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    September 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
                 September 30, 1995                           1-713        

                                     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 September 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     NINE MONTHS ENDED
                                         September 30           September 30 

                                     1995         1994        1995      1994 

     Revenues:                     
          Livestock                $ 4,393      $   508     $ 5,286   $ 4,709
          Farming                    3,035          101       3,206       335
          Oil and Minerals             425          360       1,007       962
          Commercial and Land Use      543          523       1,386     1,330
          Interest Income              320          335       1,032     1,074 
                                     8,716        1,827      11,917     8,410

     Costs and Expenses:
          Livestock                  3,839          808       5,157     4,273
          Farming                    1,665          268       2,790       993
          Oil and Minerals              38           43          90       134
          Commercial and Land Use      842          373       2,009     1,186
          Corporate Expense            543          529       1,684     1,570
          Interest Expense             171           61         353       219
                                     7,098        2,082      12,083     8,375

     Operating Income (Loss)         1,618         (255)       (166)       35

     Income Tax Expense (Benefit)      648         (102)        (66)       14
     Net Income (Loss)             $   970      $  (153)    $  (100)  $    21   
                                    


     Earnings (Loss) Per Share     $   .08      $  (.01)    $  (.01)  $   .00
     Cash Dividends Paid 
       Per Share                   $   --       $   --      $  .025   $  .025


     See Notes to Consolidated Condensed Financial Statements.







                                        - 2 -

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

                                     SEPTEMBER  30,1995    DECEMBER 31, 1994*
                                           (Unaudited)   
        ASSETS
        CURRENT ASSETS
          Cash and Cash Equivalents         $      33               $      68
          Short-term Investments               20,547                  23,718
          Accounts & Notes Receivable           3,267                   2,125
          Inventories:
            Cattle                              3,123                   3,020
            Farming                             2,188                      39 
            Other                                  79                      69
          Prepaid Expenses and Other              972                   1,223
          Total Current Assets                 30,209                  30,262

        PROPERTY AND EQUIPMENT-NET             14,854                  13,284

        OTHER ASSETS                            1,030                   1,374

        TOTAL ASSETS                        $  46,093               $  44,920

        LIABILITIES AND STOCKHOLDERS' EQUITY
        CURRENT LIABILITIES
          Trade Accounts Payable            $     685               $   1,061
          Other Accrued Liabilities               350                     465
          Other Current Liabilities             4,370                   1,950
          Total Current Liabilities             5,405                   3,476

        LONG-TERM DEBT                          1,750                   1,950 

        DEFERRED CREDITS                        2,517                   2,736
          Total Liabilities                     9,672                   8,162

        STOCKHOLDERS' EQUITY
          Common Stock                          6,341                   6,341
          Additional Paid-In Capital              387                     387
          Retained Earnings                    29,985                  30,402
          Marketable Securities -
            Unrealized Gains (Losses), Net          5                    (372)
          Defined Benefit Plan - Funding
            Adjustment, Net                      (297)                    ---
          Total Stockholders' Equity           36,421                  36,758

        TOTAL LIABILITIES AND
          STOCKHOLDERS' EQUITY              $  46,093               $  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)
                                                           NINE MONTHS ENDED
                                                             September 30    

                                                            1995        1994  

        OPERATING ACTIVITIES
          Net Income                                    $    (100)    $    21
          Items Not Effecting Cash:
            Depreciation and Amortization                     756         669
            Decrease in Deferred Items                        ---         (29)
            Decrease in Deferred Taxes                        (89)        ---
            (Gain) Loss on Sale of Investments                  6         (52)

          Changes in Operating Assets and 
            Liabilities:

            Receivables, Inventories and 
              Other Assets, Net                            (3,256)        183 
            Current Liabilities, Net                        1,814      (1,039)

        NET CASH PROVIDED (USED) BY             
          OPERATING ACTIVITIES                               (869)       (247)

        INVESTING ACTIVITIES
          Maturities and Sales of Marketable 
            Securities                                      5,816      13,216
          Funds Invested in Marketable
            Securities                                     (2,079)     (9,830)
          Property and Equipment
            Expenditures                                   (2,274)     (1,345)
          Net Change in Breeding Herds                        (64)        (52)
          Other                                               (46)        (53)

        NET CASH PROVIDED BY 
          INVESTING ACTIVITIES                              1,353       1,936 

        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                                    (33)       (228)

        Cash and Cash Equivalents at
          Beginning of Year                                    68         247

        CASH AND CASH EQUIVALENTS AT
          END OF PERIOD                                 $      35     $    19

        See Notes to Consolidated Condensed Financial Statements.

                                        - 4 -


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

        September 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.

