2634 ARTICLE 81.

Section 169 of this Article as amended; the respective taxable value of the
shares of stock in such hank, corporation and joint stock companies shall
he ascertained by the State Tax Commission in the manner following: He
shall deduct the assessed value of such real property and tools, machinery,
manufacturing implements and engines of corporations actually engaged
in manufacturing belonging to the said respective banks, corporations or
joint stock companies from the aggregate value of all shares of such respec-
tive banks, corporations or joint stock companies and divide the remainder
by the number of shares of the capital stock or shares of such respective
banks, corporations or joint stock companies and the quotient shall be the
taxable value of each of such respective shares for State purposes, and all
State taxes thereon shall be paid as provided now or hereafter by law, and
when the valuation and assessment of the shares of the capital stock or
shares of such banks, corporations or joint stock companies shall have been
finally determined or made for State purposes, the State Tax Commission
shall certify to the County Commissioners of each County where any of the
stockholders or shareholders may reside, and to the appeal tax court of
Baltimore City, if any of said stockholders or shareholders reside in said
City, and to the County Commissioners of the County in which said bank,
corporation or joint stock company is situated, or to the appeal'tax court of .
Baltimore City, if it is situated in said City, the assessed taxable value of
such respective shares of stocks, or shares so ascertained as aforesaid. And
the said taxable value of such respective shares of stock or shares in such
banks, corporations or joint stock companies, owned by residents of this
State, and taxable within this State, shall for County and Municipal pur-
poses be valued to the owner thereof in the. County or City in this State
in which such owners shall respectively reside, and the said taxable value
of such of said stock or shares as are held by non-residents of this State
shall for County and municipal purposes be valued to the owners thereof
in the County or City in which said bank, corporation or joint stock com-
pany is situated; but all County or municipal taxes assessed upon said
respective taxable value of such respective shares of stock or shares shall
be collected from such bank, corporation or joint stock company, and when
so paid shall or may be charged by such bank, corporation or joint stock
company to the account of such stockholders or shareholders, respectively;
but it is expressly provided that all railroad companies working their roads
by steam power incorporated by, or under the laws of this State or any other
State, territory, District of Columbia or foreign country and doing business
in this State, shall respectively be subject to the annual State tax upon
their respective gross receipts within the State, prescribed by Section 172,
which shall be paid and collected in a manner provided now or hereafter
by law, and the real and personal taxable property belonging to such
respective railroad companies shall be subject to County and municipal
taxation to this State in the respective Counties and Cities in which such
property is located; and where such respective railroad companies are
subject to such gross receipts tax for State purposes, their shares of stock
and real or personal property shall not be subject to taxation for State
purposes, and when such real and personal property of such respective