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. 2)* **


                             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).


** This Amendment No. 2 is the Final and Terminating Amendment.






                                  SCHEDULE 13G


CUSIP NO.   920062106                                          PAGE 2 OF 4 PAGES
VALLEY RESOURCES, INC.


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

9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
         REPORTING PERSON                                       0

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

11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9        0%

12.      TYPE OF REPORTING PERSON*

                  BK

                      *SEE INSTRUCTIONS BEFORE FILLING OUT











                                  SCHEDULE 13G


CUSIP NO.   920062106                                          PAGE 3 OF 4 PAGES
VALLEY RESOURCES, INC.


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:   0

Item 4(b)   Percentage of class:         0%

Item 4(c)   Number of shares beneficially owned by each reporting person:
            SEE ITEMS 5 THROUGH 8 OF COVER PAGE

Item 5      Ownership of 5 percent or less of a class:
            IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF
            THE DATE  HEREOF  THE  REPORTING  PERSON  HAS CEASED TO BE THE
            BENEFICIAL  OWNER  OF MORE  THAN  FIVE  PERCENT  OF THE  CLASS
            SECURITIES, CHECK THE FOLLOWING: (X).

Item 6      Ownership of more than 5 percent on behalf of another person:
            NOT APPLICABLE











                                  SCHEDULE 13G


CUSIP NO.   920062106                                          PAGE 4 OF 4 PAGES
VALLEY RESOURCES, INC.


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, 1999


                                                        /S/ WILLIAM V. ZALESKI
                                                        ------------------------
                                                        Name: William V. Zaleski
                                                        Title:   President