Ring. The term ring applies to a group of capitalists (or speculators) who are joined together in a
transaction or deal; specifically, it applies to a combination of persons as distinguished from a
combination of concerns or interests.
For instance, ring applies to a clique or coterie of persons who are striving, by previous
arrangement among themselves, for the same end, but each for his own account, as a ring in a
stock, the persons in which are endeavoring to advance the stock by buying simultaneously or to
depress it by selling simultaneously, but each for himself. When they act collectively for their
united risk and benefit the term pool applies; see Pool.
The term ring is sometimes applied to a combination of separate concerns or interests by an
understanding or by a compact (as a pool), but not by an actual consolidation. In such a case the
term combination or combine should be employed. To an actual consolidation, when the purpose
is to control a particular industry or business the term trust properly applies.  Combine is a newer
term than either ring or trust and has been rather loosely used.
In Great Britain the term ring is applied to a group or syndicate of firms or individuals formed to
work a certain industry together and prevent competition. A shipping ring is a ring of shipowners.
(Much the same as an American combine).