            821,379

10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
      EXCLUDES CERTAIN SHARES* [ ]

11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9               20.5%

12.   TYPE OF REPORTING PERSON*

            BK

                     *SEE INSTRUCTIONS BEFORE FILLING OUT







               United States Securities and Exchange Commission
                            Washington, D.C. 20549
                                 Schedule 13G
                   Under The Securities Exchange Act of 1934


CUSIP NO. 920062 10 6                                        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
               PO Box 7900
               Cumberland, RI 02864

Item 2(a)   Name of person filing:  NYL 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:  NYL Trust  Company,  in its  capacity 
            as  trustee  of  the  Valley   Resources  401(k)  Employee  Stock
            Ownership  Plan, may be deemed the beneficial  owner of 821,379
            shares of common stock of the issuer which are owned by the Plan
            on behalf of numerous participants.

Item 4(b)   Percentage of class:  20.5%

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 from 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

Item 7      Identification and classification of the subsidiary which acquired
            the security being reported on by the parent holding company:
            Not Applicable



 



CUSIP NO. 920062 10 6                                        PAGE 4 of 4 PAGES



Item 8      Identification and classification of members of the group:
            Not Applicable

Item 9      Notice of dissolution of 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 7, 1997


                               /S/ WILLIAM V. ZALESKI
                               ----------------------------------------------
                               Name/Title  WILLIAM V. ZALESKI, PRESIDENT 
                                           NYL TRUST COMPANY