636 LAWS OF MARYLAND. [CH. 226

tunnel, forming part of any railroad or turnpike in this State,
it being the intent and meaning of this section that any such
bridge or tunnel shall be valued and assessed at the same rate
as any other equal portion of such railroad or turnpike is
valued and assessed.

14. In valuing and assessing real estate, the land itself
and the buildings or other improvements thereon shall be valued
and assessed separately; and such buildings or improvements
shall be assessed at such sum, if any, as they may add to the
fair market value of the land; and buildings or improvements
not substantially completed on the date of finality shall not be
assessed at all. In case of the separate ownership of the sur-
face of land and of minerals or mineral rights therein, the
assessing authority may, in its discretion, make separate assess-
ments of the value of the surface and of such minerals or
mineral rights.

15. (a) In computing the assessable value of shares of
stock in any national bank located in this State, or in any do-
mestic corporation (other than finance corporations) having a
capital stock divided into shares which are subject to assess-
ment and taxation under this article, the State Tax Commis-
sion shall first ascertain the total aggregate value of the shares
of capital stock of such corporation by considering (1) the
market value, if any, of the shares of such stock, without ref-
erence to sales at abnormal prices, rendering market quotations
not a fair index of actual value of the shares of stock as a
whole; (2) the net earnings or income of such corporation,
and (3) the net value of its assets; provided (a) that such
aggregate value of the shares of capital stock shall never be
ascertained to be less than the fair aggregate value of all the
property and assets of such corporation of whatsoever kind and
wheresoever situate, less the indebtedness or other liabilities
of such corporation, exclusive of the capital stock, but with a
fair allowance for contingent liabilities, and (b) that such
aggregate value of the shares of the capital stock shall never
be ascertained to be less than the total value of the real estate
and tangible personal property owned by such corporation in
this State.

(b) From the amount so ascertained as the total value of
the capital stock of such corporation shall be deducted: (1)
The assessed value of all real estate in this State assessed to