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, 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 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>
                                      INDEX
                                                                  Page No.

   Part I.   Financial Information (Unaudited)

             Statement of Cash and Liabilities                       2

             Statement of Trust Income                               3

             Notes to Financial Statement                            4

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

   Part II.  Other Information                                       6

   <PAGE>

                        Statement of Cash and Liabilities

                                                    6/30/97      12/31/96
                                                  (Unaudited)
   Assets:

      Cash in bank                                $ 209,144        $100
                                                  ---------        ----

                                                  $ 209,144        $100
                                                  =========        ====
   Liabilities:

   Payable for uncompleted transactions
     due sellers                                  $ 209,044        $  0

   Note payable to Journal Communications Inc.          100         100
                                                  ---------        ----
                                                  $ 209,144        $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>
                            Statement of Trust Income


                            Three Months Ended         Six Months Ended
                                 June 30                  June 30
                            1997         1996         1997         1996
                         (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)

   Dividend on common 
    stock of Journal 
    Communications, Inc.
    held by the Trust     $6,694,091   $6,156,215  $13,502,215  $12,776,388
                          ----------   ----------  -----------  -----------
                          $6,694,091   $6,156,215  $13,502,215  $12,776,388
                          ==========   ==========  ===========  ===========

         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   $6,694,091   $6,156,215  $13,502,215  $12,776,388
                          ----------   ----------  -----------  -----------
                          $6,694,091   $6,156,215  $13,502,215  $12,776,388
                          ==========   ==========  ===========  ===========

         Per Unit              $0.55       $ 0.55        $1.10       $ 1.10
                               -----       ------        -----       ------
                               $0.55       $ 0.55        $1.10       $ 1.10
                               =====       ======        =====       ======


                        See notes to financial statements

   <PAGE>

                          Notes to Financial Statements
                                   (Unaudited)

   1.   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 June 30.

   <PAGE>

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

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

   <PAGE>

                           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, 1997. 

   <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 13, 1997              By /s/ Robert A. Kahlor
                                           Robert A. Kahlor


   Date  August 13, 1997              By /s/ Richard A. Williams
                                           Richard A. Williams
                                           (Principal Accounting Officer)

   <PAGE>
                              EXHIBIT INDEX

   Exhibit No.            Description

      27              Financial Data Schedule