ALBERT C. RITCHIE, GOVERNOR. 783

incorporated by this State not having a capital divided into
shares, or having shares of capital stock which are wholly or in
part exempted from taxation by this State when such real or
personal property so owned by said corporation is not protected
from taxation by the exemption of the said shares of stock from
taxation, shall be valued and assessed for the purpose of State,
county and municipal taxation to the owners thereof in the
county or city in which such owners may respectively reside;
all certificates of indebtedness or evidences of debt in whatso-
ever form made or issued by any State, territory or by the
District of Columbia, or by any public corporation or by any
foreign country owned by residents of this State, shall be
valued and assessed for State, county and municipal taxation
to the owners thereof in the county or city of this State in
which such owners may respectively reside.

The property, real and personal, of each and every railroad
company in this State working its road by steam power shall be
valued and assessed for county and municipal purposes in the
same manner as the property of individuals may be valued and
assessed under this article. The shares of capital stock of
national banks located in this State and of all other corpora-
tions incorporated under the laws of this State shall be valued
and assessed to the owners thereof residing in the City of
Baltimore and in the several counties of this State at the same
rate at which the same have been or shall be valued by the
State Tax Commissioner for the year 1896; subsequent valua-
tion of said stock shall be made in the manner now or hereafter
provided by law; and it shall be the duty of the State Tax
Commissioner to furnish the assessors in the City of Baltimore
and of the several counties with a copy of the valuation so
made of the shares of capital stock of each of such banks and
each and every of such corporations of this State for the year
1896; and the said assessors shall record in a separate book all
valuation and assessments of all shares of stock of all corpora-
tions incorporated under the laws of this State having a capital
stock, whether the same be divided into shares or not, together
with the names and residences of persons having an interest
therein, the amount of such interest; and upon the completion
of the assessment of all the taxable property in any county of
this State or any assessment district of Baltimore City, said
boot shall be delivered to the State Tax Commissioner for his
information and guidance in the discharge of his official duties;
and the valuation and assessment of said shares of stock shall
not be returned by the said assessors to the boards of county