778                             LAWS OF MARYLAND                        CH. 452

The term full cash value as used in this subsection shall mean cur-
rent value without any allowance for inflation.

(3) All operating property of railroads, public utilities, and con-
tract carriers, and all shares of stock of domestic corporations, [and
national banks,] the shares of which are subject to taxation by this
article, [and all capital stock of foreign finance corporations directed
in this article to be assessed,] shall be assessed in accordance with
the provisions of Sections 16 [,] and 20 [and 21, respectively,] of
this article, subject, however, to the provisions of Section 9 hereof.
To the extent that the personal property of the classes of taxpayers
mentioned in this subsection is subject to taxation by this article,
said personal property shall be assessed in accordance with the
provisions of paragraph (2) hereof.

20.

(a)    In computing the assessable value of shares of stock in any
[national bank located in this State, or in any] domestic public
service corporation [(other than finance corporations) having a
capital stock divided into shares which are subject to assessment
and taxation under this article, the State Department of Assess-
ments and Taxation 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 refer-
ence 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 corpo-
ration of whatsoever kind and wheresoever situate, less the indebt-
edness or other liabilities of such corporation, exclusive of the capital
stock, but with a fair allowance for contingent liabilities, (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,
and (C) that such] the aggregate value of the shares of the capital
stock [of a public service corporation] shall never be ascertained
to be less than the total value allocated under Section 16 to the
operating property thereof, including operating land, located in this
State, plus the value of its nonoperating real estate and nonoperat-
ing tangible personal property located 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 owned by
such corporation.

(2)    [The net assessed value of shares of stock in any national
bank situated in this State the taxes on which are hereunder re-
quired to be paid for the account of the holders.

(3)] The fair value of the property exempt under Section 9
(26) of this article.

(c)    After making the deductions specified in subsection (b) of
this section from the total value of the capital stock ascertained