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

                   Quarterly Report Under Section 13 or 15 (d)
                     of the Securities Exchange Act of 1934


   For Quarter Ending June 30, 1998             Commission file number 0-7832


                         JOURNAL EMPLOYEES' STOCK TRUST
             (Exact name of registrant as specified in its charter)


             WISCONSIN                               39-6153189
   (State or other jurisdiction of               (I.R.S. Employer
   incorporation or organization)                Identification No.)


   P.O. Box 661,    333 W. State St.            Milwaukee, Wisconsin 53201
   (Address of principal executive offices)          (Zip Code)


                                  414-224-2728
              (Registrant's telephone number, including area code)


   _________________________________________________________________________
   (Former name, former address and former fiscal year, if changed since last
   report)


        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   

   <PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST

   Quarter Ended June 30, 1998                Commission file number 0-7832

                                      INDEX

                                                            Page No.

   Part I.   Financial Information (Unaudited)

             Statement of Cash and Liabilities                 1

             Statement of Trust Income                         2

             State of Cash Flow                                3

             Notes to Financial Statements                     4

             Management's Discussion and Analysis of
             Financial Condition and Results of Operations     5

   Part II.  Other Information                                 6

   <PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


   Quarter Ended June 30, 1998               Commission file number 0-7832

                        Statement of Cash and Liabilities


                                                      6/30/98      12/31/97 
                                                     (Unaudited)
   Assets:

        Cash in bank                                 $     0       $   100
                                                     -------       -------
                                                     $     0       $   100
                                                     =======       =======
   Liabilities:

        Note payable to Journal Communications Inc.  $     0       $   100
                                                     -------       -------
                                                     $     0       $   100 
                                                     =======       =======

   Note: The Statement of Cash and Liabilities at December 31, 1997 has
         been derived from the audited financial statements at that date.

                        See notes to financial statements

   <PAGE>
                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST

   Quarter Ended June 30, 1998                Commission file number 0-7832

                            Statement of Trust Income

                              Three Months Ended       Six Months Ended 
                             06/30/98    06/30/97    06/30/98    06/30/97
                            (Unaudited) (Unaudited) (Unaudited) (Unaudited)
   Dividend on common
    stock of Journal 
    Communications, Inc.
    Held by the Trust      $6,987,889   $6,694,091  $14,039,523  $13,502,215
                           ----------   ----------  -----------  -----------
                           $6,987,889   $6,694,091  $14,039,523  $13,502,215
                           ----------   ----------  -----------  -----------

   Per share               $     0.55   $     0.55  $      1.10  $      1.10
                           ----------   ----------  -----------  -----------
                           $     0.55   $     0.55  $      1.10  $      1.10
                           ----------   ----------  -----------  -----------
   Dividend to holder
     of units of 
    Beneficial interest    $6,987,889   $6,694,091  $14,039,523  $13,502,215
                           ----------   ----------  -----------  -----------
                           $6,987,889   $6,694,091  $14,039,523  $13,502,215
                           ----------   ----------  -----------  -----------

     Per unit              $     0.55   $     0.55  $      1.10  $      1.10
                           ----------   ----------  -----------  -----------
                           $     0.55   $     0.55  $      1.10  $      1.10
                           ----------   ----------  -----------  -----------


                        See notes to financial statement

   <PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST

   Quarter Ended June 30, 1998                Commission file number 0-7832


                             Statement of Cash Flows

                                                Six Months Ended 
                                            06/30/98        06/30/97
                                           (Unaudited)     (Unaudited)

   Sources of cash:
     Receipts from purchasers of Units
     Of Beneficial Interest (Note 3)       $103,070,103   $ 79,875,573

     Dividends received from
     Journal Communications                  14,039,523     13,502,215
                                           ------------   ------------
                                            117,109,626     93,377,788
   Uses of cash:
     Disbursement to sellers of
     Units of Beneficial Interest          (103,070,103)  ( 79,666,529)

     Dividends paid to holders of
     Units of Beneficial Interest          ( 14,039,523)  ( 13,502,215)

     Reduction of note payable to
     Journal Communications, Inc.          (        100)             0
                                           ------------   ------------

   Net increase (decrease) in cash         (        100)       209,044

   Cash at beginning of year                        100            100
                                           ------------   ------------

   Cash at June 30                         $          0   $    209,144
                                           ------------   ------------


                        See notes to financial statements

   <PAGE>
                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST

   Quarter Ended June 30, 1998                Commission file number 0-7832

                          Notes to Financial Statements
                                   (Unaudited)

   1.   Organization

        The only business of Journal Employees' Stock Trust (Trust), under
        agreement dated May 15, 1937, as amended, is the record holding of
        common stock of Journal Communications, Inc. ("Company"), the
        issuance of Units of Beneficial Interest in such shares ("Units"),
        and in limited instances, the voting of shares of the Company's
        common stock held by it. The Trust is administered by five trustees
        who are officer/directors of the Company and receive no remuneration
        for services performed for the Trust. The trustees are required to
        distribute all Trust income (consisting solely of dividends paid by
        the Company), less such amounts as the trustees deem necessary for
        payment of administrative expenses, as soon as practicable after
        receipt. Since its origination, substantially all expenses of the
        Trust have been paid by the Company, and cash dividends payable to
        the Trust have been paid directly to the unitholders by the Company.
        The Trust distributes all of its income and, therefore, pays no
        income taxes under applicable income tax codes.

   2.   Common Stock of the Company

        Upon deposit by the Company of shares of common stock, the Trust
        issues a like number of Units and the Company offers such Units to
        employees of the Company ("Employees"). Sales of Units by the Trust
        are made at the formula price determined in accordance with the Trust
        Agreement.

   3.   Unitholders' Sales of Units of Beneficial Interest

        Unitholders may sell all or a portion of their Units only to other
        Employees designated by the President of the Company or, under
        certain circumstances, to shareholders of the Company, at the current
        formula price under the terms and conditions of the Trust Agreement.
        If the Units are not sold in this manner, the Units are freely
        transferable, subject to a five-year right of the Company to purchase
        the Units at any time at the formula price. Payments for Units sold
        by Employees are deposited with the Trust by the purchaser and
        remitted by the Trust to the seller.

   <PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST

   Quarter Ended June 30, 1998               Commission file number 0-7832


                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations


   Income is based solely on dividends from Journal Communications, Inc.



                           Part II. Other Information

   Item 6 - Exhibits and Reports on Form 8-K

        (b)  Reports on Form 8-K - There were no reports on Form 8-K filed
             for the six months ended June 30, 1998.

   <PAGE>

   Signatures

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


                         JOURNAL EMPLOYEES' STOCK TRUST

   Date: August 5, 1998               By:  /s/ Steven J. Smith
                                           Steven J. Smith
                                           Trustee

   Date: August 5, 1998               By:  /s/ Richard A. Williams
                                           Richard A. Williams
                                           Trustee