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, 1995



   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, 1995             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, 1995         Commission file number 0-7832



                        Statement of Cash and Liabilities



                                          09/30/95           12/31/94 
                                        (Unaudited)          (Unaudited)

   Assets:

     Cash in bank                       $    19,496          $    100
                                        -----------          --------
                                        $    19,496          $    100
                                        ===========          ========
   Liabilities:

     Payable for uncompleted
       transactions between
       unitholders                      $    19,396          $      0
     Note payable to Journal
       Communications, Inc.             $       100          $    100
                                        -----------          --------
                                        $    19,496          $    100
                                        ===========          ========


   Note:  The Statement of Cash and Liabilities at December 31, 1994, 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, 1995         Commission file number 0-7832



                            Statement of Trust Income


                               Four Months Ended         Ten Months Ended
                                  June 30                    June 30   
                             1995          1994          1995         1994 
                           (Unaudited) (Unaudited)   (Unaudited) (Unaudited)

   Dividend on common
    stock of Journal
    Communications,
    Inc. held by the
    Trust                 $ 6,592,736  $ 5,675,342    $19,084,364   $16,995,641
                          -----------  -----------    -----------   -----------
                          $ 6,592,736  $ 5,675,342    $19,084,364   $16,995,641
                          ===========  ===========    ===========   ===========

       Per Share          $      0.55  $      0.45    $      1.55   $      1.35
                          -----------  -----------    -----------   -----------
                          $      0.55  $      0.45    $      1.55   $      1.35
                          ===========  ===========    ===========   ===========


   Dividend to holder
    of units of
    beneficial interest   $ 6,592,736  $ 5,675,342    $19,084,364   $16,995,641
                          -----------  -----------    -----------   -----------
                          $ 6,592,736  $ 5,675,342    $19,084,364   $16,995,641
                          ===========  ===========    ===========   ===========

       Per Unit           $      0.55  $      0.45    $      1.55   $      1.35
                          -----------  -----------    -----------   -----------
                          $      0.55  $      0.45    $      1.55   $      1.35
                          ===========  ===========    ===========   ===========

                         See notes to financial statements

   <PAGE>
                                     FORM 10-Q

                           JOURNAL EMPLOYES' STOCK TRUST



   For Quarter Ended September 30, 1995           Commission file number 0-7832



                           Notes to Financial Statements
                                    (Unaudited)


   l.      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 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.


                      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

     (a)   Exhibits

           27             Financial Data Schedule

     (b)   Reports on Form 8-K - There were no reports on Form 8-K 
           filed for the nine months ended September 30, 1995. 



                                    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, 1995           By /s/ Robert A. Kahlor
                                        Robert A. Kahlor



   Date November 13, 1995           By /s/ Christine A. Farnsworth
                                        Christine A. Farnsworth
                                        (Principal Accounting Officer)

   <PAGE>
                                   Exhibit Index


   Exhibit No.            Description

      27                  Financial Data Schedule