FORM 10-Q
                          SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C. 20549

                  (X)  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended    March 31, 1995

                                          OR

                  ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF 1934

                  for the transition period from             to            

                  For Quarter Ended                  Commission File Number
                    March 31, 1995                          1-7183         

                                     TEJON RANCH CO.                      
                  (Exact name of Registrant as specified in its charter)

             Delaware                               77-0196136            
        (State or other jurisdiction of  (IRS Employer Identification No.) 
        incorporation or organization)

        P.O. Box 1000, Lebec, California                          93243   
        (Address of principal executive offices)               (Zip Code)

        Registrant's telephone number, including area code...(805) 248-6774


        Indicate  by  check  mark  whether  the  Registrant  (1) has filed all
        reports  required to be filed by Section 13 or 15(d) of the Securities
        Exchange  Act  of  1934  during  the  preceding 12 months (or for such
        shorter period that the Registrant was required to file such reports),
        and  (2)  has been subject to such filing requirements for the past 90
        days.

        Yes  X    No    

        Total Shares of Common Stock issued and outstanding on March 31, 1995,
        were 12,682,244.

                                          1



        PART I FINANCIAL INFORMATION

                           TEJON RANCH CO. AND SUBSIDIARIES
                    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                       (In thousands, except per share amounts)
                                      (Unaudited)

                                                       THREE MONTHS ENDED
                                                           March 31       

                                                       1995         1994  

        Revenues:                                                         
          Livestock                                  $    328     $    260
          Farming                                         122           84
          Oil and Minerals                                263          294
          Commercial and Land Use                         326          349
          Interest Income                                 370          396    
                                                        1,409        1,383

        Costs and expenses:
          Livestock                                       598          451
          Farming                                         802          355
          Oil and Minerals                                 11           36
          Commercial and Land Use                         446          391
          Corporate Expenses                              575          500
          Interest Expense                                 79           95
                                                        2,511        1,828

        Operating Loss                                 (1,102)        (445)

        Income Tax Benefit                               (441)        (178)
        Net Income (Loss)                            $   (661)    $   (267)

        Net Income (Loss) Per Share                  $   (.05)    $   (.02)



        See Notes to Consolidated Condensed Financial Statements.
















                                          2

                           TEJON RANCH CO. AND SUBSIDIARIES
                         CONSOLIDATED CONDENSED BALANCE SHEETS
                                    (In thousands)

                                      MARCH  31, 1995       DECEMBER 31, 1994*
                                        (Unaudited)   
        ASSETS
        CURRENT ASSETS
          Cash and Cash Equivalents         $     479               $      68
          Marketable Securities                21,362                  23,718
          Accounts & Notes Receivable             953                   2,125
          Inventories:
            Cattle                              3,513                   3,020
            Farming                             1,055                      39 
            Other                                  84                      69
          Prepaid Expenses and Other            1,082                   1,223

          Total Current Assets                 28,528                  30,262

        PROPERTY AND EQUIPMENT-NET             14,478                  13,284

        OTHER ASSETS                            1,300                   1,374

        TOTAL ASSETS                        $  44,306               $  44,920

        LIABILITIES AND STOCKHOLDERS' EQUITY
        CURRENT LIABILITIES
          Trade Accounts Payable            $   1,362               $   1,061
          Other Accrued Liabilities                93                     465
          Other Current Liabilities             1,884                   1,950

          Total Current Liabilities             3,339                   3,476

        LONG-TERM DEBT                          1,950                   1,950

        DEFERRED CREDITS                        2,736                   2,736
          Total Liabilities                     8,025                   8,162

        STOCKHOLDERS' EQUITY
          Common Stock                          6,341                   6,341
          Additional Paid-In Capital              387                     387
          Retained Earnings                    29,741                  30,402
          Marketable Securities - 
            Unrealized Gains (Losses), Net       (188)                   (372)

          Total Stockholders' Equity           36,281                  36,758

        TOTAL LIABILITIES AND
          STOCKHOLDERS' EQUITY              $  44,306               $  44,920

        See Notes to Consolidated Condensed Financial Statements.

        *    The  Balance Sheet at December 31, 1994 has been derived from the
             audited financial statements at that date.

