SIMONS, Circuit Judge.
The only problem posed by this appeal is whether a loss by John B. Pirtle, deceased, of Louisville, Kentucky, or his estate, through the unauthorized and improvident investment of his money in and the exchange of his securities for shares of Banco-Kentucky stock, by an agent or trustee was suffered in November, 1930, when Banco became insolvent and was placed in the hands of a receiver, or whether it was suffered in 1933 when Pirtle's representatives...
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