1792 REVENUE AND TAXES. [ART. 81

investments in private securities of every kind and description
belonging to the residents of this State, the real property
located in this State, and the personal property owned by any
corporation incorporated by this State not having a capital
divided into shares, or having shares of capital stock which
are wholly or in part exempted from taxation by this State when
such real or personal property so owned by said corporation is
not protected from taxation by the exemption of said shares of
stock from taxation, 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 respectively
reside; all certificates of indebtedness or evidences of debt in
whatever form made or issued by any State, territory or by the
District of Columbia, or by any public corporation or by any
foreign country owned by residents of this State, shall be
valued and assessed for State, county and municipal taxation
to the owners thereof in the county or city of this State in
which such owners may respectively reside.

The property, real and personal, of each and every railroad
company in this State working its road by steam power shall
be valued and assessed for county and municipal purposes in
the same manner as the property of individuals may be valued
and assessed under this article. The shares of capital stock
of national banks located in this State and of all other corpo-
rations incorporated under the laws of this State shall be
valued and assessed to the owners thereof residing in the city
of Baltimore and in the several counties of this State at the
same rate at which the same have been or shall be valued by
the State tax commissioner for the year 1896; subsequent
valuation of said stock shall be made in the manner now or
hereafter provided by law; and it shall be the duty of the
State tax commissioner to furnish the assessors in the city of
Baltimore and of the several counties with a copy of the valua-
tion so made of the shares of capital stock of each of such
banks and each and every of such corporations of this State
for the year 1896; and the said assessors shall record in a
separate book all valuation and assessments of all shares of
stock of all corporations incorporated under the laws of this
State having a capital stock, whether the same be divided into
shares or not, together with the names and residences of per-
sons having on interest therein, the amount of such interest;
and upon the completion of the assessment of all the taxable
property in any county of this State or any assessment district