ROC LCL CTLR CLRS JS41 INTO POS AND HOLD THEN IS REQUIRED TO ISSUE GAR WHEN B727 ON FINAL QUESTIONS ACFT ON RWY INTENT.

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WE WERE CLRED INTO 'POS AND HOLD.' I REPLIED 'POS AND HOLD RWY 4.' I DID THE POS AND HOLD CHKLIST. AFTER ABOUT 1 MIN; I ASKED THE CAPT IF I SHOULD CALL THE TWR BECAUSE WE WERE STILL HOLDING AND I HEARD THE 'CLRED TO LAND RWY 4.' HE SAID NO; IT WAS FOR THE CHEROKEE. OTHER TFC WAS USING RWY 7 ALSO. AFTER A FEW MINS THAT SEEMED LIKE 10 MINS; ACR Y ASKED IF THE TFC WAS ON THE ROLL. THE TWR SAID 'GO AROUND.' I GUESS ABOUT 15-30 SECONDS LATER A B727 WENT BY ABOUT 200-500 FT AND R OF OUR POS. WE WERE CLRED FOR TKOF. THERE WAS ANOTHER ACFT CLRED TO LAND AND ABOUT 8 MI OUT; WHICH MADE ME THINK THERE WAS MORE TIME. ANOTHER CLUE WAS THE AIRLINE -- THEY WILL ONLY USE THE LONG RWY 4 AND THEY TALKED ABOUT ROLLING TO THE END. IT SHOULD HAVE BEEN OBVIOUS THEY WERE LNDG ON RWY 4. I SHOULD HAVE CALLED THE TWR AND LET THEM KNOW WE WERE HOLDING IN POS ON RWY 4. AFTER A MIN OR SO; THERE DID NOT SEEM TO BE ANY OTHER TFC REASONS NOT TO TAKE OFF. I THOUGHT MAYBE AN IFR RELEASE MIGHT BE WHY WE WERE HOLDING. AN OBSERVANT ACR CREW AND QUICK REACTING CTLR KEPT IT SAFE. GOOD WX WAS A FACTOR BECAUSE THERE WAS OTHER VFR ACFT IN THE PATTERN AND OPS. AS WE TAXIED OUT; ANOTHER ACFT WAS ALSO IN POS AND HOLD FOR MORE THAN A FEW MOMENTS. I GUESS THIS MIGHT HAVE GIVEN US AN IMPRESSION THAT IT MIGHT BE A SLIGHT DELAY ON THE RWY. I COULD NOT TELL HOW FAR OUT THE B727 WAS WHEN THEY ASKED IF WE WERE ROLLING AND THE TWR SAID 'GO AROUND.' IT PROBABLY WAS A LOT FURTHER OUT THAN IT APPEARED WHEN THEY FLEW BY.