SECURITIES AND EXCHANGE COMMISSION

                       WASHINGTON, DC 20549

                       ____________________

                            FORM 10-Q

        Quarterly Report Pursuant to section 13 or 15(d) of
              the Securities and Exchange Act of 1934
                       ____________________

For the Quarter ended                     Commission File Number
 September 30, 1996                               0-14903


                  Baldwin Piano & Organ Company
      (Exact name of registrant as specified in its charter)


Delaware                                      31-1091812
(State or other jurisdiction of               (IRS Employer
 incorporation or organization)                Identification No.)


422 Wards Corner Road
Loveland, Ohio                                   45140-8390
(Address of Principal Executive Offices)         (Zip Code)


Registrant's telephone number, including area code (513) 576-4500

     Indicate by check mark whether the registrant (1) has filed
all documents and 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    .
                                               ---        ---
     The number of shares of the Common Stock outstanding of
Baldwin Piano & Organ Company ("Company"), as of November 1, 1996
is 3,425,396.
<PAGE> 
                      BALDWIN PIANO & ORGAN COMPANY 
     
                                 INDEX




PART I.     FINANCIAL INFORMATION

     Item 1.  Financial Statements

       Condensed Consolidated Balance Sheets as of
               September 30, 1996 and December 31, 1995 

       Condensed Consolidated Statements of Earnings
               for the three months and nine months ended
               September 30, 1996 and 1995 

       Condensed Consolidated Statements of Cash Flows
               for the nine months ended
               September 30, 1996 and 1995 

       Notes to Condensed Consolidated Financial
               Statements, September 30, 1996 

     Item 2. Management's Discussion and Analysis of Financial
             Condition and Results of Operations 


PART II.     OTHER INFORMATION

     Item 1.  Legal Proceedings 

     Item 2.  Changes in Securities 

     Item 3.  Defaults upon Senior Securities 

     Item 4.  Submission of Matters to a Vote
                 of Security Holders 

     Item 5.  Other Information 

     Item 6.  Exhibits and Reports on Form 8-K 
<PAGE> 
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                              ______________

                   CONDENSED CONSOLIDATED BALANCE SHEETS
                 September 30, 1996 and December 31, 1995
                         (in thousands of dollars)
                                                  
                                             September 30,  December 31,
ASSETS                                               1996          1995
                                             ------------  ------------
Current assets: 
     Cash ................................       $    400      $    429
     Receivables, net ....................         15,414        14,338
     Inventories .........................         64,352        46,039
     Other current assets ................          7,358         8,791
                                                 --------      --------
            Total current assets .........         87,524        69,597
                                                 --------      --------
Installment receivables,
     less current portion ................         12,547        11,215
Property, plant and equipment, net .......         16,800        14,934
Other assets .............................          5,466         5,683
                                                 --------      --------
            Total assets .................       $122,337      $101,429
                                                 ========      ========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
     Current portion of long-term debt ...       $ 42,314      $ 17,646
     Accounts payable ....................          6,464        10,227
     Income taxes payable ................            898           622
     Accrued liabilities .................          6,316         6,399
                                                 --------       -------
            Total current liabilities ....         55,992        34,894
                                                 --------       -------
Long-term debt, less current portion .....          3,575         4,250
Other liabilities ........................          6,926         8,171
                                                 --------       -------
            Total liabilities ............         66,493        47,315
                                                 --------       -------
Shareholders' equity:
     Common stock ........................             42            42
     Additional paid-in capital ..........         12,106        12,001
     Retained earnings ...................         49,903        48,278
                                                 --------       -------
                                                   62,051        60,321

     Less cost of treasury shares ........         (6,207)       (6,207)
                                                 --------       -------
            Total shareholders' equity ...         55,844        54,114
                                                 ________       _______
            Total liabilities and
            shareholders' equity .........       $122,337      $101,429
                                                 ========      ========

See accompanying Notes to Condensed Consolidated Financial Statements.
<PAGE>
              BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                              ______________

               CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

         (in thousands of dollars, except net earnings per share)


