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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What do customers at a bucket shop do?

2. What does Livingston do when he proves himself right about the market in Chapter IX?

3. Why can bets be carefully timed in bucket shops?

4. What does Livingston complain about Wall Street?

5. Why does Livingston take his profit out so fast?

Short Essay Questions

1. What does Livingston see the market doing, what does he think will happen and what does he do about it?

2. What does Livingston say must be available in order to sell a stock and why?

3. Why is Livingston still losing money on Wall Street?

4. What does Livingston say one should do in a rising or falling market?

5. What does Livingston believe is his best guide to trading and what does he say a good trader must be?

6. What does Livingston say again about the bucket shops and Wall Street?

7. What job did Livingston have when the book opened and how are stock quotes done?

8. What difference of opinion do Livingston and Percy have and who convinces who?

9. Why does Livingston wish he had not listened to his branch manager?

10. What does Livingston do when he can't bet in Boston and how much money does he have?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

One can only sell shares of a stock if there are willing buyers. There is only so much stock for a particular company, and individual traders can strongly affect the market through their actions.

1. What do you think would happen to a stock if everyone wanted to sell but no one wanted to buy? Use examples from the book to support your answer.

2. Do you think given the size of the market when Livingston was a trader and now that individual traders can still affect the market? Why or why not?

3. Given the difference in size between the market of Livingston's day and the present time, discuss ways in which his advice might not be relevant today.

Essay Topic 2

The book, REMINISCENCES OF A STOCK OPERATOR, is considered a classic in business education and is required reading in most business colleges.

1. Why do you think the above statement is true?

2. After reading REMINISCENCES OF A STOCK OPERATOR do you think you understand more of the stock market and the economy than before you read it? Why or why not?

3. Do you think it is too outdated to be of any use to students today? Why or why not?

Essay Topic 3

Livingston is broke and the market is not good for making money. He declares bankruptcy to get rid of two creditors. He goes back to Williamson to ask for help.

1. Do you think it was honest or fair to Livingston's creditors to declare bankruptcy? Why or why not?

2. What kind of person do you think Livingston is that he has gone to Williamson for help? Describe your reaction in detail.

3. Do you think if a lot of people played the market and went broke they should all be allowed to declare bankruptcy? Why or why not?

(see the answer keys)

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