see that these two forces are not really separate, but are only two
ways of looking at the same action. Every avoidance of so-called
"excessive" competition is _ipso facto_ an establishment of a
monopoly. The tariff of prices established a weak and partial
monopoly. The "combine," whether it takes the name of "ring,"
"syndicate," or "trust," succeeds, in so far as it establishes a
stronger and more absolute monopoly.

In their economic aspect these terms are somewhat vague, the vagueness
arising in some degree from the changing and secret shapes these
combinations often find it convenient to adopt in order to preserve
the appearance of competition, or to avoid public obloquy or legal
interference. "Combine" is probably the generic term which covers all
these operations. A syndicate of capitalists are said to form a
"combine" with the view of controlling prices so as to pay a
profitable interest. If they apply their capital not to the
acquisition of the plant and machinery of manufacture with the view of
regulating production, but directly and mainly to the planning of some
speculative stroke or series of strokes in the produce market,
obtaining temporary control of sufficient goods of a particular kind
to enable them to manipulate prices, they are said to form a "corner"
or "ring." Such forms of combined action are generally of short
duration. Technically they consist in an artificial diversion[125] of
a particular class of goods from the ordinary channel of a number of
competing owners into a single ownership, so that they may be held and
placed upon the supply market at such times and in such ways as to
enable the owner to obtain a famine price. The following description
of a wheat "corner" will serve to exemplify this method of
"combine":--

"The man who forms a corner in wheat, first purchases or secures the
control of the whole available supply of wheat, or as near the whole
supply as he can. In addition to this he purchases more than is really
within reach of the market by buying 'futures,' or making contracts
with others who agree to deliver him wheat at some future time. Of
course he aims to secure the greater part of his wheat quietly, at low
figures; but after he deems that the whole supply is nearly in his
control, he spreads the news that there is a 'corner' in the market,
and buys openly all the wheat he can, offering higher and higher
prices, until he raises the price sufficiently high to suit him. Now