The DES MOINES NAT. BANK v. FAIRWEATHER case is significant because it deals with the taxation of shares in a national bank. The case establishes that a state may tax shares in a national bank based on the aggregate of capital, surplus, and undivided earnings, without deducting investments in tax-free securities. The court ruled that this taxation is allowed even if the state does not make such deductions when taxing the capital of private bankers. The case also confirms that a state may assess the property of a national bank, but only to the extent that the taxation does not exceed that imposed on other taxable moneyed capital employed in competition with such banks. In summary, the DES MOINES NAT. BANK v. FAIRWEATHER case clarifies the state's authority to tax shares in national banks and sets the parameters for how this taxation should be carried out.