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detail their holdings, and then certified to the communities the
amount of the investments, in order that the local communities
could serve the proper schedules on the corporations and make the
assessment in accordance with law. The amount reported to the
Commission by ordinary business corporations, held by them in
sinking funds, investments, etc., was $9,159,025, and while a
large portion of this was certified to Baltimore City, it may -hap-
pen that some of the totals reported by the counties include these
accounts. As "ordinary business" corporations show a larger
aggregate amount of tangible personal property subject to assess-
ment directly than the aggregate assessed value of shares of such
corporations showed heretofore (proper allowance for natural
increase being made), it follows as a logical conclusion that the
amount of $9,159,025 is a clear gain for intangible personal property.

The amount of the holdings presents some light on the limited
extent of the holdings of this class in a limited classification. There
were about 3,500 "ordinary business" corporations reporting to the
Commission, and only 57 had investments subject to the low rate of
taxation; this is about, approximately, 1% per cent, in number.

Supervisors of Assessments have been instructed to visit, at
least once a month, the office of the Register of Wills and examine
the records of the office and then report to the Commission the
names of any persons who died, and possessed of property, subject
to the low rate of taxation. After the receipt of this data by the
Commission, examination is made of the inventory of the estate in
order that investigation may be made if the holdings are assessed,
and if not, that notice in conformity with Article 81, Section 12,
may be served on the executors or administrators of such estates,
asking information as to the date of the ownership of such property
by the deceased.

All Supervisors were ordered to perform this duty in February
of 1915, and their attention has been directed to it from time to
time. Within six months the Commission has ascertained that in
the 22 counties of Maryland, other than Baltimore and Baltimore
City, the number of estates of deceased persons holding this class
of property is far less than one would have supposed. In Somerset
there have been 4 estates; in Talbot, 2; in Cecil, 2; in Frederick, 5;
in Washington, 3; in Harford, 2, and in Worcester, 1. The conclu-
sion to be drawn from this investigation of many estates in all the