The book will teleport in a pattern to every bench in the room. You have to run to each bench and complete the pattern. There is a timer and we found that if you just run on foot you never make it in time and the puzzle will reset. So mount up.
Once you complete the pattern the book will appear on the altar in front of the named mob in the room. That is the book you can read. It will stay there for about a minute before it resets so we had one person kill the mob while the other read the book. It is a long cast bar to read it so if you get interrupted a lot it will fail.
The currency gained is also needed for puzzle access.
FYI, when you get the achievement for reading the book you will also get an "item" (I forget exactly what, since it has been awhile since I did this). This item can be used as "currency" to pay Omi the puzzle mistress, in Tempest bay canals for access to do one of the SL zone puzzles.
If you want to do this puzzle you will need 3 of these items, along with an artifact set completion prize for access to it. This means that you will have to read the book 3 times for 3 items of the needed currency.
I didn't see this anywhere else, so I figured I'd post it for those newer players who are trying to get the achievement, or the Blob of Ectoplasm for the puzzle. Here is the sequence of benches that the Spooky Book jumps though. Being mounted definitely helps, though I have completed it on foot with a 15% speed buff and Insoles.