                                   Three Months Ended   Nine Months Ended
                                      September 30,        September 30,  
                                   ------------------    -----------------
                                    1996      1995        1996       1995 
                                   -------   --------    -------   -------
Net sales ......................   $26,508   $26,519     $79,794   $86,967
Cost of goods sold .............    21,543    21,011      63,634    68,179
                                   -------   -------     -------   -------
         Gross profit ..........     4,965     5,508      16,160    18,788

Income on the sale of
     installment receivables ...     1,404     1,231       4,338     3,607
Interest income on
     installment receivables ...       336       210         985       617
Other operating income, net ....       842       933       2,648     2,705
                                   -------   -------     -------   -------
                                     7,547     7,882      24,131    25,717

Operating expenses:
     Selling, general
          and administrative ...     6,071     6,142      18,643    19,827
     Provision for 
          doubtful accounts ....       425       234       1,005       731
                                   -------   -------     -------   -------
             Operating profit ..     1,051     1,506       4,483     5,159

Interest expense ...............       827       465       2,009     1,490
                                   -------   -------     -------   -------
     Earnings before 
          income taxes .........       224     1,041       2,474     3,669

Income taxes                            32       371         848     1,353
                                   -------   -------     -------   -------
         Net earnings ..........   $   192   $   670     $ 1,626   $ 2,316
                                   =======   =======     =======   =======

Net earnings per share .........      $.06      $.20        $.48      $.68
                                      ====      ====        ====      ====
Average number of common
     shares outstanding ........     3,423     3,415       3,419     3,415
                                     =====     =====       =====     =====

See accompanying Notes to Condensed Consolidated Financial Statements.
<PAGE> 
              BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                              ______________

              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             Nine months ended
                        September 30, 1996 and 1995
                         (in thousands of dollars)



INCREASE (DECREASE) IN CASH                          1996           1995
---------------------------                      --------       --------
Net cash (used in) provided by 
   operating activities ...................      $(17,637)      $  3,442

Net cash used in investing activities .....        (3,365)        (3,033)

Cash flows from financing activities:
     Installment contract 
        receivables written ...............       (51,096)       (43,627)
     Installment receivables liquidated ...         6,157          4,139
     Proceeds from sale of 
          installment receivables .........        41,814         37,861
     Borrowing under long-term debt .......        23,994          1,673   
 
     Other ................................           104           --  
                                                 --------       --------
               Net cash provided by
                 financing activities .....        20,973             46
                                                 --------       --------
Net (decrease) increase in cash ...........           (29)           455
Cash at beginning of period ...............           429            344
                                                 --------       --------
Cash at end of period .....................      $    400       $    799
                                                 ========       ========
SUPPLEMENTAL DISCLOSURE
  OF CASH FLOW INFORMATION
--------------------------
Cash paid during the period for:
     Interest .............................      $  1,926       $  1,586
                                                 ========       ========
     Income taxes .........................      $    616       $  1,282
                                                 ========       ========


See accompanying Notes to Condensed Consolidated Financial Statements.
<PAGE> 
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                             ______________

          NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                           September 30, 1996
                        (in thousands of dollars)


(1)  BASIS OF REPORTING FOR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

     The unaudited condensed consolidated financial statements included
herein have been prepared by the Company pursuant to the rules and
regulations of the Securities and Exchange Commission.  Certain informa-
tion and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have
been omitted pursuant to such rules and regulations, although the Company
believes that the disclosures are adequate to make the information
presented not misleading.  These financial statements should be read in
conjunction with the financial statements and notes thereto included in
the Company's Annual Report and Form 10-K for the year ended December 31,
1995.

     The financial statements presented herewith reflect all adjustments
(consisting of normal and recurring accruals) which, in the opinion of
management, are necessary to fairly state the results of operations for
the three month and nine month periods ended September 30, 1996 and 1995. 
Certain prior year amounts have been reclassified to conform with current
year financial statement presentation.  Results of operations for interim
periods are not necessarily indicative of results to be expected for an
entire year.


