REVENUE AND TAXES. 2671

As to taxation of rolling stock of a railroad company prior to acts of 1896,
chs. 120 and 140, see Appeal Tax Court v. Northern Central Ey. Co., 50 Md. 420;
Philadelphia, etc., R. R. Co. v. Appeal Tax Court, 50 Md. 398; Appeal Tax Court v.
Western Maryland R. R. Co., 50 Md. 298; Appeal Tax Court v. Pullman Co., 50
Md. 456.

See sec. 213.

An. Code, sec. 213. 1904, sec. 209. 1896, ch. 140, sec. 200.

224. It shall be lawful for any railroad company or other corporation,
in executing a mortgage on property located in this State, for the purpose
of securing the payment of bonds issued by such corporation, to covenant
in such mortgage to pay the taxes levied upon such mortgage, or the bonds
secured thereby, or on the interest payable thereon; and in such cases the
oath prescribed in section 201 shall not be required; provided, however,
that nothing contained in this section shall be held or construed to waive,
release or otherwise interfere with the valuation and assessment, for pur-
poses of taxation, of any bonds, secured by such mortgage, in the hands
of the holders thereof, resident in this State, respectively, as directed in
the case of other bonds by this article.

As to the mortgage tax, see sec. 198, et seq.
See notes to sec. 225.

An. Code, sec. 214. 1904, sec. 210. 1896, ch. 120, sec. 194. 1896, ch. 143, sec. 201.

1914, ch. 411.

225. All bonds, certificates of indebtedness or evidence of debt in
whatsoever form made or issued by any public or private corporation in-
corporated by this State or any other State, territory, district or foreign
country, or issued by any State (except the State of Maryland), territory,
district or foreign country not exempt from taxation by the laws of this
State, and owned by residents of Maryland, shall be subject to valuation
and assessment to the owners thereof in the county or city in which such
owners may respectively reside, and they shall be assessed at their actual
value in the market, and such upon which no interest shall be actually
paid shall not be valued at all, and upon such valuation the regular rate
of taxation for State purposes, but in no event more than fifteen cents on
each one hundred dollars, shall be paid, and there shall also be paid on
such valuation thirty cents and no more on each one hundred dollars for
county, city and municipal taxation in such county or city of this State
in which the owner may reside. All shares of stock or shares in any bank
other than a national bank, or in any company or corporation incorporated
by or located in and doing business in any other State, or District of Colum-
bia, 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
such owners may reside, and said shares shall be assessed and valued at
their actual value in the market, and those upon which no dividend shall
be actually paid shall not be valued at all, and upon the valuation so made
the regular rate of taxation for State purposes, but in no event more than
fifteen cents on each one hundred dollars, shall be paid, and there shall
also be paid on such valuation thirty cents, and no more, on each one