But in so far as a Trust stands in this position it has failed to achieve its industrial end of checking "ruinous competition" and the "cutting of prices." It is not in the possession of the chief economies of a Trust so long as it remains at warfare, for it is compelled to expend all that it gains from the enlarged scale of business and from the cessation of competition among its constituent companies upon the strife with its single antagonist. A Trust in this inchoate condition has no special economic character distinguishing it from other large aggregates of competing capital. It is with fully-formed trusts which are able to control prices and regulate to some degree production and profits that we are concerned. An economic Trust has its _raison d'être_ in monopoly. It may not have eliminated all actual competitors, and is generally limited in its power by the possibility of outside opposition, but so far as its power extends it must be able to regulate prices upon non-competitive lines. § 11. A large number of different articles have at some stage in their production fallen under the monopoly of a Trust.[137] As is the case with "corners" and "rings" in the produce market, certain classes of commodities lend themselves more readily than others to the monopoly of Trusts. There are three classes of industry which more easily than others permit the formation of effective trusts. (1) Industries connected with, or closely dependent on, the nature and properties of land. When the whole or a large proportion of the raw material required for producing any class of goods is confined within a restricted area, the possession of that land by a single body of owners will give a strong monopoly. It was not essential to the Standard Oil Trust in its earlier years to own the sources of the oil provided they could possess themselves of the stream after it had left the source. But they have strengthened this monopoly lately by securing the ownership of the oil lands in Pennsylvania. The most striking example, however, is the monopoly of the anthracite coal region in Pennsylvania by the shareholders of the Pennsylvania and Reading Railway. The tendency of a Trust to strengthen its industrial position and at the same time to find a profitable investment for its surplus profits by fastening upon an earlier process of production or a contiguous industry, and drawing it under the control of its monopoly, is one of the most important evidences of the rapid growth of the system in America. The rapidity with which the whole railway system is passing into the hands of the two great monopolist syndicates with the necessary result of stifling competition is in some respects the most momentous economic movement in the United States at the present time. The magnificent distances which separate the great mass of the producers of agricultural and other raw products from their market makes the railway their only high-road, and the fact