904 LAWS OF MARYLAND.

by law, and the real and personal taxable property belonging
to such respective railroad companies shall be subject to County
and Municipal taxation to this State in the respective Counties
and Cities in which such property is located; and where such
respective railroad companies are subject to such gross receipts
tax for State purposes, their shares of stock and real or personal
property shall not be subject to taxation for State purposes,
and when such real and personal property of such respective
railroad companies is subject to County and Municipal taxation,
their respective shares of stock shall not be subject to County
and Municipal taxation, but the capital stock and property of
all other corporations which are subject to a tax upon their
gross receipts, other than railroad companies, shall be valued,
assessed and taxed for State, County and Municipal purposes
like the capital stock and property of other corporations under
this Article.

SEC. 164. The President, or other proper officers of every
corporation actually engaged in the business of manufacturing
in the City of Baltimore, or in any County where the tools and
machinery of manufacturers have been exempted from County
taxation, in addition to the return provided to be made by the
preceding Section, shall furnish to the Appeal Tax Court of
Baltimore City, or to the County Commissioners of each such
County, a true statement of the mechanical tools, whether
worked by hand or by steam, or other motive power, and of any
machinery, manufacturing apparatus, or engines owned by such
corporation and actually employed and used in the business of
manufacturing in said City or County; and the property so
returned shall be valued and assessed by said Appeal Tax Court,
or by the County Commissioners; and the said Appeal Tax
Court or County Commissioners shall give duplicate certificates
of such valuation to such President, or other officer, who shall
transmit one of such certificates, with his return, to the State
Tax Commissioner; and the State Tax Commissioner, in addi-
tion to the valuation which he is required to make for State
taxation, shall make a further valuation of the stock of said
corporation, by deducting from the value of each share, as as-
sessed for State taxation, the proportionate amount of the value
of tools and machinery, as assessed by the said Appeal Tax
Court or County Commissioners; and the valuation of the shares
thus determined shall be that all shares taxable in the City of
Baltimore for city taxes, if the said corporation is located in
Baltimore City, or for the County taxes if the County wherein
the corporation is located has exempted manufacturer's tools