                                          3


                           TEJON RANCH CO. AND SUBSIDIARIES
                    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
                                    (In thousands)
                                      (Unaudited)
                                                           THREE MONTHS ENDED
                                                                 March 31     

                                                            1995        1994  

        OPERATING ACTIVITIES
          Net Income (Loss)                             $    (661)    $  (267)
          Items Not Effecting Cash:
            Depreciation and Amortization                     238         222
            Decrease in Deferred Items                        -0-         (29)
            Gain on Sale of Investments                         2         (41)

          Changes in Operating Assets and 
            Liabilities:
              Receivables, Inventories and 
                Other Assets, Net                            (279)        694
              Current Liabilities, Net                       (137)     (2,376)

        NET CASH USED IN 
          OPERATING ACTIVITIES                               (837)     (1,797)

        INVESTING ACTIVITIES
          Maturities and Sales of Marketable 
            Securities                                      3,124       7,534
          Funds Invested in Marketable
            Securities                                       (518)     (5,373)
          Property and Equipment 
            Expenditures                                   (1,414)       (561)
          Net Change in Breeding Herds                         49          (1)
          Other                                                 7         (29)

        NET CASH PROVIDED BY           
          INVESTING ACTIVITIES                              1,248       1,570 

        INCREASE (DECREASE) IN CASH AND CASH       
          EQUIVALENTS                                         411        (227)

        Cash and Cash Equivalents at
          Beginning of Year                                    68         247

        CASH AND CASH EQUIVALENTS AT
          END OF PERIOD                                 $     479     $    20

        See Notes to Consolidated Condensed Financial Statements.








                                          4



        TEJON RANCH CO. AND SUBSIDIARIES
        NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
        (Unaudited)

        March 31, 1995

        NOTE A - BASIS OF PRESENTATION

        The  summarized  information  furnished  by Registrant pursuant to the
        instructions  to  Part  I  of  Form 10-Q is unaudited and reflects all
        adjustments  which  are,  in  the  opinion of Registrant's Management,
        necessary  for a fair statement of the results for the interim period.
        All such adjustments are of a normal recurring nature.

        The  results  of  the period reported herein are not indicative of the
        results to be expected for the full year due to the seasonal nature of
        Registrant's  agricultural  activities.    Historically,  the  largest
        percentage of revenues are recognized during the fourth quarter.

        F o r   further  information,  refer  to  the  Consolidated  Financial
        Statements  and  footnotes  thereto  included  in  Registrant's Annual
        Report on Form  10-K for the year ended December 31, 1994.

        NOTE B - CALCULATIONS OF EARNINGS PER SHARE

        Earnings per share are calculated using the weighted average number of
        c o m mon  shares  outstanding  during  the  period.    Common  shares
        outstanding  for  the three month period ended March 31, 1995 and 1994
        were 12,682,244.  Registrant has a Stock Option Plan providing for the
        granting  of  options  to  purchase  a  maximum  of  230,000 shares of
        Registrant's  Common  Stock  to employees, advisors and consultants of
        Registrant.    Currently,  options  to  purchase  130,000  shares  are
        outstanding  at prices equal to the fair market value at date of grant
        (96,000  shares  at $20.00, 20,000 shares at $15.00, and 14,000 shares
        at  $11.88).    Stock  options granted will be treated as common stock
        equivalents  in  accordance with the treasury method when such amounts
        would  be  dilutive.    At March 31, 1995, fully diluted common shares
        outstanding   are  12,682,763.    At  March  31,  1994,  common  stock
        equivalents were antidilutive.  

        NOTE C - MARKETABLE SECURITIES

        Registrant  has  elected  to classify its securities as available-for-
        s a le  per  Statement  of  Financial  Accounting  Standard  No.  115,
        Accounting for  Certain Investments in Debt and Equity Securities, and
        therefore  is  required  to  adjust  securities  to fair value at each
        reporting date.




