Six months later Miss Willis was found one morning dead in her bed. She had died peacefully in her sleep. When her personal effects were administered there was noticed on the mantelpiece in her sitting-room a mounted tintype, on the paper back of which were two inscriptions. Of these the upper, in faded ink, was dated forty years before and read “From Jimmy.” The other, recent and written with the pen of an elderly person, ran as follows: “Portrait of the President of the United States as a school-boy.” AN EXCHANGE OF COURTESIES I In the opinion of many persons competent to judge, “The Beaches” was suffering from an invasion of wealth. Unquestionably it had been fashionable for a generation; but the people who had established summer homes there were inhabitants of the large neighboring city which they forsook during five months in the year to enjoy the ocean breezes and sylvan scenery, for The Beaches afforded both. Well-to-do New England families of refinement and taste, they enjoyed in comfort, without ostentation, their picturesque surroundings. Their cottages were simple; but each had its charming outlook to sea and a sufficient number of more or less wooded acres to command privacy and breathing space. In the early days the land had sold for a song, but it had risen steadily with the times, as more and more people coveted a foothold. The last ten years had introduced many changes; the older houses had been pulled down and replaced by lordly structures with all the modern conveniences, including spacious stables and farm buildings. Two clubs had been organized along the six miles of coast to provide golf and tennis, afternoon teas and bridge whist for the entertainment of the colony. The scale of living had become more elaborate, and there had been many newcomers--people of large means who offered for the finest sites sums which the owners could not afford to refuse. The prices paid in several instances represented ten times the original outlay. All the desirable locations were held by proprietors fully aware of their value, and those bent on purchase must pay what was asked or go without. Then had occurred the invasion referred to--the coming to The Beaches of the foreign contingent, so called: people of fabulous means, multi-millionaires who were captains in one or another form of industry and who sought this resort as a Mecca for the social uplifting of their families and protection against summer heat. At their advent prices made another jump--one which took the breath away. Several of the most conservative owners parted with their estates after naming a figure which they supposed beyond the danger point, and half a dozen second-rate situations, affording but a paltry glimpse of the ocean, were snapped up in eager competition by wealthy capitalists from Chicago, Pittsburg, and St. Louis who had set their hearts on securing the best there was remaining.