It is a rather boring title, but it aptly describes the action in the first part of the trilogy; that is, the finding and identifying of the One Ring. Its movement from its founding to the great council and the naming of the company, and the beginning of their journey.
I've read the trilogy a few times, and it succeeds admirably for what Professor Tolkein said he wanted to do: A storyteller trying his hand at a really long story. Of course, the more he wrote, the more backstory was required until an entire mythos became pieced together from his fertile imagination. I don't subscribe to any of that elves and wizards nonsense, but it is a thumping good tale, nicely (if sometimes a bit overwrought) written. It will be difficult for a movie to do it justice.
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