Brilliant reply. Thank you!!! I knew I came to the right place to help solve this problem I faced.Assuming the LEDs are white they will each drop about 3 volts across them. So that is about 6 volts. 125 mA through a 470 resistor will drop about 58.75 volts. So you would require a total output voltage of 64.75 volts. As you are only supplying the circuit with 12 volts it can't possibly supply that output voltage. If you assume the LM317 requires at least 3 volts between input and output the maximum output voltage it can supply is about 9 volts. So the maximum load resistor value it could pass a current of 125 through mA is
9/0.125 = 72 ohms.