21.   Both the interest and principle on the bond holdings would have to be paid out of general tax revenues.

22.   Bond prices are also getting help as traders buy futures contracts to offset earlier contracts they had entered as a hedge against price declines on their cash bond holdings.

23.   Bonds were also hurt, traders said, by word that Western Asset Management, a money management company, was selling some corporate bond holdings.

24.   A stronger bond market also helped stocks, boosting shares in companies with large bond holdings.

25.   BRITISH gilts fell after U.S. bonds pared gains as some investors took advantage of an earlier fall in yields to sell bond holdings at higher prices.

26.   Cigna, which has significant bond holdings, is based in Philadelphia, but has significant Connecticut operations.

27.   Companies with large bond holdings, such as insurers, saw their share prices drop as the late-week slump in gilts reduced the value of their investments.

28.   Even so, shares of financial companies, whose securities businesses and bond holdings do better when interest rates decline, led the advance.

29.   Falling yields increase the value of bond holdings, which insurance companies like General Re buy with the premiums they receive.

30.   Financial companies such as Chase Manhattan Corp. and Travelers Group Inc., whose bond holdings lose value when yields rise, led the decline.