Sentence:  So much for the effort and ingenuity of Montmartre. All the catering to vice and waste was on an utterly childish scale, and he suddenly realized the meaning of the word "<WSD>dissipate</WSD>"—to <WSD>dissipate</WSD> into thin air; to make nothing out of something. 
Meaning of the word marked with <WSD> tags:  To use up or waste; squander.