(2)  INVENTORIES

       Inventories consist of the following:

                                             September 30,  December 31,
                                                     1996          1995
                                             ------------   -----------
FIFO cost:
     Raw material .........................      $ 19,049      $ 14,875
     Work-in-process ......................         7,880         7,490
     Finished goods .......................        50,179        35,611
                                                 --------      --------
                                                   77,108        57,976

Excess of FIFO cost 
     over LIFO inventory value ............       (12,756)      (11,937)
                                                 --------      --------
          Net inventories .................      $ 64,352      $ 46,039
                                                 ========      ========  
<PAGE>
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                             ______________

          NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                           September 30, 1996
                        (in thousands of dollars)


(3)     LONG-TERM DEBT

       Long-term debt consists of the following:

                                             September 30,  December 31,
                                                     1996          1995
                                             ------------   -----------
Revolving line of credit                          $38,414       $16,896
Term loan                                           7,475         5,000
                                                  -------       -------
                                                   45,889        21,896

Less current portion                               42,314        17,646
                                                  -------       -------
Long-term debt, less current portion              $ 3,575       $ 4.250
                                                  =======       =======

     During the third quarter of 1996, the Company increased the revolving
line of credit from $40.0 million to $41.5 million and increased the
borrowing under the term loan by $3.0 million.  These temporary increases
in the revolving line of credit and the term loan expire in November 1996.
During October 1996, the Company reached agreement with the revolving
lender to increase the line of credit to $50 million through October 2001.
Under this agreement, the interest rate on the revolving line of credit
will vary based on the Company's future earnings but will not exceed 250
basis points above LIBOR.  The Company expects to finalize this agreement
during the fourth quarter of 1996.
<PAGE> 
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                            ________________

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS
               ---------------------------------------------

1996 COMPARED TO 1995

     Third quarter net sales were equal to last year, $26.5 million.  Net
sales in the Company's core businesses of Music and Contract Electronics
each increased 8% for the quarter.  However, overall sales do not reflect
this progress due to the negative impact on sales of the Company's
continuing exit from its non-strategic Contract Music/Furniture business,
which began in the second quarter of 1996.

     Third quarter net earnings were $.2 million or $.06 per share as
compared to $.7 million or $.20 per share in 1995.  The third quarter
earnings decline is attributable mainly to lower gross profit and higher
interest expense.  While manufacturing costs associated with the Contract
Music/Furniture business have been reduced, they have not come down in
proportion to the rapid sales decline in this business, thereby reducing
gross profit margin.  The Company has begun efforts to define and
implement specific plans to reduce manufacturing costs and selling,
general and administrative expenses.

     Net sales for the first nine months of 1996 decreased to $79.8
million from $87.0 million.  The sales decline is due to the impact of the
consolidation of Baldwin and Wurlitzer, particularly in the first and
second quarters of 1996, and due to the Company's exit from the Contract
Music/Furniture business.  For the same reasons as those described for the
third quarter, net earnings for the first nine months of 1996 decreased to
$1.6 million or $.48 per share from $2.3 million or $.68 per share in
1995.

     The Company values a substantial portion of its inventory on the
last-in, first-out (LIFO) method.  The gross profit for the three months
and nine months ended September 30, 1996 was $.3 million and $.8 million
less than the amounts that would have been presented had the first-in,
first-out (FIFO) method been used.

     Income on the sale of installment receivables generated by the
Company's financing operation increased $.2 million and $.7 million for
the three months and nine months ended September 30, 1996, respectively,
from the comparable periods in 1995.  This increase was primarily the
result of growth in the dollar value of contracts sold and stable interest
rates.

     Selling, general and administrative expenses decreased $1.2 million
for the nine months ended September 30, 1996, from the comparable period
in 1995.  The decrease was primarily due to the Baldwin and Wurlitzer
dealer network consolidation.
<PAGE> 
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                            ________________

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
       FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED)
       -----------------------------------------------------------

     The increase in the provision for doubtful accounts for the three
months and nine months ended September 30, 1996, was primarily due to the
continuing growth of the installment receivable portfolio.  Losses, as a
percent of the installment receivable portfolio, remain in historical
ranges.

     Interest expense for the third quarter is higher than last year
because inventory levels are up and because retail financing business
growth continues to be strong.  The Company has put in place a comprehen-
sive inventory reduction plan to bring inventory levels back into
historical ranges by temporarily reducing production at Company plants and
lowering purchases from third parties.

