ART. 81] EXEMPTIONS. 527

equipment and furniture of hospitals, asylums, charitable or
benevolent institutions, or to the grounds appurtenant thereto in
any city or incorporated town of this State which are necessary to
the respective uses thereof, nor to the buildings, equipments and
furniture of hospitals, asylums, charitable or benevolent institu-
tions in any county of this State, but not within any city or
incorporated town of this State nor to the ground not exceeding
forty acres appurtenant respectively thereto, which are necessary
for the respective uses thereof, nor to the buildings, furniture,
equipment or libraries of incorporated educational or literary
institutions, or to the ground appurtenant thereto, in any city or
incorporated town of this State which are necessary for the respec-
tive uses thereof, nor to the buildings, equipment or libraries of
incorporated educational or literary institutions in any county of
this State, nor to the ground, not exceeding forty acres, appurte-
nant respectively thereto, which are necessary for the respective
uses thereof, ' nor to the personal property of any corporation
incorporated by this State, and having capital stock divided into
shares, when said shares of said corporation are subject to taxation
under the laws of this State, nor to the shares of stock of railroad
companies working their roads by steam power, incorporated by
or under the laws of this State, which are subject to taxation
upon their gross receipts within this State, and to county and
municipal taxation upon their respective real and personal prop-
erty in the respective counties and cities of this State, in which
such respective properties are located, nor to the book accounts
or bills receivable or evidences of debt given for such accounts
of any person engaged in commercial business who is taxed
upon the fair average value of his stock of goods, wares and
merchandise; and every person engaged in commercial business
shall be taxed upon the fair average value of his stock in such
business during the year preceding the assessment upon which
such tax is levied; and each and every one of said exemptions
from taxation shall be strictly construed.

1892, ch. 300.

4 A. Real property purchased in the State of Maryland by
survivors of the late war for the purpose of erecting monuments
and for laying commemorative parks in memory of those who