1872 REVENUE AND TAXES. [ART. 81

State belonging to any non-resident owner shall be valued and
assessed to the owner thereof, in the assessment district in
which said bank, corporation, association or company may
have its principal place of business in this State, or in which
said personal property may be so located; or personal prop-
erty belonging to a resident of this State shall be valued and
assessed to the owner thereof in the assessment district in
which said owner may reside, except goods and chattels per-
manently located in any city or county of this State, which
shall be valued and assessed to the owner thereof in the city
or county in which they are so located. All rolling stock of
all railroads worked by steam, employed in operating and run-
ning over lines of railroad situated, being and lying in this
State, for the purpose of county and city taxation shall be
valued, assessed and taxed to the said railroads owning, hiring,
using and leasing the same as other personal property is
valued, assessed and taxed under the provisions of this article;
and for the purpose of such valuation, assessment and
taxation, the situs of said rolling stock shall be taken and
considered to be in the assessment district in which is located
the principal place of business of such railroad companies
located in this State, unless it shall appear that the situs of
such rolling stock is in some other city or county of this
State than that in which the principal place of business of
said railroad is located in this State; provided, that whenever
the said railroads owning, hiring or leasing said rolling stock
shall extend beyond the limits of this State into any other
State or States, the assessors or other tax officials whose duty
it shall be to assess said rolling stock under the provisions of
this section shall observe the following rule in ascertaining the
assessable value of said rolling stock; that is to say, the value
of said rolling stock for the purposes of taxation shall bear
the same proportion to the total value of said rolling stock
which the mileage of said railroad in Maryland bears to its
total mileage; this proviso is not to apply to such rolling stock
as is permanently located within the limits of this State. In
valuing the stock or shares in any bank, company, association
or corporation, the number of shares of such stock in such
bank, company, association or corporation owned by the
persons to whom the same are valued shall be stated together
with the respective taxable value of each, as ascertained by
the State tax commissioner. In valuing bonds, securities and
other investments the nature of such bonds, securities and
other investments shall be briefly stated with the respective