No/DT price/NN for/IN the/ART new/JJ shares/NNS has/VB been/VBN set/VBN ./. Instead/RB ,/, the/ART companies/NN will/MD leave/VB it/PRP up/RP to/IN the/ART marketplace/NN to/TO decide/VB ./. Cray/NNP Computer/NN has/VB applied/VBN to/TO trade/VB on/IN Nasdaq/NNPS ./. Analysts/NN calculate/VB Cray/NNP Computer's/PRP$ initial/JJ book/NN value/NN at/IN about/IN $/$ 4.75/NN a/ART share/NN ./. Along/IN with/IN the/ART note/NN ,/, Cray/NNP Research/NN is/VBZ transferring/VBG about/IN $/$ 53/NN million/CD in/IN assets/NN ,/, primarily/RB those/DT related/JJ to/IN the/ART Cray-3/NN development/NN ,/, which/IN has/VB been/VBN a/ART drain/NN on/IN Cray/NNP Research's/NN earnings/NN ./. Pro-forma/NNP balance/NN sheets/NNS clearly/RB show/VB why/WRB Cray/NNP Research/NN favored/VBD the/ART spinoff/NN ./. Without/IN the/ART Cray-3/NN research/NN and/CC development/NN expenses/NNS ,/, the/ART company/NN would/MD have/VB been/VBN able/JJ to/TO report/VB a/ART profit/NN of/IN $/$ 19.3/NN million/CD for/advi/conj/p the/ART first/JJ half/DT of/IN 1989/NN rather/RB than/RB the/ART $/$ 5.9/NN million/CD it/WP posted/VBD ./. On/IN the/ART other/JJ hand/NN ,/, had/VBD it/PRP existed/VBD then/RB ,/, Cray/NNP Computer/NN would/MD have/VB incurred/VBD a/ART $/$ 20.5/NN million/CD loss/NN ./. Mr./NNP Cray/NNP ,/, who/WP couldn't/MD be/VB reached/VBN for/IN comment/NN ,/, will/MD work/VB for/IN the/ART new/JJ Colorado/NN Springs/NN ,/, Colo./NN ,/, company/NN as/IN an/ART independent/JJ contractor/NN --/: the/ART arrangement/NN he/PRP had/VBD with/IN Cray/NNP Research/NN ./. Regarded/NN as/IN the/ART father/NN of/IN the/ART supercomputer/NN ,/, Mr./NNP Cray/NNP was/VBD paid/VBN $/$ 600,000/NN at/IN Cray/NNP Research/VB last/JJ year/NN ./. At/IN Cray/NNP Computer/NN ,/, he/PRP will/MD be/VB paid/VBN $/$ 240,000/NN ./. Besides/IN Messrs./NNPS Cray/NNP and/CC Barnum/NNP ,/, other/JJ senior/JJ management/NN at/IN the/ART company/NN includes/VBZ Neil/NN Davenport/NN ,/, 47/NN ,/, president/NN and/CC chief/JJ executive/NN officer/NN ;/: Joseph/NN M./NN Blanchard/NNP ,/, 37/NN ,/, vice/IN president/NN ,/, engineering/VBG ;/: Malcolm/NNP A./NNP Hammerton/NNP ,/, 40/CD ,/, vice/IN president/NN ,/, software/NN ;/: and/CC Douglas/NN R./NNP Wheeland/NNP ,/, 45/CD ,/, vice/IN president/NN ,/, hardware/NN ./. All/PRP came/VBD from/IN Cray/NNP Research/NN ./. Cray/NNP Computer/NN ,/, which/WDT currently/RB employs/VB 241/NN people/NNS ,/, said/VBD it/PRP expects/VBZ a/ART work/NN force/NN of/IN 450/NN by/IN the/ART end/NN of/IN 1990/CD ./. John/NNP R./NNP Stevens/NN ,/, 49/NN years/NNS old/JJ ,/, was/VBD named/VBN senior/JJ executive/NN vice/IN president/NN and/CC chief/JJ operating/NN officer/NN ,/, both/RB new/JJ positions/NNS ./. He/PRP will/MD continue/VB to/TO report/VB to/IN Donald/NNP Pardus/NNPS ,/, president/NN and/CC chief/JJ executive/NN officer/NN ./. Mr./NNP Stevens/NN was/VBD executive/NN vice/IN president/NN of/IN this/DT electric-utility/NN holding/NN company/NN ./. Arthur/NNP A./NNP Hatch/NN ,/, 59/NN ,/, was/VBD named/VBN executive/NN vice/IN president/NN of/IN the/ART company/NN ./. He/PRP was/VBD previously/RB president/NN of/IN the/ART