REVENUE AND TAXES. 2563

business in any other State or the District of Columbia, or in any territory
or foreign country owned by residents of this State, shall be valued and
assessed for the purpose of State, county and municipal taxation to the
owners thereof, in the county or city in which said owners may respec-
tively reside. All bonds made or issued by any State or District of
Columbia or territory, or by any corporation whatsoever belonging to the
residents of this State, all investments in private securities of every kind
and description belonging to the residents of this State, the real property
located in this State, and the personal property owned by any corpora-
tion incorporated by this State not having a capital divided into shares,
or having shares of capital stock which are wholly or in part exempted
from taxation by this State when such real or personal property so owned
by said corporation is not protected from taxation by the exemption of the
said shares of stock from taxation, shall be valued and assessed for the
purpose of State, county and municipal taxation to the owners thereof in
the county or city in which such owners may respectively reside; all cer-
tificates of indebtedness or evidences of debt in whatsoever form made
or issued by any State, territory or by the District of Columbia, or by
any public corporation or by any foreign country owned by residents of
this State, shall be valued and assessed for State, county and municipal
taxation to the owners thereof in the county or city of this State in which
such owners may respectively reside.

The property, real and personal, of each and every railroad company
in this State working its road by steam power .shall be valued and assessed
for county and municipal purposes in the same manner as the property
of individuals may be valued and assessed under this article. The shares
of capital stock of national banks located in this State and of all other
corporations incorporated under the laws of this State shall be valued
and assessed to the owners thereof residing in the City of Baltimore and
in the several counties of this State at the same rate at which the. same
have been or shall be valued by the State Tax Commissioner for the year
1896; subsequent valuation of said stock shall be made in the manner
now or hereafter provided by law; and it shall be the duty of the State
Tax Commissioner to furnish the assessors in the City of Baltimore and
. of the several counties with a copy of the valuation so made of the shares
of capital stock of each of such banks and each and every of such cor-
porations of this State for the year 1896; and the said assessors shall
record in a separate book all valuation and assessments of all shares of
stock of all corporations incorporated under the laws of this State having
a capital stock, whether the same be divided into shares or not, together
with the names and residences of persons having an interest therein, the*
amount of such interest; and upon the completion of the assessment of all
the taxable property in any county of this State or any assessment district
of Baltimore City, said book shall be delivered to the State Tax Com-
missioner for his information and guidance in the discharge of his official
duties; and the valuation and assessment of said shares of stock shall not
be returned by the said assessors to the boards of county commissioners
acting as boards of control and review for the several counties and the