maybe:
$story = "This is my story ...";
do {
extract current character from the string
$char = $story[$element];
look for a space character after 150 times through
if( ($element + 1) >= 150 && $char == ' ' ) {
break;
}
append character to new string
$short_story .= $char;
$element++;
} while( $char );
hth
stew