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.

Bank of New York's figures include depositary receipts traded on the New York Stock Exchange, the American Stock Exchange, Nasdaq, over-the-counter, and European markets.

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