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, 1996


   Commission file number 0-7832


                         JOURNAL EMPLOYES' 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.)



   Journal Square, 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 EMPLOYES' STOCK TRUST


   Quarter Ended September 30, 1996             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 EMPLOYES' STOCK TRUST


   For Quarter Ended September 30, 1996   Commission file number 0-7832


                        Statement of Cash and Liabilities

                                                   09/30/96       12/31/95 
                                                  (Unaudited)
   Assets:

    Cash in bank                                    $93,997          $100
                                                    -------          ----

                                                    $93,977          $100
                                                    =======          ====
   Liabilities:
     
    Payable for uncompleted transactions            $93,897          $  0

    Note payable to Journal Communications, Inc.        100           100
                                                    -------          ----

                                                    $93,997          $100
                                                    =======          ====

   Note:  The Statement of Cash and Liabilities at December 31, 1995, has
   been derived from the audited financial statements at that date.


                        See notes to financial statements

   <PAGE>
                                    FORM 10-Q

                          JOURNAL EMPLOYES' STOCK TRUST


   For Quarter Ended September 30, 1996     Commission file number 0-7832


                                         Statement of Trust Income 

                             Three Months Ended          Nine Months Ended
                                September 30               September 30         
                             1996         1995          1996         1995      
                          (Unaudited)  (Unaudited)   (Unaudited)  (Unaudited)
   Dividend on common 
   stock of Journal 
   Communications, Inc.
   held by the Trust      $ 6,266,000  $ 6,592,736   $19,096,582  $19,084,364
                          -----------  -----------   -----------  -----------

                          $ 6,266,000  $ 6,592,736   $19,096,582  $19,084,364
                          ===========  ===========   ===========  ===========

        Per Share            $   0.55     $   0.55      $   1.65     $   1.55
                             --------     --------      --------     --------

                             $   0.55     $   0.55      $   1.65     $   1.55
                             ========     ========      ========     ========

   Dividend to holder 
    of units of 
    beneficial 
    interest              $ 6,266,000  $ 6,592,736   $19,096,582  $19,084,364
                          -----------  -----------   -----------  -----------

                          $ 6,266,000  $ 6,592,736   $19,096,582  $19,084,364
                          ===========  ===========   ===========  ===========

        Per Unit             $   0.55     $   0.55      $   1.65     $   1.55
                             --------     --------      --------     --------

                             $   0.55     $   0.55      $   1.65     $   1.55
                             ========     ========      ========     ========


                        See notes to financial statements

   <PAGE>
                                    FORM 10-Q

                          JOURNAL EMPLOYES' STOCK TRUST


   For Quarter Ended September 30, 1996     Commission file number 0-7832


                          Notes to Financial Statements
                                   (Unaudited)

   1.   The only business of Journal Employes' 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 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 to other 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 by
        the Trust on September 30, as well as incomplete transactions
        between unitholders.

   <PAGE>

                                    FORM 10-Q

                          JOURNAL EMPLOYES' STOCK TRUST

   For Quarter Ended September 30, 1996    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 EMPLOYES' STOCK TRUST


   For Quarter Ended September 30, 1996   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, 1996. 


                                   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 EMPLOYES' STOCK TRUST


   Date November  13, 1996            By  /s/ Robert A. Kahlor
                                              Robert A. Kahlor


   Date November 13, 1996             By /s/ Christine A. Farnsworth
                                             Christine A. Farnsworth
                                             (Principal Accounting Officer)
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                                  EXHIBIT INDEX

             Exhibit No.              Description

                 27               Financial Data Schedule