INFLATION, OPERATIONS AND INTEREST RATES

     The impact of inflation on manufacturing and operating costs can
affect the Company's results.  However, the Company has generally been
able to offset the effects of inflation by price increases and operating
efficiencies.

     The operations of the Company and its predecessors are subject to
federal, state and local laws regulating the discharge of materials into
the environment.  Although on several occasions the Company has been the
subject of inquiries from government agencies and/or persons who may be
held responsible for environmental liabilities relating to the sites in
question, the Company has been made a party to actual proceedings on only
one occasion to date.  The Company's actual liability in such matter was
not material.  The Company does not anticipate that any environmental
matters currently known to the Company will result in additional
proceedings against the Company or in any material liability. 

     The Company and its subsidiaries' operating results are sensitive to
changes in interest rates primarily because of fixed interest rates on
installment receivables and floating interest rates on a substantial
portion of indebtedness.  Additionally, the buyer of the installment
receivables earns interest on the outstanding principal balance of the
contracts based upon a floating interest rate provision.

     The Company can partially offset the effect of interest rate changes
by adjusting display fees on its consigned inventory and interest rates on
its new installment receivable contracts.  In November 1995 and December
1994, the Company entered into two year interest rate cap agreements in
order to reduce the potential impact of increases in interest rates on
$20.0 million and $40.0 million, respectively, of floating-rate long-term
debt.  The agreements entitle the Company to receive from the counter-
party, on a monthly basis, interest income to the extent the one-month
commercial paper rate exceeds 12%.  The Company is exposed to credit
losses in the event of non-performance by the counterparty to its interest
<PAGE>

             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                               ________________

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
       FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED)
       -----------------------------------------------------------

rate caps, but has no off-balance sheet credit risk of accounting loss. 
The Company anticipates, however, that the counterparty will be able to
fully satisfy its obligations under the contracts.  The Company does not
obtain collateral or other security to support financial instruments
subject to credit risk but monitors the credit standing of the counter-
party.

     The annual rate of interest under the revolving line of credit
(Revolver) is 150 basis points plus the greater of the LIBOR on three
month deposits or the rate on 60 day high grade commercial paper.  As of
September 30, 1996, the interest rate was 7.16%.

LIQUIDITY AND CAPITAL RESOURCES

     The Company and its wholly-owned finance subsidiary (Finance) require
significant working capital to support their operations.  Working capital
requirements fluctuate throughout the year. 

     The Company ships musical instruments to its Baldwin dealer network
on a consignment basis.  Dealers are able to display a larger and more
comprehensive product line than they may otherwise be able to without the
Company's financial support.  Because the Company finances inventory on
consignment to its dealers, the Company's borrowing is higher than
comparable companies not operating on the consignment basis.  Management
believes the advantages of the consignment program are greater than the
risks associated with the higher leverage.

     The Company has a revolving line of credit (Revolver) with an initial
due date of February 15, 1999.  The Revolver is renewable for three
consecutive one-year periods beyond February 15, 1999.  Amounts outstand-
ing under the Revolver are due one year after demand.  However, the lender
retains absolute discretion regarding further advances, even if no event
of default then exists.  Under the Revolver, the lender will make
available a line of credit based upon certain percentages of the value of
the Company's inventories and trade accounts receivable.  

     During the third quarter of 1996, the Company increased the revolving
line of credit from $40.0 million to $41.5 million and increased the
borrowing under the term loan by $3.0 million.  These temporary increases
in the revolving line of credit and term loan expire in November 1996. 
During October 1996, the Company reached agreement with the revolving
lender to increase the line of credit to $50 million through October 2001.
Under this agreement,  the interest rate on the revolving line of credit
will vary based on the Company's future earnings but will not exceed 250
basis points above LIBOR.  The Company expects to finalize this agreement
during the fourth quarter of 1996.
<PAGE> 
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                            ________________

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
       FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED)
       -----------------------------------------------------------

     At September 30, 1996, the Company had approximately $3.1 million of
additional borrowing available under this line of credit.  

