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  September 30, 1997    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 5320l
   (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 September 30, 1997             Commission file number 0-7832



                                      INDEX


                                                          Page No.

   Part I.   Financial Information (Unaudited)


             Statement of Cash and Liabilities                 2


             Statement of Trust Income                         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



   For Quarter Ended September 30, 1997   Commission file number 0-7832



                        Statement of Cash and Liabilities

                                                  9/30/97       12/31/96
                                                (Unaudited)
    Assets:

      Cash in bank                                $ 169,298      $  100 
                                                 ----------     -------
                                                  $ 169,298      $  100 
                                                 ==========     =======
    Liabilites:

      Payable for uncompleted transactions 
        due sellers                               $ 169,198      $    0  
       
      Note payable to Journal 
        Communications Inc.                             100         100 
                                                 ----------     -------
                                                  $ 169,298        $100 
                                                 ==========     =======


   Note:  The Statement of Cash and Liabilities at December 31, 1996, has
          been derived from the audited financial statements at that date.

                        See notes to financial statements

   <PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


   For Quarter Ended September 30, 1997   Commission file number 0-7832


   <TABLE>

                           Statement of Trust Income



                                                Three Months Ended                          Nine Months Ended
                                                   September 30                                September 30
                                             1997                  1996                  1997                   1996
                                         (Unaudited)            (Unaudited)           (Unaudited)            (Unaudited)
    <S>                                  <C>                    <C>                   <C>                    <C>
    Dividend on common stock 
      of Journal Communications,
      Inc. held by the Trust             $ 6,726,254            $ 6,266,000           $20,228,469            $19,096,582
                                         -----------            -----------           -----------            -----------
                                                                                                 
                                         $ 6,726,254            $ 6,266,000           $20,228,469            $19,096,582
                                         ===========            ===========           ===========            ===========
         Per Share                                                                               
                                               $0.55                 $0. 55                 $1.65                  $1.65
                                               -----                 ------                 -----                  -----
                                               $0.55                 $0. 55                 $1.65                  $1.65
                                               =====                 ======                 =====                  =====
    Dividend to holder of
     units of beneficial interest        $ 6,726,254            $ 6,266,000           $20,228,469            $19,096,582
                                         -----------            -----------           -----------            -----------    
                                         $ 6,726,254            $ 6,266,000           $20,228,469            $19,096,582
                                         ===========            ===========           ===========            ===========

         Per Unit                              $0.55                  $0.55                 $1.65                 $1.65 
                                               -----                  -----                 -----                 -----
                                               $0.55                  $0.55                 $1.65                 $1.65
                                               =====                  =====                 =====                 ===== 


                      See notes to financial statements
   </TABLE>
   <PAGE>

                               FORM 10-Q
                     JOURNAL EMPLOYEES' STOCK TRUST


   For Quarter Ended  September 30, 1997   Commission file number 0-7832


                     Notes to Financial Statements
                              (Unaudited)

   l.   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 officers/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 taxes and 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.

   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.  The payable for incomplete
        transactions in the statement of assets and liabilities represents
        amounts due sellers for Units purchased from the Trust on September
        30.

   <PAGE>

                               FORM 10-Q
                     JOURNAL EMPLOYEES' STOCK TRUST


   For Quarter Ended September 30, 1997    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.

   <PAGE>

                                  FORM 10-Q
                       JOURNAL EMPLOYEES' STOCK TRUST



   For Quarter Ended  September 30, 1997   Commission file number 0-7832


                         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 nine months ended September 30, 1997. 



                                 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 November 6, 1997              By   /s/ Robert A. Kahlor
                                              Robert A. Kahlor





      Date November  6, 1997             By   /s/ Richard A. Williams
                                              Richard A. Williams
                                              (Principal Accounting Officer)

<PAGE>
                                 EXHIBIT INDEX

     Exhibit No.                 Description

        27                       Financial Data Schedule