STRUM, District Judge.
The fundamental question here presented is whether or not the defendants are selling "investment contracts" and hence "securities" as defined by § 2(1) of the Securities Act of 1933, 15 U.S.C.A. 77b(1), in violation of §§ 5(a) and 17(a) of said Act. 15 U.S.C.A. §§ 77c and 77q.
Two consolidated cases are before the court. In one (No. 38), E. R. Bailey's Tungland, Inc., and in the other (No. 39), Ocala Ridge Tung...
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