In return, we get preferred shares that pay 8% dividends and...

He decided to sell out his shares in that company.

His father owns some stock in that railroad.

They knew what they were going to do, and even if they didn't sell the stock themselves they at least didn't buy it There was no inside buying; no reason why it should not break.

He likes the stocks and he is accustomed to trading in and out of its shares.