SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                          (Amendment No.      1     )*
                                        ------------

                                Holly Corporation
             -----------------------------------------------------
                                (Name of Issuer)

                          Common Stock = $.01 par value
             -----------------------------------------------------
                         (Title of Class of Securities)

                                   435758305
             -----------------------------------------------------
                                 (CUSIP Number)



Check the following box if a fee is  being paid with this statement [ ].
(A fee is not required only if the filing person:  (1) has a previous  statement
on file reporting beneficial ownership of more than five percent of the class of
securities  described  in Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting  beneficial  ownership of five percent or less of such class.)
(See Rule 13d-7.)

*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.   435758305                 13G                      Page 2 of 7 Pages
         ---------------
- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Crabbe Huson Small Cap Fund
       93-1188677
- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [   ]
                                                             (b)  [ X ]

- --------------------------------------------------------------------------------
   3   SEC USE ONLY


- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION


       Delaware
- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH               23,600
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH               0
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                         23,600
 
- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          23,600
- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
                                                                       X 
                                                                      ---
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

          0.28
- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

          IV
- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT




<PAGE>
CUSIP No.   435758305                 13G                      Page 3 of 7 Pages
         ---------------
- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Crabbe Huson Special Fund, Inc.
       93-0942646
- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [   ]
                                                             (b)  [ X ]

- --------------------------------------------------------------------------------
   3   SEC USE ONLY


- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION


       Oregon
- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH               400,700
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH               0
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                         400,700
 
- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          400,700
- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
                                                                       X 
                                                                      ---
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

          4.85
- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

          IV
- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT




<PAGE>
CUSIP No.   435758305                 13G                      Page 4 of 7 Pages
         ---------------
- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Crabbe Huson Group, Inc.
       93-0768238
- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [   ]
                                                             (b)  [ X ]

- --------------------------------------------------------------------------------
   3   SEC USE ONLY


- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION


       Oregon
- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH               324,100
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH               0
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                         324,100
 
- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          324,100
- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
                                                                       X 
                                                                      ---
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

          4.14
- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

          IA
- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT




<PAGE>
Item 1.     (a)   Name of Issuer:
                    Holly Corporation, a Delaware Corporation.
 
            (b)   Address of Issuer's Principal Executive Offices:
                    100 Crescent Court, Suite 1600, Dallas, TX 75201-6927

Item 2.     (a)   Name of Person Filing:
                    The Crabbe Huson Special Fund, Inc., The Crabbe Huson Small
                    Cap Fund, and The Crabbe Huson Group, Inc.

            (b)   Address of Principal Business Office:
                    121 SW Morrison, Suite 1400, Portland, OR 97204 

            (c)   Citizenship:
                    The Crabbe  Huson Special  Fund,  Inc.  and The Crabbe Huson
                    Group, Inc. are Oregon Corporations. The Crabbe Huson Small-
                    Cap Fund is a separate  series of the Crabbe Huson Funds,  a
                    Delaware Business Trust.

            (d)   Title of Class of Securities:
                    Common Stock, par value $.01 per share 

            (e)   CUSIP Number:
                    435758305

Item 3.

     The Crabbe Huson Special Fund, Inc. and the Crabbe Huson Small-Cap Fund are
registered  under the  Investment  Company Act of 1940 as open-ended  investment
companies.  The Crabbe  Huson Group,  Inc. is  registered  under the  Investment
Advisors Act of 1940 as an investment advisor.

Item 4. Ownership.

     (a) & (b)  The  aggregate  number  of  shares  owned  beneficially  by  the
reporting  person  is  748,400,  representing  9.27% of the  outstanding  common
shares.

     (c)  The aggegate number of shares of the Issuer beneficially owned by each
reporting person is set forth below:

The Crabbe  Huson  Small-Cap  Fund  directly  owns  23,600  shares of the Issuer
representing  .28% of the outstanding  shares.  It shares voting and dispositive
power with its investment advisor, The Crabbe Huson Group, Inc.

The Crabbe Huson Special Fund,  Inc.  directly owns 400,700 shares of the Issuer
representing  4.85% of the outstanding  shares. It shares voting and dispositive
power with its investment advisor, The Crabbe Huson Group, Inc.


                                       5

<PAGE>
The Crabbe Huson Group,  Inc. does not directly own any shares of the Issuer. It
shares voting and  dispositive  power with the investment  companies for whom it
serves as investment  advisor.  The investment  companies  directly owns 424,300
shares of the Issuer  representing  5.13% of the outstanding  shares. The Crabbe
Huson Group,  Inc. also shares voting and dispositive  power with  approximately
twenty-seven  investors for whom it serves as investment advisor.  The investors
directly own 324,100 shares of the Issuer  representing 4.14% of the outstanding
shares. In total, the investment company and investors own 748,400 shares of the
Issuer representing 9.27% of the outstanding shares.

0tem 5.  Not applicable.
 
Item 6.  Not applicable.

Item 7.  Not applicable.

Item 8.

     Each reporting person disclaims beneficial ownership of all shares owned by
each other reporting person. The filing of this statement is not to be construed
as an  admission  that  any  reporting  person  is the  beneficial  owner of any
securities covered by this statement.

     The  reporting  persons may be deemed to have  formed a "group"  within the
meaning of Rule  13d-5(b)(1).  If the reporting persons have formed a group, the
group would  beneficially  own 748,400 common shares  representing  9.27% of the
outstanding  shares of the Issuer.  Each reporting person disclaims that a group
has been or will be formed.

Item 9.  Not applicable.

Item 10.

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.


                                       6

<PAGE>

                                   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.


Date:  February 7, 1997
     --------------------

The Crabbe Huson Small Cap Fund                     The Crabbe Huson Group, Inc.

/s/James E. Crabbe                                /s/James E. Crabbe
   ------------------                                ------------------
   James E. Crabbe                                   James E. Crabbe
   Vice-President                                     President

The Crabbe Huson Special Fund, Inc.

/s/James E. Crabbe             
   ------------------          
   James E. Crabbe             
   Vice-President              












                                       7