“U. P.” (along with other stocks) continued its upward course, accompanied by much excitement and jubilation among the “longs” with an equal measure of apprehension and despondency among the hard-squeezed “shorts.” When our trader was preparing for his departure he happened to read a review by some stock market wizard who reported that according to “late inside information” a dividend of $100 a share in securities would be declared on Union Pacific, and that the stock would pay $10 a share in annual dividends; consequently at $250 a share it would be cheap. Whereupon my friend, who occupied the uncomfortable position of a “sold out bull,” became wretchedly aware that he had dropped out of the race long before the course was completed, and by doing so he had thrown away a grand opportunity of making nearly $200,000 more. It may here be explained that the mental attitude of a “sold out bull” toward a rising market is much the same as that of a bulldog chained in his kennel while a dog fight is going on outside. A speculator may stand by and view with unruffled complacency the most enormous profits of others in securities that he never owned, but if one of his own pet stocks continues to advance after he has sold out, it not only reflects the error of his judgment, but the remorse he suffers in contemplating the additional sum he _might_ have made dampens all the pleasure of reflecting upon the profit he actually _did_ make. Reluctant to admit such a costly blunder in judgment, determined not to be surpassed by his fellow-traders, and flushed with the victory of his recent exploit, when Union Pacific was selling at about $215 this “sold out bull” put in an unlimited order to buy five thousand shares. When his broker on the floor of the exchange began bidding for this amount of stock the crowd instantly surmised that some big operator was being “squeezed” on the short side, and before the purchase was completed the price had jumped to $219, the highest point it ever reached. After steadying itself for a while at around this figure it took a downward plunge, and a few weeks later our trader who had retired from the market with upwards of $100,000 profit, closed out the last hundred shares, saving a little less than the $1500 he originally put up as margin. His escape from utter financial ruin was largely due to the insistent advice of his broker that he should steadily lighten his load on the way down, rather than try to protect the whole lot by putting up additional margin.