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SECURITIES AND EXCHANGE COM'N v. CRUDE OIL CORP.

No. 6208.

93 F.2d 844 (1937)

SECURITIES AND EXCHANGE COMMISSION v. CRUDE OIL CORPORATION OF AMERICA et al.

Circuit Court of Appeals, Seventh Circuit.

November 23, 1937.

Attorney(s) appearing for the Case

Leonard L. Cowan, of Chicago, Ill., for appellant Crude Oil Corporation of America.

Glenn W. Stephens, of Madison, Wis., Warren B. Foster, of Ashland, Wis., and A. E. Kilmer, of Madison, Wis., for appellant B. E. Buckman & Co.

Allen E. Throop, Gen. Counsel, and Thomas J. Lynch, Asst. Gen. Counsel, both of Washington, D. C., and Henry Fitts, of Chicago, Ill. (Francis Thornton Greene and Stuart K. Barnes, both of Washington, D.C., of counsel), for appellee.

Before EVANS and MAJOR, Circuit Judges, and LINDLEY, District Judge.

The plaintiff brought this suit to enjoin the defendants from selling securities in violation of section 5 of the Securities Act, as amended, 15 U.S.C.A. § 77e. The defendants denied: violations of the Securities Act; their engagements in interstate commerce; the constitutionality of the applicable sections of the Securities Act. They assailed the constitutionality of the act; denied that a "security" is an article of commerce that may be the subject of regulation by...

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