[4] Officers were elected and a constitution and by-laws adopted, although when trading in unlisted securities would begin and choice of quarters was undecided.
[4] It began doing business in July 1928 as "a trading place for securities of new companies and small concerns.
[3] Among others, the broker Adolph Kempner was a "moving spirit" in the curb's founding and later a president,[5] from 1928 until 1929.
Also, the curb requested the SEC investigate "alleged rigging of the market in stock of the Paducah Cooperage Company."
In light of "startling information" developing in their investigation, on February 22, 1935, agents of the newly formed SEC in Chicago, on orders from Washington, announced that the SEC investigation into the Chicago Curb Exchange would be expanded.
It would include a hearing on "the application of the exchange for exemption from the provisions of the SEC.
The exchange also received exemption in four new states: Texas, Kentucky, Oklahoma, and Kansas.
[3] The application cited its reasons as decline in membership, a four-year deficit, and a volume of listings and transactions insufficient to warrant continuing operation.