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, 1999           Commission file number   0-7832
         (6 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



Quarter Ended June 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 Ended June 30, 1999                    Commission file number 0-7832


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



                                                    6/30/99          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 Ended June 30, 1999                    Commission file number 0-7832



                            Statement of Trust Income

<TABLE>
<CAPTION>


                                     Three Months Ended             Six Months Ended
                                     ------------------             ----------------
                                   6/30/99        6/30/98        6/30/99       6/30/98
                                 -----------    -----------    -----------   -----------
                                 (Unaudited)    (Unaudited)    (Unaudited)   (Unaudited)
<S>                              <C>            <C>            <C>           <C>
Dividends on common stock of
  Journal Communications, Inc.
  held by the Trust              $ 7,089,209    $ 6,987,889    $14,010,723   $14,039,523
                                 -----------    -----------    -----------   -----------

                                 $ 7,089,209    $ 6,987,889    $14,010,723   $14,039,523
                                 ===========    ===========    ===========   ===========



      Per Share                  $      0.28    $     0.275    $      0.56   $      0.55
                                 -----------    -----------    -----------   -----------

                                 $      0.28    $     0.275    $      0.56   $      0.55
                                 ===========    ===========    ===========   ===========


Dividends to holders of Units
  of Beneficial Interest         $ 7,089,209    $ 6,987,889    $14,010,723   $14,039,523
                                 -----------    -----------    -----------   -----------

                                 $ 7,089,209    $ 6,987,889    $14,010,723   $14,039,523
                                 ===========    ===========    ===========   ===========



      Per Unit                   $      0.28    $     0.275    $      0.56   $      0.55
                                 -----------    -----------    -----------   -----------

                                 $      0.28    $     0.275    $      0.56   $      0.55
                                 ===========    ===========    ===========   ===========


                       See notes to financial statements.
</TABLE>

<PAGE>






                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended June 30, 1999                    Commission file number 0-7832


                             Statement of Cash Flow


                                                   Six Months Ended
                                                   ----------------
                                               6/30/99          6/30/98
                                            ------------      ------------
                                             (Unaudited)      (Unaudited)

Source of cash:
   Receipts from purchasers of Units
   of Beneficial Interest (Note 3)          $ 75,006,380      $107,443,886

   Dividends received from
   Journal Communications, Inc.               14,010,723        14,039,523
                                            ------------      ------------

                                              89,017,103       121,483,409


Uses of cash:
   Disbursements to sellers of
   Units of Beneficial Interest              (75,006,380)     (107,443,886)

   Dividends paid to holders of
   Units of Beneficial Interest              (14,010,723)     ( 14,039,523)

   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 June 30                             $          0      $          0
                                            ============      ============

                       See notes to financial statements.

                                       5
<PAGE>



                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended June 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 Ended  June 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 Ended June 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 six months ended June 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: August 2, 1999                            By:  /s/Steven J. Smith
                                                     Steven J. Smith
                                                     Trustee





Date: August 2, 1999                            By:  /s/Douglas G. Kiel
                                                     Douglas G. Kiel
                                                     Trustee


                                       8