THE exhibition of water-colors and drawings which is now open at 2 Thayer reflects great credit on the Art Club, which has opened to the public the valuable collection of works of art made by Mr. Moore during his recent residence in Europe. It is very unsatisfactory, and we may add unprofitable, for the art student to be obliged to study the works of masters through the medium of photographs. No conception of color and only an imperfect conception of form can be derived by this means. Mr. Moore has fully appreciated this fact, and with the purpose of educating and training the taste of the men in college who are interested in art, he has copied, with a faithfulness which has won Mr. Ruskin's praise, the paintings, or characteristic portions of the paintings, of some of the greatest Italian masters. In these copies we are able to discover the spirit and the treatment peculiar to these artists, as well as the beauty of their coloring. Some of Mr. Ruskin's own drawings and water-colors are included in the collection, which covers the walls of two good-sized rooms. Visitors are admitted during the afternoon and evening. The exhibition, which has been well attended, will close this week.