ALBERT C. RITCHIE, GOVERNOR. 735

ing manner: He shall deduct the total of the assessed value of
any real property belonging to such company and the amount of
mortgages owned by such company, as shown by the aforesaid
certificate thereof, from the aggregate value of all shares of
its capital stock and shall divide the remainder by the number
of shares of the capital stock or shares of such respective fire
and life insurance company incorporated under the laws of this
State and doing business therein, and the quotient shall be the
taxable value of such respective shares of such fire and life
insurance company for State purposes, and all State taxes
thereof shall be paid as provided now or hereafter by law. and
when the valuation and assessment of the shares of the capital
stock or shares of such banks, corporations or joint stock com-
panies shall have been finally determined or made for State
purposes, the State Tax Commissioner shall certify to the
County Commissioners of each county where any of the stock-

holders or shareholders may reside, and to the Appeal Tax
Court of Baltimore City, if any of said stockholders or share-
holders reside in said city, and to the County Commissioners of
the county in which such bank, corporation or joint stock com-
pany is situated, or to the Appeal Tax Court of Baltimore City,
if it is situate in said city, the assessed taxable value of such
respective shares of stocks, or shares so ascertained as afore-
said. And the said taxable value of such respective shares of
stock or shares in such banks, corporations or joint stock com-
panies, owned by residents of this State, and taxable within
this State, shall for county or municipal purposes be valued to
the owner thereof in the county or city in this State in which
such owners shall respectively reside, and the said taxable value
of such of said stock or shares as are held by non-residents of
this State shall for county and municipal purposes be valued
to the owners thereof in the county or city in which said bank,

corporation or joint stock company is situated; but all county
or municipal taxes assessed upon said respective taxable value
of such respective shares of stock or shares shall be collected
from such bank, corporation or joint stock company, and when
so paid shall or may be charged by such bank, corporation or
joint stock company to the account of such stockholders or
shareholders, respectively; but it is expressly provided that all
railroad companies working their roads by steam power incor-
porated by or under the laws of this State, or any other State,
Territory, District of Columbia or foreign country and doing
business in this State, shall respectively be subject to the an-
nual State tax upon their respective gross receipts within the