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, 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.)



   Journal Square, 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 March 31, 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 March 31, 1997             Commission file number 0-7832



                        Statement of Cash and Liabilities



                                          03/31/97            12/31/96 
                                        (Unaudited)

   Assets:

     Cash in bank                       $ 587,748            $     100 
                                         --------             --------
                                        $ 587,748            $     100 
                                         ========             ========

   Liabilities:

     Payable for incomplete
      transactions (Note 3)             $ 587,648            $      -

     Note payable to Journal
      Communications, Inc.                    100                  100 
                                         --------             --------
                                        $ 587,748            $     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 March 31, 1997             Commission file number 0-7832


                            Statement of Trust Income


                                                  Three Months Ended
                                                       March 31         
                                                  1997          1996   
                                              (Unaudited)    (Unaudited)

   Dividend on common stock
   of Journal Communications
   Inc. held by the Trust                    $ 6,808,124   $ 6,620,173
                                               ---------     ---------
                                             $ 6,808,124   $ 6,620,173
                                               =========     =========
       Per Share                                  $ 0.55        $ 0.55
                                                   -----         -----
                                                  $ 0.55        $ 0.55
                                                   =====         =====


   Dividend to holder of
   units of beneficial
   interest                                  $ 6,808,124   $ 6,620,173
                                               ---------     ---------
                                             $ 6,808,124   $ 6,620,173
                                               =========     =========
               Per Unit                           $ 0.55   $      0.55
                                                   -----        ------
                                                  $ 0.55   $      0.55
                                                   =====        ======

                        See notes to financial statements


   <PAGE>
                                    FORM 10-Q

                         JOURNAL EMPLOYEES' STOCK TRUST


   For Quarter Ended March 31, 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 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.  The payable for
          incomplete transactions in the statement of assets and liabilities
          represents amounts due sellers for Units purchased by the Trust on
          March 31.

   <PAGE>
                                    FORM 10-Q

                         JOURNAL EMPLOYEES' STOCK TRUST



   For Quarter Ended  March 31, 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 March 31, 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 three months ended March 31, 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     May 15,  1997                         By  /s/ Robert A. Kahlor   
                                                      Robert A. Kahlor



   Date     May 15, 1997                          By  /s/ Richard A. Williams
                                                      Richard A. Williams
                                                      (Principal Accounting
                                                      Officer)


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                                  EXHIBIT INDEX


   Exhibit No.          Description
    
    27             Financial Data Schedule