person, firm, partnership, association or corporation so offending shall be subject to a penalty of one thousand dollars, to be recovered by suit in the name of the State of Maryland in any court in this State having jurisdiction over said claims; and one-half of said penalty, when recovered, shall be paid into the treasury of the State and the other half of the said penalty shall be paid to the informer.

1888, art. 56, sec. 107. 1872, ch. 355. 1874, ch. 370, sec. 9.
1894, ch. 427.

124. Any person acting as agent for any telegraph company or express or transportation company, firm, partnership, association or corporation, in violation of the preceding section shall be guilty of a misdemeanor and shall be liable to indictment therefor, and on conviction in any court having jurisdiction shall be fined not exceeding five hundred dollars.

Ibid. sec. 108. 1872, ch. 355. 1874, ch. 370, sec. 10.

125. Any telegraph company, express or transportation company, person, firm, partnership, association or corporation proposing to do the business of telegraphing for profit or hire within the limits of any single county in this State or within the limits of the city of Baltimore, or proposing to do the business of transporting or forwarding for profit or hire within the limits of any single county in this State or within the limits of the city of Baltimore any article of trade or traffic or any package or parcel of goods of any sort shall pay to the clerk of the Circuit Court for the county in which said business is proposed to be done, or to the clerk of the Court of Common Pleas of Baltimore City, if the said business is proposed to be done in said city, the sum of twelve dollars for a license to do said business for one year, or a proportionate part of said sum for any fractional part of a year not less than one month, and all licenses so issued shall be made to expire on the first day of May next succeeding the date of their issue.

Ibid. sec. 109. 1872, ch. 355. 1874, ch. 370, sec. 11. 126. Any person offending in any way by violating the provisions of the preceding section, either as agent or otherwise,

shall be liable to a prosecution therefor, and upon indictment and conviction thereof in any court having jurisdiction shall be fined not less than twenty nor more than one hundred dollars and shall stand committed until the fine and costs are paid.

ARTICLE LXXXI.

REVENUE AND TAXES.

Valuation and Assessment.

1888, art. 81, sec. 2. 1860, art. 81, sec. 2. 1841, ch. 23, sec. 1. 1852, ch. 337, sec. 1. 1874, ch. 483, sec. 2. 1880, ch. 122. 1888, ch. 242.

1890, ch. 491. 1892, ch. 704.

ch. 143. 1900, ch. 320.

1896, ch. 120. 1896,
1904, ch. 212.

2. All interests, shares or proportions owned by residents of this State in all ships or other vessels, whether such ships or other vessels be in or out of port, are and shall be valued and assessed for the purpose of State, county and municipal taxation to the respective owners thereof in the county or city in the State in which said owner, or owners shall respectively reside, and such respective owners shall pay the taxes thereon. All real properties in this State belonging to any bank incorporated under the laws of this State or of any other State, or belonging to any national bank located in this State, or to any company or corporation incorporated by or under the laws of this State, or of any other State, or under the laws of the United States, or of any Territory or under the laws of the United States relating to the District of Columbia, or belonging to any joint stock company doing business in this State,

Art. 81, sec. 2-Shares of stock in Maryland corporations can be taxed only in the counties where the owners reside, when held by residents of this State. Mayor and City Council of Baltimore v. County Commissioners of Allegany Co., 99 Md. 1. Franchises of corporations not taxable otherwise than as an ele ment in the value of the stock, but when an easement is acquired under the franchise, such property is subject to taxation. Consolidated Gas Co. v. Baltimore City, 101 Md. 541. In assessing the value of an easement, it is not proper to capitalize the interest paid on the bonds and the dividends on the stock of the corporation. Consolidated Gas Co. v. Baltimore City, 105 Md. 43.

