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[BALDWIN PIANO & ORGAN COMPANY LETTERHEAD]

                                             NEWS RELEASE

                                                                    EXHIBIT 99.5




CONTACTS:    Perry Schwartz                     Joel Pomerantz
             Baldwin Piano & Organ              The Dilenschneider Group
             (513) 576-4518                     (212) 922-0900


                BALDWIN PIANO SIGNS $40 MILLION LENDING AGREEMENT
                              WITH FIFTH THIRD BANK

                   AMENDS ITS RETAIL FINANCING SECURITIZATION
                     AGREEMENT WITH GENERAL ELECTRIC CAPITAL


         LOVELAND, OH, November 3, 1997 -- Baldwin Piano and Organ Company
(NASDAQ:BPAO), maker of America's best-selling acoustic pianos, today announced
that it has entered into a three-year, $40 million revolving loan agreement with
The Fifth Third Bank of Cincinnati, Ohio, as lender and agent. NBD Bank N.A. is
a participant. The new agreement replaces a similar arrangement with General
Electric Capital Corporation.

         Commenting on the revolving loan agreement, Karen L. Hendricks,
chairman and chief executive officer of Baldwin, said, "This new agreement
eliminates a number of long-standing restrictive covenants and gives us the kind
of financial flexibility we need to grow our business. The flexibility that
comes with fewer restrictions will enable us to continue to upgrade our
manufacturing facilities and processes and allow us to keep pace with growing
demand."

         Baldwin also announced that its Securitization Agreement with General
Electric Capital Corporation has been amended to eliminate provisions requiring
liens on Baldwin assets and to otherwise provide the company with more flexible
terms. The Agreement covers the securitization of retail financing contracts for
pianos sold to consumers.

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         Commenting on the amended Securitization Agreement, Ms. Hendricks said,
"The amended agreement with General Electric Capital recognizes Baldwin's
improved financial strength and offers us better terms and greater flexibility
to grow Keyboard Acceptance Corporation, our retail financing arm."

         The Baldwin Piano & Organ Company makes and markets America's best-
selling acoustic piano brands -- Baldwin, Wurlitzer, and Chickering -- as well
as the Pianovelle(R) line of digital pianos and Baldwin's newest product, the
computerized ConcertMaster(R) player piano system. Baldwin also provides its
dealers with retail consumer financing through its Keyboard Acceptance
Corporation subsidiary and produces electronic parts and components for original
equipment manufacturers through its Special Products Division.

         Baldwin currently employs some 1,400 workers at six locations,
including its corporate headquarters in Loveland, Ohio, and five manufacturing
facilities in Arkansas, Mississippi, and Mexico.

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"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward looking statements that are subject to risks
and uncertainties, including, but not limited to, the impact of competitive
products and pricing, product demand and market acceptance, reliance on key
strategic alliances, fluctuations in operating results and other risks detailed
from time to time in the Company's filings with the Securities and Exchange
Commission.

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