company's/NN Eastern/NN Edison/NN Co./NN unit/NN ./. John/NNP D./NN Carney/NNP ,/, 45/CD ,/, was/VBD named/VBN to/TO succeed/VB Mr./NNP Hatch/NN as/IN president/NN of/IN Eastern/JJ Edison/NN ./. Previously/RB he/PRP was/VBD vice/IN president/NN of/IN Eastern/JJ Edison/NN ./. Robert/NNP P./NN Tassinari/NNPS ,/, 63/NN ,/, was/VBD named/VBN senior/JJ vice/NN president/NN of/IN Eastern/JJ Utilities/NN ./. He/PRP was/VBD previously/RB vice/IN president/NN ./. The/ART U.S./NNP ,/, claiming/NN some/DT success/NN in/IN its/PRP$ trade/NN diplomacy/NN ,/, removed/VBD South/JJ Korea/NN ,/, Taiwan/NNP and/CC Saudi/NNP Arabia/NN from/IN a/ART list/NN of/IN countries/NNS it/PRP is/VBZ closely/RB watching/VB for/IN allegedly/RB failing/VBG to/TO honor/VB U.S./NNP patents/NN ,/, copyrights/NN and/CC other/JJ intellectual-property/NN rights/NNS ./. However/RB ,/, five/CD other/JJ countries/NNS --/: China/NNP ,/, Thailand/NN ,/, India/NNP ,/, Brazil/NNP and/CC Mexico/NNP --/: will/MD remain/VB on/IN that/DT so-called/JJ priority/NN watch/NN list/NN as/IN a/ART result/NN of/IN an/ART interim/JJ review/NN ,/, U.S./NNP Trade/NN Representative/JJ Carla/NNP Hills/NN announced/VBN ./. Under/IN the/ART new/JJ U.S./NNP trade/NN law/NN ,/, those/DT countries/NNS could/MD face/VB accelerated/VBN unfair-trade/NN investigations/NNS and/CC stiff/JJ trade/NN sanctions/NN if/NN they/PRP do/VB not/RB improve/VB their/PRP$ protection/NN of/IN intellectual/JJ property/NN by/IN next/IN spring/NN ./. Mrs./NNP Hills/NN said/VBD many/JJ of/IN the/ART 25/CD countries/NNS that/WDT she/PRP placed/VBD under/IN varying/VBG degrees/NNS of/IN scrutiny/NN have/VBP made/VBN "/'' genuine/JJ progress/NN "/'' on/IN this/DT touchy/JJ issue/NN ./. She/PRP said/VBD there/EX is/VBZ "/'' growing/VBG realization/NN "/'' around/IN the/ART world/NN that/DT denial/NN of/IN intellectual-property/NN rights/NNS harms/NN all/DT trading/NN nations/NNS ,/, and/CC particularly/RB the/VBP "/'' creativity/NN and/CC inventiveness/NNS of/IN an/ART {/NN offending/JJ }/NN country's/PRP$ own/JJ citizens/NNS ./. "/'' U.S./NNP trade/NN negotiators/NNS argue/VBP that/DT countries/NNS with/IN inadequate/JJ protections/VB for/IN intellectual-property/NN rights/NNS could/MD be/VB hurting/NN themselves/PRP by/IN discouraging/VBG their/PRP$ own/JJ scientists/NNS and/CC authors/NNS and/CC by/IN deterring/VBG U.S./NNP high-technology/JJ firms/NN from/IN investing/VBG or/CC marketing/VBG their/PRP$ best/JJS products/NNS there/RB ./. Mrs./NNP Hills/NN lauded/VBD South/JJ Korea/NN for/IN creating/VBG an/ART intellectual-property/NN task/NN force/NN and/CC special/JJ enforcement/NN teams/NNS of/IN police/NN officers/NNS and/CC prosecutors/NN trained/VBN to/TO pursue/VB movie/NN and/CC book/NN pirates/NNS ./. Seoul/NN also/RB has/VB instituted/VB effective/JJ search-and-seizure/NNS procedures/NNS to/TO aid/VB these/DT teams/NNS ,/, she/PRP said/VBD ./. Taiwan/NNP has/VB improved/VBN its/PRP$ standing/VBG with/IN the/ART U.S./NNP by/IN initialing/NN a/ART bilateral/JJ copyright/NN agreement/NN ,/, amending/VBG its/PRP$ trademark/NN law/NN and/CC introducing/VBG legislation/NN to/TO protect/VB foreign/JJ movie/NN producers/NN from/IN unauthorized/JJ showings/NNS of/IN their/PRP$ films/NNS ./. That/DT measure/NN could/MD compel/VB Taipei's/PRP$ growing/VBG number/NN of/IN small/JJ video-viewing/VB parlors/NN to/TO pay/VB movie/NN producers/NN for/IN showing/NN their/PRP$ films/NNS ./. Saudi/NNP Arabia/NN ,/, for/IN its/PRP$ part/NN ,/, has/VB vowed/NN to/TO enact/VB a/ART copyright/NN law/NN compatible/JJ with/IN international/JJ standards/NN and/CC to/TO apply/VB the/ART law/NN to/IN computer/NN software/NN as/IN well/RB as/RB to/IN literary/JJ works/NNS ,/, Mrs./NNP Hills/NN said/VBD ./. These/DT three/CD countries/NNS are/VBP not/RB completely/RB off/IN the/ART hook/NN ,/, though/RB ./. They/PRP will/MD remain/VB on/IN a/ART lower-priority/NN list/NN that/WDT includes/VBZ 17/NN other/JJ countries/NNS ./. Those/DT countries/NNS --/: including/VBG Japan/NNP ,/, Italy/NNP ,/, Canada/NNP ,/, Greece/NNP and/CC Spain/NNP --/: are/VBP still/RB of/IN some/DT concern/NN to/IN the/ART U.S./NNP but/CC are/VBP deemed/VBD to/TO pose/NN less-serious/NN problems/NNS for/IN American/JJ patent/NN and/CC copyright/NN owners/NNS than/IN those/DT on/IN the/CD "/'' priority/NN "/'' list/NN ./. Gary/NN Hoffman/NNP ,/, a/ART Washington/NNP lawyer/NN specializing/VBG in/IN intellectual-property/NN cases/NN ,/, said/VBD the/ART threat/NN of/IN U.S./NNP retaliation/NN ,/, combined/VBN with/IN a/ART growing/VBG recognition/NN that/DT protecting/VBG intellectual/JJ property/NN is/VBZ in/IN a/ART country's/PRP$ own/JJ interest/NN ,/, prompted/VBN the/ART improvements/NN made/VBD by/IN South/JJ Korea/NN ,/, Taiwan/NNP and/CC Saudi/NNP Arabia/NN ./. "/'' What/WP this/DT tells/VBZ us/PRP is/VBZ that/DT U.S./NNP trade/NN law/NN is/VBZ working/VBG ,/, "/'' he/PRP said/VBD ./. He/PRP said/VBD Mexico/NNP could/MD be/VB one/CD of/IN the/ART next/JJ countries/NNS to/TO be/VB removed/VBN from/IN the/ART priority/NN list/NN because/IN of/IN its/PRP$ efforts/NNS to/IN craft/NN a/ART new/JJ patent/NN law/NN ./. Mrs./NNP Hills/NN said/VBD that/DT the/ART U.S./NNP is/VBZ still/RB concerned/VBN about/IN "/'' disturbing/VBG developments/NNS in/IN Turkey/NNP and/CC continuing/VBG slow/JJ progress/NN in/IN Malaysia/NNP ./. "/'' She/PRP did/VB not/RB elaborate/JJ ,/, although/, earlier/JJR U.S./NNP trade/NN reports/NNS have/VB complained/VBD of/IN videocassette/NNS piracy/NN in/IN Malaysia/NNP and/CC disregard/VB for/advi/conj/p U.S./NNP pharmaceutical/JJ patents/NN in/IN Turkey/NNP ./. The/ART 1988/NN trade/NN act/NN requires/VBZ Mrs./NNP Hills/NN to/TO issue/VB another/DT review/NN of/IN the/ART performance/NN of/IN these/DT countries/NNS by/IN April/NNP 30/CD ./. So/RB far/RB ,/, Mrs./NNP Hills/NN has/VB not/RB deemed/VBD any/DT cases/NN bad/JJ enough/JJ to/TO merit/VB an/ART accelerated/VBN investigation/NN under/IN the/ART so-called/JJ special/JJ 301/NN provision/NN of/IN the/ART act/NN ./. Argentina/NNP said/VBD it/PRP will/MD ask/VB creditor/NN banks/NNS to/TO halve/VB its/PRP$ foreign/JJ debt/NN of/IN $/$ 64/NN billion/CD --/: the/ART third-highest/NN in/IN the/ART developing/JJ world/JJ ./. The/ART declaration/NN by/IN Economy/NN Minister/NN