        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 and nine month periods ended September
        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 September 30, 1995 were
        12,685,198.   For the nine month period ended September 30, 1995 fully
        diluted  common shares were 12,683,946.  At September 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:
                                           
                                        September 30         December 31
                                           1995                 1994
                                    -------------------  --------------------  
                                         Estimated Fair        Estimated Fair
                                    Cost      Value       Cost      Value
                                    -------------------  --------------------
        Marketable securities:
          U.S. Treasury and agency                  
           notes                   $15,354   $15,331    $18,837    $18,409      
          Corporate notes            5,185     5,216      5,445      5,309      
                                   ---------------------------------------
                                   $20,539   $20,547    $24,282    $23,718      
                                   =======================================
        As  of September 30, 1995, the cumulative fair value adjustment is an
        $8,000  unrealized  gain.    The  cumulative fair value adjustment to
        stockholders'  equity, net of a deferred tax expense of $3,000, is an
        unrealized  gain  of  $5,000.   Registrant's gross unrealized holding
        gains  equals  $222,000, while gross unrealized holding losses equals
        $214,000.    On  September  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  $6,000  on  the  sale  of  $4.1  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
        a  profit  once  the  cattle  are sold and all costs are deducted and
        protect  Registrant  against  market  declines.  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 close to or during the month the
        stocker  cattle are scheduled to be sold.  Payments received and paid
        related  to  options  contracts  are  deferred  in  prepaid and other
        current  assets and were approximately $19,000 at September 30, 1995.
        Cattle  futures  contracts  are  carried  off-balance sheet until the
        contracts  are settled.  Realized gains, losses, and costs associated
                                       - 6 -
  
        with  closed  contracts  equal  to $32,000 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.   At September 30, 1995,
        Registrant's margin account was zero.

        There were no cattle futures contracts or options contracts outstanding
        at September 30, 1995.

        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.  










                                  - 7 -                                    


























        MANAGEMENT'S ANALYSIS OF FINANCIAL STATEMENTS

        Results of Operations

        RESULTS OF OPERATIONS

        Total  revenues, including interest income, for the first nine months
        of  1995  were  $11,917,000 compared to $8,410,000 for the first nine
        months of 1994.  The increase in revenues during 1995 is attributable
        to  increases  in livestock revenues and farming revenues.  Livestock
        revenues  increased  due  to  the sale of 7,233 head of cattle during
        1995  compared  to 7,190 head of cattle in 1994 and to higher average
        weights  on the cattle sold during 1995.  Farming revenues are higher
        due  to  the  timing  of  the  crop harvest and the recording of crop
        revenues.    In  1995,  almond  and  zinfandel  grape  harvests  were
        completed  during the third quarter whereas in 1994 harvests were not
        completed  until  the    fourth quarter for all crops.  Approximately
        $2,900,000 of the increase in revenues is attributable to this timing
        difference in farming revenues.

        Operating activities during the first nine months of 1995 resulted in
        a  net  loss of $100,000 or $.01 per share, compared to net income of
        $21,000,  or  $.00  per  share,  for  the  same  period in 1994.  The
        decrease  in net income compared to 1994 is due to a $400,000 pre tax
        charge-off  ($240,000,  or $.02 per share, after tax) of almond trees
        destroyed  by  wind  during  a  storm in January 1995, an increase in
        consultant and legal fees of approximately $862,000 related to right-
        o f -way  issues,  easement  issues  and  land  planning  activities,
        increased  farming  expenses,  and  increased  cost  of  sales within
        livestock  operations.    Farming expenses increased when compared to
        1994 due to the timing of the recognition of expenses for almonds and
        zinfandel grapes, which are related to the farming revenues described
        above.  Livestock cost of sales have increased due to the added costs
        of  feeding the cattle sold on feedlots throughout the summer months.
        These  unfavorable variances were partially offset by the increase in
        revenues described above.

        Total revenues for the third quarter, including interest income, were
        $8,716,000 compared to $1,827,000 for the third quarter of 1994.  The
        increase  in  third quarter revenues is due to the sale of 5,622 head
        of  cattle  during  the third quarter of 1995 compared to 505 head of
        cattle during 1994.  Normally the cattle sold during the third
        quarter  of  1995  would have been sold during the second quarter but
        due  to  low  cattle  prices  Registrant decided to delay the sale of
        these cattle and place them on feed throughout the summer. The cattle
        were  then  scheduled  for  sale  during the period of August through
        October.      Revenues  also  increased due to the timing of  farming
        revenues as described above.

        During  the third quarter of 1995 Registrant recognized net income of
        $970,000,  or $.08 per share, compared to a loss of $153,000, or $.01
        per  share,  for the same period in 1994.  The increase in net income
        compared  to  1994  is  due  to the increase in revenues as described
        above.    These revenues were partially offset by increased livestock
        cost of sales and to increased farming costs as explained above.

                                    - 8 -






        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 will be affected by the loss of trees
        as  described  above  but not as severally as originally reported for
        1995.  At this point in the crop harvest it appears that higher grape
        production and higher almond prices will offset the lost revenue from
        the destroyed almond trees for 1995.  In future years revenue will be
        affected  until  the  replanted  almond  trees begin production which
        generally takes three to five years. 

        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. 

        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  September 30, 1995 were $20.6
        million  compared  to  $23.8  million  on December 31, 1994.  Working
        capital  on  September  30,  1995 was $24.8 million compared to $26.8
        million  on  December  31,  1994.  The decrease in working capital at
        September  30, 1995 as compared to December 31, 1994 is primarily due
        to a temporary increase in short-term borrowings due to the timing of
        c a t tle  sales,  the  purchase  of  property,  capital  improvement
        expenditures, and the payment of dividends.

                                    - 9 -




        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.














































                                  - 10 -






        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

                                       - 11 -


                                      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





































                                       - 12 -
 

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 9-MOS DEC-31-1995 SEP-30-1995 33 20,547 3,267 0 5,390 30,209 28,234 (13,380) 46,093 5,405 0 6,341 0 0 30,080 46,093 11,197 11,197 10,046 10,046 1,684 0 353 (166) (66) (100) 0 0 0 (100) (.01) (.01)