                                          5



        Marketable securities consist of the following at:
                                          
                                         March 31              December 31
                                          1995                    1994
                                 --------------------------------------------
                                           Estimated Fair      Estimated Fair
                                 Cost         Value       Cost      Value
                                 --------------------------------------------
        Marketable securities:                
          U.S. Treasury and
            agency notes         $16,221     $15,964    $18,837     $18,409  
          Corporate notes          5,453       5,398      5,445       5,309  
                                 --------------------------------------------
                                 $21,674     $21,362    $24,282     $23,718  
                                 ============================================
        As  of  March  31,  1995,  the  cumulative fair value adjustment is a
        $312,000  unrealized  loss.   The cumulative fair value adjustment to
        stockholders'   equity,  net  of  tax  benefit  of  $124,000,  is  an
        unrealized  loss  of $188,000.  Registrant's gross unrealized holding
        gains  equals  $84,000,  while gross unrealized holding losses equals
        $396,000.    On March 31, 1995, the average maturity of U.S. Treasury
        and  agency  securities  was  2.3  years  and corporate notes was 1.5
        years.    Currently,  Registrant  has   no securities with a weighted
        average life of greater than five years.  During 1995, Registrant has
        recognized   losses  of  $2,000  on  the  sale  of  $2.4  million  of
        securities,  carried at historical cost adjusted for amortization and
        accretion. 

        Market  value  equals  quoted market price, if available. If a quoted
        market price is not available, market value is estimated using quoted
        market  prices  for  similar securities.  Registrant's investments in
        Corporate  notes  are  with  companies  with  a credit rating of A or
        better.

        NOTE D - CONTINGENCIES

        Registrant leases land to National Cement Company of California, Inc.
        ("National")  for  the  purpose of manufacturing portland cement from
        limestone  deposits  found  on the leased acreage.  National, LaFarge
        Corporation  (the  parent  company  of  the  previous  operator)  and
        Registrant  have  been ordered to cleanup and abate an old industrial
        waste  landfill  site  on  the  leased  premises.    Under  the lease
        agreements  with National and LaFarge, both companies are required to
        indemnify  Registrant  for  any  costs  and  liabilities  incurred in
        connection with the cleanup order. 
        Due  to  the  financial  strength of National and LaFarge, Registrant
        believes  that a material effect on its financial condition is remote
        at this time.  

        NOTE E - PAYMENT OF DIVIDEND

        On  March  3,  1995,  the  Board of Directors voted to declare a cash
        dividend  of two and one-half cents ($0.025) per share.  The dividend
        will  apply  to stockholders of record as of the close of business on
        May 17, 1995 with payment to be made on June 19, 1995.
                                          6
       MANAGEMENT'S ANALYSIS OF QUARTERLY INCOME STATEMENTS

        Results of Operations

        Total  revenues,  including interest income, for the first quarter of
        1995  were $1,409,000 compared to $1,383,000 for the first quarter of
        1994.    The  increase  in  revenues  during  1995 is attributable to
        increased   cattle  sales,  quarter  horse  sales,  and  higher  farm
        management  fees.    These increases were partially offset by reduced
        oil  and  mineral  revenues  and  the  absence  of any firewood sales
        revenues  during  1995 due to the elimination of the firewood program
        in 1993 and 1994.  Cattle and quarter horse sales revenues are higher
        due  to  the  volume  of  cattle  and  horses  sold.  Oil and mineral
        revenues  are  down  due to reductions in oil production and sand and
        rock production.

        Operating  activities  during the first quarter of 1995 resulted in a
        net  loss  of  $661,000, or $.05 per share, compared to a net loss of
        $267,000,  or  $.02  per  share,  for  the  same period in 1994.  The
        decrease  in  net  income  compared  to  1994 is primarily due to the
        $400,000  pre tax charge-off ($240,000, or $.02, after tax) of almond
        trees  destroyed  by  wind during a winter storm in January 1995.  In
        addition  to  the  charge-off  of  trees,  cost  of  sales  on cattle
        increased  due  to  a  higher  number of cattle being sold and to the
        higher cost of the purchased cattle being sold.  Partially offsetting
        these unfavorable variances was the increase in revenues as described
        above  and  reductions in firewood expenses due to the elimination of
        the firewood program.

