ALBERT C. RITCHIE, GOVERNOR. 631

of the owner or members of his family, and not held or em-
ployed for purposes of profit or in connection with any busi-
ness, profession or occupation; provided that any County, in
the discretion of the County Commissioners, may levy, for
County taxation only, upon such household furniture and effects
in excess of one hundred dollars ($100) in value.

(19) The ground and buildings for the House of Reforma-
tion, the House of Refuge and the Industrial Home for Colored
Girls.

(20) Personal property, tangible or intangible, of any sav-
ings bank, savings institution or corporation organized for
receiving deposits of money and paying or crediting interest
thereon, and having no capital stock, except shares of stock
in any national bank or in any corporation organized under the
laws of the State and liable to taxation hereunder.

(21) Shares of preferred stock issued after May 31, 1927, by
any domestic electric railroad or street passenger railway cor-
poration which derives not less than sixty-five (65) per centum
of its gross receipts (directly or through one or more other cor-
porations organized under the laws of this State) from passen-
ger revenue, and which preferred stock is preferred and limited
as to dividends and assets; provided that the property ac-
quired by such corporation with the proceeds of such pre-
ferred stock and all other property of such corporation shall
be and continue subject to taxation in the same manner and
to the same extent as, but to no greater extent than, it would
be if all of the stock of such corporation were subject to
taxation and fully taxed; and the aggregate value of all
shares of stock of such corporation as ascertained and deter-
mined by the State Tax Commission after the issue of such
preferred stock shall not include or reflect the value of such
preferred stock so issued or any part thereof, and such aggre-
gate value as so ascertained and determined for subsequent
years shall not exceed (1) the aggregate value of all taxable
shares of stock of such corporation as ascertained and deter-
mined by the State Tax Commission for the year preceding
the first year in which any part of such preferred stock shall
have been issued, or (2) the assessed value of the real estate
of such corporation plus all other amounts which are deducti-
ble from the aggregate value of its taxable shares, or (3) the
market value of all taxable shares of stock of such corporation
theretofore or thereafter issued, whichever is the greatest.