To propagate the idea of the value of co-operation among women, whether workers or not, was perhaps the most useful thing accomplished by the boarding-home societies. So far the number of these institutions has been limited, so that they suggest what could be done rather than indicate what has been accomplished in brightening the lives of the great mass of homeless working-women. In Boston, where these “homes” are most numerous, there are, for a population of eighty thousand wage-earning women, but six of these dwellings. Altogether, the limit of their accommodations is about 387 boarders. In these meager results, for so much energetic, philanthropic work, the abortiveness is shown of private individualistic attempts to supplant by means of model co-operative boarding-homes, the cheap and nasty tenement lodging-houses, situated too often in close proximity to gin-shops, gambling dens and brothels. By the numbers who vainly seek admission into the few boarding-homes that have been established in various large cities, the fact is proved that were the idea of co-operative homes carried out to largest national issues and placed everywhere within reach of wage-earning women, all but the most debased would avail themselves of their privileges, and thus secure the comforts and good living enjoyed so rarely by women whom circumstances compel to labor. Another phase of work initiated by women, and which, like the boarding-homes, needs only to be carried out on the broad and liberal lines of a national co-operation to become a power for universal good, were the exchanges, or stores, instituted for the purpose of selling hand or machine-made articles of woman’s manufacture, and which gave the maker the full price they brought, less a ten per cent. commission and a membership fee of $5 for maintaining the establishment. In this way, the founder of the Woman’s Exchange hoped to solve the ever-perplexing problem of finding a remunerative market for the work that women had been taught to do in the various art and industrial schools. At the time the first exchange was planned in New York, some ten years ago, thousands of women, graduates from the various art schools, were at work in stores and factories decorating china, painting household adornments such as portières, screens, wall-hangings, and doing all kinds of fancy work at prices but little, if any, beyond the wages of the average worker on men’s and women’s clothing. To direct this work into a channel, where the maker and not the employer would receive the profit, was what the originator of the exchange proposed to do for women pressed by poverty into the ranks of the bread-winners.