BANKERS TRUST NEW YORK CORPORATION
One Bankers Trust Plaza
New York, New York  10006


Linda L. Assali                        Mailing Address:
Vice President                         BT Services Tennessee, Inc.
Telephone: 615-835-2901                648 Grassmere Park
                                       Nashville, TN 37211


                                       February 14, 1997

Securities and Exchange Commission
SEC Document Control
450 Fifth Street, N.W.
Washington, DC  20549
Attn:  Filing Desk


Dear Sirs:

     Re:  Filing of Schedule 13G on
     Imperial Holly Corp


Pursuant to Rule 13d-1 of the General Rules and Regulations
under the Securities Exchange Act of 1934, the following is
one copy of the Schedule 13G with respect to the common
stock of the above referenced corporation.

Please acknowledge your receipt of the Schedule 13G filing
submission through the EDGAR-Link System software, by E-Mail
confirmation.

                         Sincerely,

                         Linda Assali

Enclosures








             SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549

                        SCHEDULE 13G

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

                     Imperial Holly Corp
             __________________________________
                       NAME OF ISSUER:
                 Common Stock, no par value
           ______________________________________
                TITLE OF CLASS OF SECURITIES
                          452835101
           _______________________________________
                        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).
              (Continued on following page(s))
                      Page 1 of 7 Pages
CUSIP No.  452835101                    Page 2 of 7 Pages


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

   Bankers Trust New York Corpation, and its wholly owned
subsidiary, Bankers Trust Company   13-6180473

2.CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
          (A)  [ ]
          (B)  [ ]

3.SEC USE ONLY


4.CITIZENSHIP OR PLACE OF ORGANIZATION

Both Bankers Trust New York Corporation and Bankers Trust
Company are New York Corporations.

 NUMBER OF     5. SOLE VOTING POWER
  SHARES
          

BENEFICIALLY   6. SHARED VOTING POWER
 OWNED BY
          

  EACH         7. SOLE DISPOSITIVE POWER
REPORTING
          
          
 PERSON        8. SHARED DISPOSITIVE POWER
  WITH
          
CUSIP No.  452835101                    Page 3 of 7 Pages


9.AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
    PERSON



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

                    [ ]

11.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

               

12.TYPE OF REPORTING PERSON *
     Bankers Trust New York Corporations - HC
     Bankers Trust Company - BK
CUSIP No.  452835101                    Page 4 of 7 Pages

Item 1(a)      NAME OF ISSUER:
                     Imperial Holly Corp
                              
Item 1(b)      ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE
OFFICES:

               One Imperial Square
               Suite 200
               8016 Highway 90-A
               Sugar Land, Texas 77478
                              
Item 2(a)      NAME OF PERSON FILING:

               Bankers Trust New York Corporation, and its
          wholly-owned subsidiary, Bankers Trust  Company

Item 2(b)      ADDRESS OF PRINCIPAL BUSINESS OFFICE:

               280 Park Avenue
               New York, New York  10017

Item 2(c)      CITIZENSHIP:

               Bankers Trust New York Corporation  and
          Bankers Trust Company are incorporated in the
          State of New York with its principal business
          office located in New York

Item 2(d)      TITLE OF CLASS OF SECURITIES:

               Common stock (no par value) of Imperial Holly
Corp.

Item 2(e)    CUSIP NUMBER: 452835101

Item 3       THE PERSON FILING IS A:

          For Bankers Trust New York Corporation,

     (g)  [X] Parent Holding Company, in accordance with
                 Section 240.13d-1(b)(ii)(G)

          For Bankers Trust Company

     (b)  [X] Bank as defined in section 3(a)(6) of the Act.
CUSIP No.  452835101                    Page 5 of 7 Pages


Item 4         OWNERSHIP:

     (a)  Amount Beneficially Owned:
     

     (b)  Percent of Class:



     (c)  Number of shares as to which the Bank has:
          (i)  sole power to vote or to direct the
                vote -
               

          (ii)  shared power to vote or to direct the
                 vote -
               

          (iii)  sole power to dispose or to direct the
                  disposition of -
               

           (iv)  shared power to dispose or to direct
                   the disposition of -
               

Item 5    OWNERSHIP OF FIVE 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 of securities, check the following
               [X].

Item 6    OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
          ANOTHER PERSON:

               Not applicable.
CUSIP No. 452835101                     Page 6 of 7  Pages


Item 7    IDENTIFICATION AND CLASSIFICATION OF THE
SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING
REPORTED ON BY THE PARENT HOLDING COMPANY:

          See attached exhibit.

Item 8    IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF
THE GROUP:

          Not applicable.

Item 9    NOTICE OF DISSOLUTION OF GROUP:

          Not applicable.

Item 10   CERTIFICATION:

          Not applicable.

CUSIP No. 452835101                     Page 7 of 7  Pages


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:     as of December 31, 1996


     Bankers Trust New York Corp.

     /s/James T. Byrne, Jr.
     James T. Byrne, Jr.

     Secretary


                      EXHIBIT TO ITEM 7

The chain of ownership from Bankers Trust New York
Corporation to Bankers Trust Company is shown below:


             Bankers Trust New York Corporation
                              
                              |
                            100%
                              |
                              
                    Bankers Trust Company