July 27, 1997

Article on financial strategy of John H Biggs, chairman of Teachers Insurance and Annuity Association-College Retirement Equities Fund, world's biggest pension system; focuses on Biggs's opposition to provision in tax bill, now in Congress, to strip his organization of its tax-exempt status; says Biggs is fighting provision even though the change would give his pension fund the opportunity to branch out into new areas; charts; photos (L)

A $35 million New York University dormitory rising on East 14th Street, on site of the old Luchow's restaurant, is to house 637 undergraduates when it opens in September 1998; rendering (S)

Although Taliban forces continue to control at least two-thirds of Afghanistan, they have suffered humiliating military defeats since late May by the forces of Ahmad Shah Massoud, a more moderate Muslim leader; Taliban forces are back where they were nine months ago, shortly after they captured the capital, Kabul, and began imposing what many came to see as the most repressive form of Islamic rule anywhere, especially in its restriction on women; Taliban movement now looks demoralized, increasingly unpopular among ordinary Afghans, and vulnerable to further political and military setbacks; map; photo (L)

Profile of Abby Joseph Cohen, chief equity strategist for Goldman, Sachs & Co who has predicted the bull market step by step; says Cohen remains serene about prospects for investors; photo (L)

Market for initial public offerings remains strong; new hot offerings include Travel Services International, CCA Prison Realty Trust and Excelsior-Henderson Motorcycle Manufacturing Co; graph (L)