CORPORATIONS. 765

scribe to or hold the stock of any company owning and operating such

steamships or steamboats, where such steamships and steamboats can be used

wholly or in part in connection with the business of said railroad company.

The gross receipts derived by the Baltimore and Ohio Railroad Company from

steamboat or steamship lines owned in pursuance of this section, held taxable,

although other property and franchises and receipts therefrom, were exempt under

such company's charter. State v, B. & O. R. R. Co., 48 Md. 79.

An. Code, sec. 313. 1904, sec. 293. 1888, sec. 204. 1876, ch. 159. 1896, ch. 143.

250. The property, real and personal, of each and every railroad
company in this State, working their roads by steam, shall be assessed and
taxed for county and municipal purposes in the same manner as the prop-
erty of individuals is now assessed and taxed; and the authorities of the
several counties and the city of Baltimore are hereby authorized and
directed to proceed to assess and collect taxes on said property in the same
manner as upon like property of individuals now assessed and taxed or
liable to assessment and taxation by the laws of this State; provided, that
no extra assessment shall be made and no extra or special tax shall be levied
or collected on any bridge or bridges over streams, or on any tunnel form-
ing any part of the roadway of any railroad or railroads in this State, it
being the meaning and intent of this section that any bridge over streams or
any tunnel forming a portion of the roadway of any of said railroads shall
be valued at the same rate that any other equal portion of said road is
valued.

In assessing the real property of a railroad, the utility it possesses for railroad
purposes, without regard to the fact that such property is part of a railroad system,
as for instance a natural depression affording advantages for railroad construction
and operation, may be considered. How real estate of individuals is valued for tax
purposes. Northern Cent. Rwy. Co. v. Baltimore, 132 Md. 499.

A tunnel forming a part of the roadway, and bridges in the line of the road, held
under this section not to be objects of separate valuation and assessment, the part
of the road running through the tunnel being valued and assessed at the same rate
as any other equal portion of the road. A railroad company's easement in a street
occupied by its road, is taxable. Appeal Tax Court v. Western Md. R. R. Co.,
50 Md. 300.

The act of 1876, ch. 159, was not repealed by the general assessment act of 1876,
ch. 260, nor was the latter act a substitute for the former. A railroad company is
taxed only on the leasehold interest in property which it owns subject to an out-
standing reversion held by the city of Baltimore, the latter being exempt from tax-
ation. Improvements placed upon leased ground by a railroad company, held tax-
able upon their full value. Rolling stock. Philadelphia, etc., R. R. Co. v. Appeal
Tax Court, 50 Md. 409; Appeal Tax Court v. Western Md. R. R. Co., 50 Md. 297;
Anne Arundel County v. Annapolis, etc., R. R. Co., 47 Md. 608 (affirmed in 103
U. S. 1).

See art. 81, secs. 172, 204 and 227.

An. Code, sec. 314. 1904, sec. 294. 1904, ch. 620, sec. 204A.

251. Every railroad company incorporated under the laws of this State
shall have the right, wherever it considers that the crossing of its tracks
by a public highway is dangerous, to provide at its own cost and expense
that the said public highway shall be carried across its tracks either over-
head by a bridge or under said tracks by a tunnel, and in order to construct
such new crossing said railroad company is empowered to exercise the
powers of condemnation vested in it for the purpose of acquiring such ad-