Nestor/NNPS Rapanelli/NNP is/VBZ believed/VBN to/TO be/VB the/ART first/JJ time/NN such/DT an/ART action/NN has/VB been/VBN called/VBN for/IN by/IN an/ART Argentine/JJ official/NN of/IN such/JJ stature/NN ./. The/ART Latin/JJ American/JJ nation/NN has/VB paid/VBN very/RB little/JJ on/IN its/PRP$ debt/NN since/IN early/JJ last/JJ year/NN ./. "/'' Argentina/NNP aspires/VB to/TO reach/VB a/ART reduction/NN of/IN 50/CD %/SYM in/IN the/ART value/NN of/IN its/PRP$ external/JJ debt/NN ,/, "/'' Mr./NNP Rapanelli/NNP said/VBD through/IN his/PRP$ spokesman/NN ,/, Miguel/NNP Alurralde/NNP ./. Mr./NNP Rapanelli/NNP met/VBD in/IN August/NNP with/IN U.S./NNP Assistant/NN Treasury/NN Secretary/NN David/NNP Mulford/NNP ./. Argentine/JJ negotiator/NN Carlos/NNP Carballo/NNP was/VBD in/IN Washington/NNP and/CC New/JJ York/NNP this/DT week/NN to/TO meet/VB with/IN banks/NNS ./. Mr./NNP Rapanelli/NNP recently/RB has/VB said/VBN the/ART government/NN of/IN President/NN Carlos/NNP Menem/NNP ,/, who/WP took/VBD office/NN July/NNP 8/CD ,/, feels/VBZ a/ART significant/JJ reduction/NN of/IN principal/JJ and/CC interest/NN is/VBZ the/ART only/JJ way/NN the/ART debt/NN problem/NN may/MD be/VB solved/VBN ./. But/CC he/PRP has/VB not/RB said/VBD before/IN that/DT the/ART country/NN wants/VBZ half/DT the/ART debt/NN forgiven/VBN ./. (/( During/IN its/PRP$ centennial/NN year/NN ,/, The/ART Wall/NN Street/NN Journal/NN will/MD report/VB events/NNS of/IN the/ART past/JJ century/NN that/WDT stand/VBP as/IN milestones/NN of/IN American/JJ business/NN history/NN ./. )/) THREE/CD COMPUTERS/NNP THAT/DT CHANGED/NNP the/ART face/NN of/IN personal/JJ computing/VBG were/VBD launched/VBN in/IN 1977/NN ./. That/DT year/NN the/ART Apple/NN II/NNP ,/, Commodore/NN Pet/NN and/CC Tandy/NNP TRS-80/NN came/VBD to/TO market/VB ./. The/ART computers/NNS were/VBD crude/NN by/IN today's/PRP$ standards/NN ./. Apple/NN II/NNP owners/NNS ,/, for/IN example/NN ,/, had/VBD to/TO use/VB their/PRP$ television/NN sets/VBZ as/IN screens/NNS and/CC stored/VBN data/NN on/IN audiocassettes/NNS ./. But/CC Apple/NN II/NNP was/VBD a/ART major/JJ advance/NN from/IN Apple/NN I/PRP ,/, which/WDT was/VBD built/VBN in/IN a/ART garage/NN by/IN Stephen/NNP Wozniak/NNP and/CC Steven/NN Jobs/NNS for/IN hobbyists/NNS such/JJ as/IN the/ART Homebrew/NNP Computer/NN Club/NN ./. In/IN addition/NN ,/, the/ART Apple/NN II/NNP was/VBD an/ART affordable/JJ $/$ 1,298/NN ./. Crude/NN as/IN they/PRP were/VBD ,/, these/DT early/RB PCs/VB triggered/VBN explosive/JJ product/NN development/NN in/IN desktop/NN models/NN for/IN the/ART home/NN and/CC office/NN ./. Big/JJ mainframe/NN computers/NNS for/IN business/NN had/VBD been/VBN around/IN for/IN years/NNS ./. But/CC the/ART new/JJ 1977/NN PCs/VB --/: unlike/IN earlier/JJR built-from-kit/NN types/NN such/JJ as/IN the/ART Altair/NNP ,/, Sol/NN and/CC IMSAI/NNP --/: had/VBD keyboards/NN and/CC could/MD store/VB about/IN two/CD pages/NN of/IN data/NN in/IN their/PRP$ memories/NNS ./. Current/NN PCs/VB are/VBP more/JJR than/IN 50/CD times/NN faster/RBR and/CC have/VB memory/NN capacity/NN 500/CD times/CC greater/JJR than/IN their/PRP$ 1977/NN counterparts/NN ./.