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    June 30, 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
                    June 30, 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 June 30, 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     SIX MONTHS ENDED
                                         June 30                June 30     
                                     ------------------     ---------------- 
                                     1995         1994        1995      1994 
                                     ----         ----      ------      ----
     Revenues:                     
          Livestock                $   565      $ 3,941     $   893   $ 4,201
          Farming                       49          150         171       234
          Oil and Minerals             319          308         582       602
          Commercial and Land Use      517          458         843       807
          Interest Income              342          343         712       739 
                                   -------      -------     -------   -------  
                          
                                     1,792        5,200       3,201     6,583
     Costs and Expenses:
          Livestock                    720        3,014       1,318     3,465
          Farming                      323          370       1,125       725
          Oil and Minerals              41           55          52        91
          Commercial and Land Use      721          422       1,167       813
          Corporate Expense            566          541       1,141     1,041
          Interest Expense             103           63         182       158
                                   -------      -------     -------    ------
                                     2,474        4,465       4,985     6,293
                                   -------      -------     -------    ------
     Operating Income(Loss)           (682)         735      (1,784)      290

     Income Tax Expense(Benefit)      (273)         294        (714)      116
                                   -------      -------     -------   -------
     Net Income(Loss)              $  (409)     $   441     $(1,070)  $   174   
                                    
     Earnings Per Share            $  (.03)     $   .03     $  (.08)  $   .01
     Cash Dividends Paid 
       Per Share                   $  .025      $  .025     $  .025   $  .025

     See Notes to Consolidated Condensed Financial Statements.








                                        - 2 -



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

                                          JUNE   30, 1995    DECEMBER 31, 1994*
                                          ---------------    -----------------
                                           (Unaudited)   
        ASSETS
        CURRENT ASSETS
          Cash and Cash Equivalents         $     180               $      68
          Short-term Investments               21,481                  23,718
          Accounts & Notes Receivable             742                   2,125
          Inventories:
            Cattle                              4,833                   3,020
            Farming                             1,993                      39 
            Other                                  90                      69
          Prepaid Expenses and Other              792                   1,223
                                            ---------               ---------
          Total Current Assets                 30,111                  30,262

        PROPERTY AND EQUIPMENT-NET             14,737                  13,284
        OTHER ASSETS                              982                   1,374
                                            ---------               ---------
        TOTAL ASSETS                        $  45,830               $  44,920
                                            =========               =========
        LIABILITIES AND STOCKHOLDERS' EQUITY
        CURRENT LIABILITIES
          Trade Accounts Payable            $     873               $   1,061
          Other Accrued Liabilities               128                     465
          Other Current Liabilities             5,228                   1,950
                                            ---------               ---------
          Total Current Liabilities             6,229                   3,476

        LONG-TERM DEBT                          1,750                   1,950

        DEFERRED CREDITS                        2,425                   2,736
                                            ---------               ---------
          Total Liabilities                    10,404                   8,162
        STOCKHOLDERS' EQUITY
          Common Stock                          6,341                   6,341
          Additional Paid-In Capital              387                     387
          Retained Earnings                    29,015                  30,402
          Marketable Securities -
            Unrealized Gains (Losses), Net        (20)                   (372)
          Defined Benefit Plan - Funding 
            Adjustment, Net                      (297)                    ---
                                            ---------                --------
          Total Stockholders' Equity           35,426                  36,758
                                            ---------                --------
        TOTAL LIABILITIES AND
          STOCKHOLDERS' EQUITY              $  45,830               $  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)
                                                            SIX MONTHS ENDED
                                                                 June 30     
                                                            ----------------
                                                            1995        1994  
                                                            ----        ----
        OPERATING ACTIVITIES
          Net Income (Loss)                             $  (1,070)    $   174
          Items Not Effecting Cash:

            Depreciation and Amortization                     495         445
            Decrease in Deferred Items                         -0-        (29)
            Decrease in Deferred Taxes                        (89)         -0-
            (Gain) Loss on Sale of Investments                  2         (52)

          Changes in Operating Assets and 
            Liabilities:

            Receivables, Inventories and 
              Other Assets, Net                            (2,153)      2,353 
            Current Liabilities, Net                        2,639      (2,645)
                                                        ---------     -------
        NET CASH PROVIDED (USED) BY             
          OPERATING ACTIVITIES                               (176)        246 
        INVESTING ACTIVITIES
          Maturities and Sales of Marketable 
            Securities                                      4,788      11,091
          Funds Invested in Marketable
            Securities                                     (2,022)     (8,608)
          Property and Equipment
            Expenditures                                   (1,913)     (1,046)
          Net Change in Breeding Herds                          3          53 
            Other                                             (45)        (24)
                                                        ---------     -------
        NET CASH PROVIDED BY 
          INVESTING ACTIVITIES                                805       1,466 
        FINANCING ACTIVITIES
          Decrease in Long-Term Debt                         (200)     (1,600)
          Cash Dividend Paid                                 (317)       (317)
                                                        ---------     -------
        NET CASH USED IN FINANCING ACTIVITIES                (517)     (1,917)
                                                        ---------     -------
        INCREASE (DECREASE) IN CASH AND 
          CASH EQUIVALENTS                                    112        (205)

        Cash and Cash Equivalents at
          Beginning of Year                                    68         247
                                                        ---------     -------
        CASH AND CASH EQUIVALENTS AT
          END OF PERIOD                                 $     180     $    42
                                                        =========     =======
        See Notes to Consolidated Condensed Financial Statements.
                                        - 4 -



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

        June 30, 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.

        For 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 and six month periods ended June 30,
        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 and 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.  Fully diluted common shares
        outstanding  for  the  three  month  period  ended  June 30, 1995 were
        12,683,844.    For  the  six  month  period  ended June 30, 1995 fully
        diluted common shares were 12,683,303.  At June 30, 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:
                                           
                                   June 30            December 31
                                    1995                 1994
                              -----------------------------------
                              Estimated Fair      Estimated Fair
                              Cost     Value      Cost     Value
                              -----------------------------------
Marketable securities:
U.S. Treasury and agency                  
 notes                        $15,859   $15,800   $18,837  $18,409      
Corporate notes                 5,655     5,681     5,445    5,309      
                              ------------------------------------
                              $21,514   $21,481   $24,282  $23,718      
                              ====================================

As  of  June  30,  1995,  the  cumulative  fair value adjustment is a $33,000 
unrealized  loss.  The cumulative fair value adjustment to stockholders'
equity, net of tax benefit of $13,000, is an unrealized loss of $20,000. 
Registrant's gross unrealized holding gains equals $195,000, while gross
unrealized holding losses equals $228,000.  On June 30, 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 $3.4 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 - COMMODITY DERIVATIVES USED TO HEDGE PRICE FLUCTUATIONS
---------------------------------------------------------------
Registrant  uses commodity derivatives to hedge its exposure to price
fluctuations  on  its  purchased stocker cattle.  The objective is to protect
or create a future price for stocker cattle that will provide profit once the
cattle  are sold and all costs are deducted and protect Registrant against a 
disastrous cattle market decline.  To help achieve this objective Registrant
uses the cattle futures and cattle options markets.  Registrant continually
monitors any open futures and options contracts to determine the appropriate
hedge based on market movement of the underlying asset, stocker cattle.  The
option and futures contracts used typically expire on a quarterly or
semi-annual basis and are structured to expire as close to or during the
month the stocker cattle are scheduled to be sold.  Payments received and
paid related to outstanding options contracts are deferred in prepaid and
other current assets and were approximately $69,000 at June 30, 1995.  Cattle
futures contracts are carried off-balance sheet until the contracts are
settled.  Realized gains, losses, and costs associated with closed contracts
equal to $220,000 of net gain is included in cattle inventory and will be 
recognized in cost of sales expense at the time the hedged stocker cattle are
sold.  Registrant maintains a margin account with its commodity broker for 
the purpose of buying and selling cattle futures and options.  The margin
account totalled $127,000 at June 30, 1995. 

