REVENUE AND TAXES. 1021

(16) Shares of stock in domestic railroad companies, which are sub-
ject to taxation upon their gross receipts within this State; and (from
State taxes only) the real and personal property of such railroad com-
panies.

(17) Shares of stock in domestic building and homestead associations,
to the extent that such shares represent investments in cash, fixtures, loans
on hypothecated stock of such association, judgments or decrees of courts
of this State, mortgages on real estate situated in this State, and bonds of
the United States and the State of Maryland.

(18) Five hundred dollars ($500) in value of household furniture and
effects in this State held for the household use of the owner or members
of his family, and not held or employed for purposes of profit or in con-
nection with any business, profession or occupation; provided that any
County, in the discretion of the County Commissioners, may levy, for
County taxation only, upon such household furniture and effects in excess
of one hundred dollars ($100) in value.

(19) The ground and buildings for the House of Reformation, the
House of Refuge and the Industrial Home for Colored Girls.

(20) Personal property, tangible or intangible, of any savings bank,
savings institution or corporation organized for receiving deposits of money
and paying or crediting interest thereon, and having no capital stock, ex-
cept shares of stock in any national bank or in any corporation organized
under the laws of the State and liable to taxation hereunder.

(21) Shares of preferred stock issued after May 31, 1927, by any
domestic electric railroad or street passenger railway corporation which
derives not less than sixty-five (65) per centum of its gross receipts (di-
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.