are and shall be valued and assessed for the purpose of State, county and municipal taxation as the property of such bank, company, corporation or joint stock company and such bank, company, corporation or joint stock company shall pay such respective taxes thereon. All money belonging to resi dents of this State which shall be the proceeds of the sale of stocks, bonds or other property disposed of for the purpose of evading and escaping taxation, all shares or interest in any joint stock company, and all shares of stock in any bank incorporated under the laws of this State, or any national bank located in this State, or in any corporation incorporated under the laws of the State shall be valued and assessed for the purpose of State, county and municipal taxation to the owners thereof in the county or city in this State in which said owners may respectively reside; the taxable value of such shares shall be ascertained and determined and the taxes thereon levied and collected as is now or may be hereafter provided by law. All personal property in which any resident of this State has an equitable interest with the legal title to the same in some other person or corporation who is a non-resident shall be valued and assessed for the purposes of State, county and municipal taxation to the equitable owners thereof in the county or city in which he, she or it resides and such equitable owner or owners shall pay the taxes thereon. All shares of stock or shares in any bank other than a national bank, or in any company or corporation incorporated by or located in and doing business in any other State or the District of Columbia, or in any Territory or foreign country owned by residents of this State shall be valued and assessed for the purposes of State, county and municipal taxation to the owners thereof in the county or city in which said owners may respectively reside. All bonds made or issued by any State or District of Columbia or Territory, or by any corporation whatsoever be longing to the residents of this State, all investments in private securities of every kind and description belonging to the resi dents of this State, the real property located in this State, and the personal property owned by any corporation 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 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 whatever 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 corporations 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 valuation 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 corporations 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 book shall be delivered to the State Tax Commissioner for his in

formation 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 Commissioners acting as boards of control and review for the several counties and the boards of control and review of Baltimore city. All bonds and certificates of indebtedness bearing interest, issued by any railroad or other corporation of this State secured by mortgage of property wholly within this State, belonging to residents of this State, shall be subject to valuation, assessment and taxation to the owner or owners thereof, in the same manner as like bonds or certificates of indebtedness bearing interest and secured by mortgage of property partly in this State and partly in some other State or States are now subject to valuation and assessment under the laws of this State. All other property of every kind, nature and description within this State, except as provided by section 4, shall be valued and assessed for the purpose of State, county and municipal taxation to the respective owners thereof in the manner prescribed by this article; provided, nothing contained in this section or article shall repeal, modify or affect sections 89-91 relating to the taxation of savings banks, or sections 214-224, both inclusive, relating to the taxation of distilled spirits.

Tax Cases, 12 G. & J. 117. Burgess v. Pue, 2 Gill, 11. Ibid., 2 Gill, 254. State v. Mayhew, 2 Gill, 487. Howell v. The State, 3 Gill, 14. Gordon v. M. & C. C. of Balto., 5 Gill, 239. Hooper v. M. & C. C., 12 Md. 464. O'Neal v. Va. & Md. Bridge Co., 18 Md. 1. C., 19 Md. 13. M. & C. C. v. Stirling, 20 Md. 48.

Latrobe v. M. & C.
Stoddert v. Ward,

31 Md. 562. Buchanan v. Co. Comm'rs of Talbot Co., 47 Md. 286. Co. Comm'rs of Fredk. Co. v. Farm. and Mech. Natl. Bank, 48 Md. 117. Appeal Tax Court v. Western Md. R. R. Co.-Same v. Union R. R. Co., 50 Md. 276. Appeal Tax Court v. St. Peter's Academy, 50 Md. 322. Appeal Tax Court v. Patterson, 50 Md. 354. Appeal Tax Court v. Gill, 50 Md. 377. P. W. & B. R. R. Co. v. Appeal Tax Court, 50 Md. 397. Appeal Tax Court v. N. C. R. W. Co., 50 Md. 417. Gunther v. M. & C. C., 55 Md. 457. Bonaparte v. State, 63 Md. 465. Tasker v. Garrett Co., 82 Md. 154. Simpson v. Hopkins, 82 Md. Crown Cork and Seal Co. v.

491. Myers v. Balto. Co., 83 Md. 387.

State, 87 Md. 696. Balto. City v. Johnson, 96 Md. 741. Dry Dock Co. v. Balto. City, 97 Md. 103.