        As  explained  in  Management's  Discussion and Analysis of Financial
        Condition  and  Results of Operations of Registrant's 1994 Form 10-K,
        Registrant's  farming operations suffered damages as a result of high
        winds  that  were  associated with a series of winter storms.  Nearly
        all  of  the loss occurred in Registrant's producing almond orchards.
        Approximately  200  acres  of trees were uprooted by a combination of
        high  winds and saturated soil conditions due to heavy rainfall.  The
        loss  of  these  trees  resulted  in  the charge-off described above.
        Registrant  is  currently  replanting  the  damaged  acreage with new
        almond  trees.   The loss of mature trees will affect future revenues
        until  the  replanted  crops  begin  full production which could take
        three to five years.

        Registrant's  farming  revenues  are likely to be significantly lower
        than  in  1994  due  to  the  loss  of  trees  as described above and
        expectations  of  a  smaller  nut  crop.    Partially  offsetting the
        reduction  in  production  is the expectation of higher almond prices
        due to the estimated small nut crop statewide.

        As  described  in Part I, Item 1 - "Business - Farming Operations" of
        Registrant's  1994 Form 10-K Laval Farms Limited Partnership (Laval),
        formerly named Tejon Agricultural Partners, entered into an agreement
        for  the  sale  of  its  farmland  and  eventual  dissolution  of the
        partnership.    As  of  April  20,  1995 all of the 13,000 acres that
        existed  at  the  start of the sale program have been sold.  Laval is
        continuing  to  utilize  Registrant's  management  services until the
        partnership  is dissolved.  Registrant is currently receiving $10,000
        per month for management services and is expected to receive this fee
        for the remainder of 1995.
                                          7
        Registrant  is  involved in various environmental proceedings related
        to  leased  acreage.   For a further discussion refer to Registrant's
        1994 Form 10-K, Part I, Item 3, - "Legal Proceedings".  There have
        been no changes since the filing of the 1994 Form 10-K.  

        Prices  received by Registrant for many of its products are dependent
        upon  prevailing  market conditions and commodity prices.  Therefore,
        Registrant is unable to accurately predict revenue, just as it cannot
        pass on any cost increases caused by general inflation, except to the
        extent  reflected  in  market  conditions  and commodity prices.  The
        operations  of  the Registrant are seasonal and results of operations
        cannot be predicted based on quarterly results.

        Liquidity and Capital Resources

        Cash  and short-term investments on March 31, 1995 were $21.8 million
        compared  to  $23.8 million on December 31, 1994.  Working capital on
        March  31,  1995  was  $25.2  million  compared  to  $26.8 million on
        December 31, 1994.  The decrease in working capital at March 31, 1995
        as  compared to December 31, 1994 is primarily due to the purchase of
        property and capital improvement expenditures.

        Cash  provided from operations and cash and short-term investments on
        hand are expected to be sufficient to satisfy all anticipated working
        capital and capital expenditure needs in the near term.

        Impact of Accounting Change

        None

        PART II - OTHER INFORMATION

        Item 1.            Legal Proceedings

        Not Applicable

        Item 2.            Changes in Securities

        Not Applicable

        Item 3.            Defaults upon Senior Securities

        Not Applicable

        Item  4.           Submission of Matters to a Vote of Security Holders

        Not Applicable

        Item 5.            Other Information

        None

        Item 6.            Exhibits and Reports on Form 8-K

        (a)  Exhibits - None
        (b)  Reports  - None
                                          8



                                      SIGNATURES

        Pursuant  to  the  requirements of the Securities and Exchange Act of
        1934,  Registrant  has  duly  caused  this report to be signed on its
        behalf by the undersigned thereunto duly authorized.



                                                     TEJON  RANCH  CO.       
                                                     (Registrant)



                                                    BY                       
        Date                                          Allen E. Lyda
                                                      Vice President, Finance
                                                      & Treasurer   

































                                          9
 

5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET, INCOME STATEMENT, AND FOOTNOTES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1,000 3-MOS DEC-31-1995 MAR-31-1995 479 21,632 953 0 4,652 28,528 27,433 (12,955) 44,306 3,339 0 6,341 0 0 29,940 44,306 1,409 1,409 1,857 1,857 575 0 79 (1,102) (441) (661) 0 0 0 (661) (.05) (.05)