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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 has happened to Percy recently in the market?

2. How much regulation is there in the stock market during Livingston's era?

3. What does Livingston say financial news in the papers is?

4. What happens shortly after he starts selling Union Pacific stock by the thousands?

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

Short Essay Questions

1. What happens in October of 1907?

2. Why does Livingston return to Boston and what happens when he does?

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

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

5. Why was Livingston banned from the bucket shops and what did the last one he bet at do?

6. What's the difference between trading on Wall Street and bucket shops and how does it affect Livingston?

7. What commodities has Livingston been trading and how is that going?

8. What does Livingston discuss concerning stocks in Chapter V?

9. How did Livingston make a lot of money in cotton?

10. What happens a few days after he sells Union Pacific and how did that help Livingston?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 Do you think it is too outdated to be of any use to students today?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 2

Further, bankers beg Livingston not to sell any more stock, as it might increase the general panic, throwing the whole system into irrecoverable disarray. Livingston knows this would make it impossible for him to translate his profits into cash. Livingston sends in orders to buy a vast amount of stock, beginning a market recovery.

1. Given what you know of Livingston's character do you think buying stock in this situation was self motivated or was there an altruistic component? Why or why not?

2. Why do you think the bankers asked Livingston not to sell anymore stock? How would that relate to the creation of the 1930 depression? Use examples from the book to support your answer.

3. Do you think, given what happened in 1930, the market system could ever be thrown into irrecoverable disarray? Why or why not?

Essay Topic 3

Livingston has met and become friends and/or colleagues or discussed a number of notable people, many of whom he discusses in this book. Discuss he following:

1. Choose three people whom Livingston mentions positively and give a brief idea of his opinions about those three people (or stereotypes).

2. Choose three people whom Livingston mentions negatively and give a brief idea of his opinions about those three people (or stereotypes).

3. Judging what Livingston says about different people in his text, how would you characterize him as a friend? As a colleague?

(see the answer keys)

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