     The Company's debt agreements contain covenants that restrict, among
other things, the payment of dividends, the repurchase of the Company's
common stock and the Company's ability to incur new indebtedness and to
enter new businesses.  Such agreements permit the payment of dividends or
repurchase of the Company's common stock equal to the lesser of (i) 50% of
the Company's cumulative net earnings since January 1, 1986 or (ii) the
amount of unused borrowing available under the Company's Revolver, reduced
by the unpaid  portion of the term loan.  Accordingly, at September 30,
1996, the Company could not pay any dividends or repurchase any of its
common stock.  The Company's debt agreements contain provisions by which
a default under one agreement constitutes a default under the other
agreements.  The Company is in compliance with these covenants.

     In 1995, Finance amended its agreements with an independent entity to
sell substantially all of its installment receivable contracts up to a
maximum outstanding principal amount of $86 million.  During the fourth
quarter of 1996, the Company reached agreement with that independent
entity to increase the maximum outstanding principal amount to $111
million.  Certain installment receivables are not eligible for sale and
are retained by Finance.  Finance continues to service all installment
receivables sold.

     At the time of each installment receivable sale, Finance receives
cash equal to the unpaid principal balance of the contracts, less a
holdback of 10% of the principal balance of the contracts sold.

     The buyer of the installment receivables earns interest on the
outstanding principal balance of the contracts based upon a floating
interest rate provision.  Over the lives of the contracts, the difference
between the actual yield on the installment contracts sold, using the
interest method, and the amount retained by the buyer under the floating
interest rate provision, is remitted to Finance as a service fee.  In
February 1994, Finance entered into a five year interest rate swap
agreement in order to reduce the potential impact of increases in interest
rates on $20.0 million of installment contracts.  The agreement entitles
Finance to receive from the counterparty, on a monthly basis, interest
income to the extent the floating rate retained by the buyer exceeds 6% or
requires Finance to pay interest expense to the extent the floating rate
is less than 6%.  Finance is exposed to credit losses in the event of non-
performance by the counterparty to its interest rate swap, but has no off-
balance sheet credit risk of accounting loss.  Finance anticipates,
however, that the counterparty will be able to fully satisfy its
obligations under the contract.  Finance does not obtain collateral or
other security to support financial instruments subject to credit risk but
monitors the credit standing of the counterparty.
<PAGE>
             BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                            ________________

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
       FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED)
       -----------------------------------------------------------

     Proceeds from sale of installment receivables amounted to $41.8
million for the first nine months of 1996 compared to $37.9 million for
the same period of 1995. 

     Under the sale agreements, Finance is required to repurchase accounts
that become more than 120 days past due or accounts that are deemed
uncollectible.  The repurchase price is equal to the remaining unpaid
principal balance of the contract on the date repurchased, less the
related 10% holdback.  Finance is responsible for all credit losses
associated with the sold receivables.  Finance remains contingently liable
on approximately $76.3 million of installment receivables as of September
30, 1996.  Management believes an adequate allowance has been provided for
any uncollectible receivables.

     Certain former Wurlitzer dealers finance their inventory with floor
plan loans from an independent bank.  These former dealers are required to
pay the bank monthly interest payments and pay principal balance after
inventory is sold or held longer than twelve months.  The bank may request
Wurlitzer to repurchase notes due from delinquent dealers.  If Wurlitzer
does not repurchase such notes, the bank can terminate the floor plan
agreement with the dealers and require Wurlitzer to repurchase up to $1.0
million of the outstanding dealer notes.  The Company believes the
financial statements contain adequate provisions for any loss that may be
incurred as a result of this commitment.

     Baldwin's Stock Repurchase Plan permits the Company to purchase an
amount of the Company's common stock not to exceed the lesser of 1,033,000
shares or $12.4 million in dollar value.  From the date the plan was
adopted in November 1987 through November 1, 1996, the Company has
repurchased 701,300 shares of its common stock at an aggregate purchase
price of $5.7 million under the plan.

     Capital expenditures amounted to $3.4 million in the first nine
months of 1996 and $3.0 million in the comparable period of 1995.  At
September 30, 1996, the Company had no material outstanding capital
commitments.

