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, 1999          Commission file number 0-7832
                   ------------------                                 ------
         (9 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
    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


For Quarter Ending September 30, 1999          Commission file number 0-7832
                   ------------------                                 ------


                                      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 September 30, 1999          Commission file number 0-7832
                   ------------------                                 ------


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


                                                  9/30/99       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 September 30, 1999          Commission file number 0-7832
                   ------------------                                 ------

<TABLE>
                            Statement of Trust Income
                            -------------------------
<CAPTION>
                                           Three Months Ended                           Nine Months Ended
                                           ------------------                           -----------------
                                        9/30/99             9/30/98               9/30/99              9/30/98
                                      ----------          ----------            ----------           ----------
                                      (Unaudited)         (Unaudited)           (Unaudited)          (Unaudited)

Dividends on common stock of
 Journal Communications, Inc.
<S>                                   <C>                 <C>                   <C>                  <C>
 held by the Trust                    $ 6,757,978         $ 6,922,987           $20,667,381          $20,962,510
                                      -----------         -----------           -----------          -----------

                                      $ 6,757,978         $ 6,922,987           $20,667,381          $20,962,510
                                      ===========         ===========           ===========          ===========



         Per Share                    $      0.28         $     0.275           $      0.84          $     0.825
                                      -----------         -----------           -----------          -----------

                                      $      0.28         $     0.275           $      0.84          $     0.825
                                      ===========         ===========           ===========          ===========


Dividends to holders of Units
   of Beneficial Interest             $ 6,757,978         $ 6,922,987           $20,667,381          $20,962,510
                                      -----------         -----------           -----------          -----------

                                      $ 6,757,978         $ 6,922,987           $20,667,381          $20,962,510
                                      ===========         ===========           ===========          ===========



         Per Unit                     $      0.28         $     0.275           $      0.84          $     0.825
                                      -----------         -----------           -----------          -----------

                                      $      0.28         $     0.275           $      0.84          $     0.825
                                      ===========         ===========           ===========          ===========

</TABLE>

                       See notes to financial statements.


                                       4
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ending September 30, 1999          Commission file number 0-7832
                   ------------------                                 ------


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

                                                      Nine Months Ended
                                                      -----------------
                                                 9/30/99            9/30/98
                                               ----------         ----------
                                               (Unaudited)        (Unaudited)

Source of cash:
     Receipts from purchasers of Units
     of Beneficial Interest (Note 3)          $ 104,703,530     $ 126,171,803

     Dividends received from
     Journal Communications, Inc.                20,667,381        20,962,510
                                              -------------     -------------

                                                125,370,911       147,134,313


Uses of cash:
     Disbursements to sellers of
     Units of Beneficial Interest              (104,703,530)     (126,171,803)

     Dividends paid to holders of
     Units of Beneficial Interest               (20,667,381)     ( 20,962,510)

     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 September 30                          $           0     $           0
                                              =============     =============


                       See notes to financial statements.


                                       5
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ending September 30, 1999          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 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.


                                       6
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ending September 30, 1999          Commission file number 0-7832
                   ------------------                                 ------


                 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 September 30, 1999          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, 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:    November 8, 1999                    By: /s/ Steven J. Smith
         ----------------                        ----------------------------
                                                 Steven J. Smith
                                                 Trustee


Date:    November 8, 1999                    By: /s/ Douglas G. Kiel
         ----------------                        ----------------------------
                                                 Douglas G. Kiel
                                                 Trustee


                                       8