
    The People of the State of Illinois ex rel. Louis L. Emmerson, secretary of the State of Illinois, appellee, v. Niles E. Smith et al., appellants.
    Gen. No. 31,649.
    Appeal from order restraining defendants from selling or offering to sell in Illinois securities not exempted by section 5 of the Securities Law. Interlocutory appeal from Superior Court of Cook county; the Hon. Oscar Hebei, Judge, presiding. Heard in the second division of this court for the first district at the October term, 1926,
    Affirmed.
    Opinion filed May 17, 1927.
    
      E.lmer N. Holmgren, for appellants. Osear E. Carlstrom, Attorney General, for appellee; George E. Dicrssen and William C. Clausen, Assistant Attorney General, of counsel.
   Mr, Justice Pitch

delivered the opinion of the court.  