REVENUE AND TAXES. 481

rectly or through one or more other corporations organized under the laws
of this State) from passenger revenue, and which preferred stock is pre-
ferred and limited as to dividends and assets; provided that the property
acquired by such corporation with the proceeds of such preferred stock and
all other property of such corporation shall be and continue subject to tax-
ation in the same manner and to the same extent as, but to no greater ex-
tent than, it would be if all of the stock of such corporation were subject
to taxation and fully taxed; and the aggregate value of all shares of stock
of such corporation as ascertained and determined by the State Tax Com-
mission after the issue of such preferred stock shall not include or reflect
the value of such preferred stock so issued or any part thereof, and such
aggregate value as so ascertained and determined for subsequent years shall
not exceed (1) the aggregate value of all taxable shares of stock of such
corporation as ascertained and determined by the State Tax Commission
for the year preceding the first year in which any part of such preferred
stock shall have been issued, or (2) the assessed value of the real estate of
such corporation plus all other amounts which are deductible from the ag-
gregate value of its taxable shares, or (3) the market value of all taxable
shares of stock of such corporation theretofore or thereafter issued, which-
ever is the greatest.

(22) Any property exempted from taxation by this State by the Con-
stitution of the United States or by any Act of Congress passed pursuant
to and in conformity with the Constitution of the United States.

(23) Intangible personal property specified in Sub-sections (3), (4)
and (5) of Section C of this Article owned by any domestic ordinary busi-
ness corporation which does no part of its business within this State.

(24) Working tools of mechanics or artisans moved or worked exclu-
sively by hand.

(25) Tools (including mechanical tools), implements, whether worked
by hand, steam or other motive power, machinery, manufacturing appara-
tus or engines used in manufacturing, whether temporarily idle or not, in
any county (including the City of Baltimore) in which by law, resolution
or ordinance the same are or may be exempt from county or city taxation;
and the County Commissioners of any county and the Mayor and City
Council of Baltimore are hereby authorized to pass such resolution or ordi-
nance.

(26) Raw materials on hand and manufactured products in the hands
of the manufacturer in any city and/or county in which by law, resolution
or ordinance the same are or may be exempt from county and/or city tax-
ation; provided that nothing in this sub-section shall exempt any such
property from State taxation or from assessment therefor.

(27) Property, real or personal, owned by the Veterans of Foreign
Wars of the United States, incorporated by special Act of Congress, The
American Legion, incorporated by Act of Congress, or the Disabled Amer-
ican Veterans of the World War, incorporated in 1921 under the laws of
Ohio, or any department, State or local unit, chapter, branch or post,
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