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 March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)


                         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 Identification No.)
  incorporation or organization)            


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



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)



                                      INDEX


                                                                        Page No.
                                                                        --------
Part I.       Financial Information

              Item 1.   Financial Statements (Unaudited)


                        Statement of Cash and Liabilities                   3


                        Statement of Trust Income                           4


                        Statement of Cash Flow                              5


                        Notes to Financial Statements                       6


              Item 2.   Management's Discussion and Analysis of
                        Financial Condition and Results of  Operations      7

              Item 3.   Quantitative and Qualitative Disclosure
                        of Market Risk                                      7

Part II.      Other Information


              Item 6.   Exhibits and Reports on Form 8-K                    8

                                       2
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)



                Part 1, Item 1. Financial Information (Unaudited)
                        Statement of Cash and Liabilities



                                                       3/31/99        12/31/98 
                                                       -------        --------
                                                    (Unaudited)

Assets:

    Cash in bank                                     $       0        $       0
                                                     ---------        ---------

                                                     $       0        $       0
                                                     =========        =========



Liabilities:

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

Note:  The  Statement of Cash and  Liabilities  at December  31, 1998,  has been
       derived from the audited financial statements at that date.




                        See notes to financial statements


                                       3
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)



                            Statement of Trust Income
                            -------------------------

                                                        Three Months Ended  
                                                        ------------------
                                                   3/31/99             3/31/98 
                                                   -------             -------
                                                 (Unaudited)         (Unaudited)

Dividends on common stock 
   of Journal Communications, Inc.
   held by the Trust                             $ 6,921,514        $ 7,051,634
                                                 -----------        -----------

                                                 $ 6,921,514        $ 7,051,634
                                                 ===========        ===========



       Per Share                                 $      0.28        $     0.275
                                                 -----------        -----------

                                                 $      0.28        $     0.275
                                                 ===========        ===========


Dividends to holders of Units of
   Beneficial Interest                           $ 6,921,514        $ 7,051,634
                                                 -----------        -----------

                                                 $ 6,921,514        $ 7,051,634
                                                 ===========        ===========


       Per Unit                                  $      0.28        $     0.275
                                                 -----------        -----------

                                                 $      0.28        $     0.275
                                                 ===========        ===========


                        See notes to financial statements



                                       4
<PAGE>



                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)


                             Statement of Cash Flow
                             ----------------------

                                                      Three Months Ended
                                                      ------------------
                                                 3/31/99              3/31/98   
                                                 -------              -------
                                               (Unaudited)          (Unaudited)

Source of cash:
     Receipts from purchasers of Units
     of Beneficial Interest (Note 3)           $ 29,515,975        $ 65,901,908

     Dividends received from
     Journal Communications, Inc.                 6,921,514           7,051,634
                                               ------------        ------------

                                                 36,437,489          72,953,542


Uses of cash:
     Disbursements to sellers of
     Units of Beneficial Interest               (29,515,975)        (65,901,908)

     Dividends paid to holders of
     Units of Beneficial Interest                (6,921,514)       (  7,051,634)

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


Net decrease in cash                                      0        (        100)

Cash at beginning of year                                 0                 100
                                               ------------        ------------

Cash at March 31                               $          0        $          0
                                               ============        ============


                        See notes to financial statements

                                       5
<PAGE>



                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)



                          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  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 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.


                                       6
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)




                 Item 2. Management's Discussion and Analysis of
                  Financial Condition and Results of Operations


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



         Item 3. Quantitative and Qualitative Disclosure of Market Risk


None.


                                       7
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST



For Quarter Ending March 31, 1999                Commission file number   0-7832
    (3 Accounting Periods)



                           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 three months ended March 31, 1999.



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:    May 11, 1999                  By:   /s/Steven J. Smith
                                             Steven J. Smith
                                             Trustee





Date:    May 11, 1999                  By:   /s/Richard A. Williams
                                             Richard A. Williams
                                             Trustee



                                       8