No "looseness" is tolerable in a Parker, IMHO. They weren't "loose" in the day and when they were the owners sent them to Meriden to "tighten action". I second Mark's admonition to send it to a professional gunsmith to be repaired PROPERLY. Parkers were and are fine shotguns and deserve sympathetic professional care. Amateurs with tools have ruined more Parkers than field use ever did. Like any machine, they wear and require maintenance and sometimes, repair. Good Luck with it.
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