More than 19 billion depositary receipts were traded in 1998, a 27% increase from 1997, Bank of New York reported Monday.

The 1998 receipts were valued at $625 billion, up 13%, Bank of New York said. It attributed the increase to European investors' growing appetite for depositary receipts traded on European stock exchanges. Non-U.S. companies from 37 countries raised $10.2 billion through 98 depositary- receipt offerings in the U.S. and European public and private markets. About one-third, or $3.3 billion, came from the privatization of state enterprises in 14 countries.

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