     The foregoing discussion sets forth forward looking statements within
the meaning of Section 27A of the Securities Act of 1933.  Such statements
are subject to a number of risks and uncertainties.  Actual results in the
future could differ materially from those described in the forward looking
statements.  Factors that could cause actual results to differ materially
include, but are not limited to, the ability to achieve increased sales,
the ability to achieve targeted cost savings, interest rates, competition
and the economy in general.
<PAGE> 
                       PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

     The Company is involved in litigation arising in its normal course of
business.  The Company does not believe that any existing claim or suit
will have a material adverse effect on the business or financial condition
of the Company.


ITEM 2.  CHANGES IN SECURITIES

     (a) No changes have been made to the instruments defining the right
of the holders of the Company's common stock.  

     (b) On September 3, 1996, the Company's Board of Directors authorized
the issuance of one common share purchase right (a "Right") with respect
to each share of the Company's common stock outstanding as of September
10, 1996.  The Rights are exercisable if a party acquires 15% or more of
the Company's voting stock or announces a tender offer to do so, without
the consent of the Company's Board of Directors.  The initial purchase
price for each share of common stock issuable upon exercise of a Right is
$60, subject to adjustment upon the occurrence of certain events.  The
Rights expire as of the close of business as of September 3, 2006, unless
the expiration date is extended or the Rights are earlier redeemed or
exchanged by the Company.  Additional details regarding the Rights are
incorporated herein by reference from the Company's Form 8-A Registration
Statement filed with the Securities and Exchange Commission on September
13, 1996, as amended on September 27, 1996 and October 3, 1996.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     The Company is not in default nor has it defaulted on any indebted-
ness.  The Company is not obligated to pay any dividends or other payment
to any of its shareholders.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters have been submitted to a vote of security holders during
the third quarter of 1996.  


ITEM 5.  OTHER INFORMATION


     Not applicable.
<PAGE> 
                       PART II.  OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits
               --------          
               10.1      Amendment #6 dated as of August 9, 1996, to that
                         certain Revolving Credit and Security Agreement, 
                         dated as of June 15, 1984, and Restated as of   
                         October 15, 1990, between Baldwin Piano & Organ
                         Company and General Electric Capital Corporation.

               19.1      1996 Third Quarter Report to Shareholders of the
                         Company.

               99.1      Press Release dated September 4, 1996.

               99.2      Press Release dated October 24, 1996.  

               99.3      Press Release dated November 12, 1996

               27.1      Financial Data Schedule.


                     ------------------------------



     Index to Exhibits appears on sequentially numbered page 15.

          (b)  Reports on Form 8-K
               -------------------
               The Company filed a report on Form 8-K during the third
               quarter of 1996.  The report on Form 8-K related to the 
               Company's adoption of a shareholder rights plan.
<PAGE>
                               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.



                                   BALDWIN PIANO & ORGAN COMPANY



DATE:     November 7, 1996         BY:       KAREN L. HENDRICKS      
      -------------------------        ------------------------------    
                                       Karen L. Hendricks, Chief
                                       Executive Officer (Principal
                                       Executive Officer) and 
                                       President




DATE:     November 7, 1996         BY:      CARL SIMS                
      -------------------------        ------------------------------
                                       Carl Sims, Vice President
                                       Controller/Secretary
                                       (Principal Accounting Officer)    
 
<PAGE>
                             INDEX TO EXHIBITS




Exhibit Number                  Exhibit                         
--------------                  ------- 

     10.1           Amendment #6 dated as of 
                    August 9, 1996, to that 
                    certain Revolving Credit and
                    Security Agreement, dated as
                    of June 15, 1984, and Restated
                    as of October 15, 1990, between
                    Baldwin Piano & Organ Company
                    and General Electric Capital 
                    Corporation. 

     19.1           1996 Third Quarter Report to
                    Shareholders of the Company. 

     99.1           Press Release dated
                    September 4, 1996.

     99.2           Press Release dated
                    October 24, 1996.

     99.3           Press Release dated
                    November 12, 1996.

     27.1           Financial Data Schedule.


                  -------------------------------