                                        - 6 -



The  following  table  identifies the cattle futures contract amounts and
options contract costs outstanding at June 30, 1995:

    Cattle Hedging Activity                    Original      Estimated 
    Commodity Future/Option                 Contract/Cost    Fair Value
          Description         No. Contracts                At Settlement
    --------------------------------------------------------------------
    Cattle futures sold             50         $1,258,000     $1,256,000
    (Off-balance sheet)
    Cattle Options:
      Calls sold                   195             82,000         78,000
      Puts bought                  240            151,000         66,000

    NOTE E - CONTINGENCIES
    ----------------------
    Registrant leases land to National Cement Company of California, Inc.
    ("National")  for  the  purpose of manufacturing portland cement from
    limestone   deposits  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 existing lease
    agreements, National and LaFarge are required to indemnify Registrant
    for  costs  and  liabilities  incurred in connection with the cleanup
    order.    Due  to  the  financial  strength  of National and LaFarge,
    Registrant believes that it is remote there will be a material effect
    on the Company.  

    MANAGEMENT'S ANALYSIS OF FINANCIAL STATEMENTS
    ---------------------------------------------
    Results of Operations
    ---------------------
    Total  revenues,  including interest income, for the first six months
    of  1995  were  $3,201,000  compared  to $6,583,000 for the first six
    months of 1994.  Revenues  decreased  $3,382,000, of which approximately
    $3,308,000 is attributable to the timing of cattle sales  during 1995.
    During 1995, Registrant has sold only 1,271 head of cattle compared to 
    6,685 head of cattle during the same period in 1994.   Normally cattle
    are sold during May and June of each year but due to low prices
    Registrant decided to delay the sale of stocker cattle  and  place the
    cattle on feed.  By placing the cattle on feed the cattle would gain
    additional weight, and Registrant believes that cattle prices will
    improve over the summer.  Approximately 7,200 head of cattle were placed
    in feedlots and were hedged in the market by using cattle futures and 
    options contracts.  These cattle were hedged in order to protect a future
    sales price.  At the time the cattle went to feedlots the market price
    was approximately $.60 per hundred weight.  The  cattle  are  currently
    hedged to return approximately $.64  per hundred weight. 
    See Note D - Commodity Derivatives used to Hedge Price Fluctuations, for
    a further discussion of Registrant's hedging  program.  Registrant
    expects to begin selling the 7,200 head of cattle during August 1995 and
    to complete the sales during October 1995.  

                                        - 7 -



Operating  activities during the first six months of 1995 resulted in a net
loss of $1,070,000, or $.08 per share, compared to net income of $174,000,
or $.01 per share, for the same period in 1994.  The decrease in net income
compared to 1994 is due to a reduction in revenues as described above, a
$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, and an increase in 
land planning and entitlement costs of $279.000. Partially offsetting these
unfavorable variances was a temporary decline in livestock expense due to a
reduction in costs of sales because of fewer cattle having been sold.

Total  revenues  for  the  second quarter, including interest income, were
$1,792,000  compared  to  $5,200,000  for the second quarter of 1994.  The
decline in second quarter revenues is due to the timing of cattle sales as
described above.

During  the  second  quarter of 1995 Registrant  recognized a loss of
$409,000,  or  $.03 per share, compared to net income of $441,000, or $.03
per  share,  for  the same period of 1994.  The decrease in net income
compared to 1994 is due to reduced revenues as described above and to
increased  land  planning  costs.    These  variances  were partially
offset by lower livestock expenses because of fewer cattle having been sold. 

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.

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.
                                        - 8 -


        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 June 30, 1995 were $21.7 million
        compared  to  $23.8 million on December 31, 1994.  Working capital on
        June 30, 1995 was $23.9 million compared to $26.8 million on December
        31,  1994.    The  decrease  in  working  capital at June 30, 1995 as
        compared  to  December  31,  1994  is  primarily  due  to a temporary
        increase  in short-term borrowings due to the timing of cattle sales,
        the  purchase  of property, capital improvement expenditures, and the
        payment of dividends.

        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

                                      - 9 -



                                      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  























                                     - 10 -


 

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 6-MOS DEC-31-1995 JUN-30-1995 180 21,481 742 0 6,916 30,111 27,893 (13,156) 45,830 6,229 0 6,341 0 0 29,085 45,830 3,201 3,201 3,662 3,662 1,141 0 182 (1,784) (714) (1,070) 0 0 0 (1,070) (.08) (.08)