  We analyze LEP and SLC data from the 1995 Winter Conferences for signals of
new physics. We compare the data with the Standard Model (SM) as well as a
number of test hypotheses concerning the nature of new physics: (i) nonstandard
Zbb couplings, (ii) nonstandard Zff couplings for the entire third generation,
(iii) nonstandard oblique corrections, (iv) nonstandard lepton couplings, (v)
general nonstandard W and Z couplings to all fermions, as well as combinations
of the above. In most of our analyses, we leave the SM variables $\alpha_s$ and
$m_t$ as free parameters to see how the various types of new physics can affect
their inferred values. We find that the best fit ($\chi^2/d.o.f. = 8.4/10$) is
obtained for the nonstandard Zbb couplings, which also give a `low' value
(0.112) for $\alpha_s$. The SM also gives a good description of the Z data,
having $\chi^2/d.o.f. = 12.4/12$. If $\alpha_s$ is held fixed to the low-energy
value 0.112, then we find that a combination of the nonstandard Zbb couplings
is fit to lie more than four standard deviations away from zero.
