Market Inches Up as Trading Increases: Motors Active, Higher
NEW YORK, June 18 (AP)ÛÓMotors were active and higher as the stock market nudged ahead in slightly more active trading today.</br></br>Chrysler, up 2 points, was the star of the automotive group. The advance by Chrysler and several other assorted issues, said brokers, was due more to short covering than to any radical new bullish drive.</br></br>Short covering is the purchase of stock to repay borrowed stock which had been ÛÏsold shortÛ in the hopes of making a profit through a decline.</br></br>The monthly publication of the total of short sales on the New York Stock Exchange is expected tomorrow and Chrysler ÛÓwhose stock has recently been split 2-for-1ÛÓis expected to pile up a large total.</br></br>Polaroid, up 4%, was another example of short covering, said Street observers. The rest of the list showed a spotty pattern.