38

Baltimore as against this class of property was |330, and in Balti-
more County $355; the per capita assessment against real and tan-
gible personal property in Baltimore City was $775, and in Balti-
more County $781. During the 10 years preceding real and tangible
personal property increased in Baltimore City 43 per cent.; within
the same period assessments against securities increased 84 per cent.
In Baltimore County assessments on real and tangible personal
property increased 66 per cent., while the assessment on securities
subject to the 30-cent local rate increased 120 per cent.

It appears from a study of the figures for the year 1914 that of
the aggregate assessment in Baltimore City real and tangible per-
sonal property constitutes 57 per cent., while all intangible property
is 43 per cent.; intangible property within the classified rate of 30
cents, or securities, makes up 25 per cent, of the entire assessment,
or, in other words, the amount of this class of property was over
one-half of all intangible personal property.

Real and tangible personal property in Baltimore County in
1914 was 67 per cent, of the basis, while intangible personal prop-
erty was 33 per cent.; and the property within the classified rate of
30 cents was 29 per cent, of the entire basis.

Baltimore City and Baltimore County have made systematic
efforts to apprehend this class of property, and it would seem as
though the result has been commendable.

The Legislature of Maryland of 1914 radically changed the
method of assessment of a certain class of corporations known as
"business corporations," and provided that they be assessed directly
on their assets and that the shares of stock of such corporations
should not hereafter be valued for taxation purposes, nor the shares
be subject to taxation. In addition to the assessment on their tan-
gible personal property (real estate is assessed directly) such cor-
porations are subject to assessment on their intangible personal
property in the same manner as individuals. Other corporations
remain subject to assessment on shares and these shares derive value
from their investments in that class of property and other property,
and of course, as their shares are assessable, their investments are
not assessed directly. The assessment of the securities of ordinary
"business corporations" was not conferred upon the State Tax
Commission, but was conferred upon local taxing authorities. The
Commission, in exercising its powers, had corporations report in