LLOYD LOWNDES, ESQUIRE, GOVERNOR. 187

assessed at fifty per centum of their face value; such as bear an
interest of five per centum, shall be assessed at forty-one and
two thirds per centum of their face value; such as bear an
interest of four and a-half per centum, at thirty-seven and
one-half per centum of their face value; such as bear an inter-
est of four per centum, at thirty-three and one-third per cen-
tum of their face value; such as bear an interest of three and
one-half per centum, at twenty-nine and one-sixth per centum
of their face value, and such as bear an interest of three per
centum, at twenty-five per centum of their face value, and such
as bear an interest at a rate not named in this section shall be
assessed and valued at a correspondingly reduced valuation, if
the rate of interest be less than six per centum, and at a corres-
pondingly .increased valuation, if the rate of interest be above
six per centum, and such upon which no interest shall be
actually paid, shall not be valued and assessed at all.

All shares of stock or shares in any bank, other than a
National bank, or in any company or corporation incorporated
by, or located in, and doing business in any other State, Dis-
trict of Columbia, or in any territory or foreign country owned
by residents of this State, shall be valued and assessed, for the
purposes of State, county and municipal taxation to the owner
or owners thereof in the county or city in which such owner
or owners may respectively reside; and the said shares shall
be assessed and valued, provided that such company, cor-
poration or bank was incorporated or located prior to the
first day of January, eighteen hundred and ninety-six, ac-
cording to the annual rate of dividend paid upon such
shares of stock during the year preceding such assessment and
valuation, that is to say, such of said shares of stock as paid a
dividend during the said preceding year of six per centum
shall be assessed at fifty per centum of their face value; such
as paid a dividend of tive per centum, shall be assessed at
forty-one and two-thirds per centum of their face value; such
as paid a dividend of four and one-half per centum, at thirty-
seven and one-half per centum of their face value; such as
paid a dividend of four per centum, at thirty-three and one-
third per centum of their face value; such as paid a dividend
of three and one-half per centum, at twenty-nine and one-sixth
per centum of their face value; such as paid a dividend of
three per centum at twenty-five per centum of their face value,
and such as paid a dividend during the year preceding said
assessment, at a rate not named in this section, shall be valued,
and assessed at a correspondingly reduced valuation, if the rate